# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-26-004625
**Filing Date:** 2026-1
**Character Count:** 1163734
**Document Hash:** ba390b460df0c1bf7d021962d5278c2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-004625.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001193125-26-004625

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 26512261

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

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

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

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

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

## Series and Classes Contracts Data

### Transamerica Asset Allocation - Conservative Portfolio (Series ID: S000007800)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021257 | A            | ICLAX           |
| C000021259 | C            | ICLLX           |
| C000035460 | R            | ICVRX           |
| C000081832 | I            | TACIX           |
| C000236143 | R3           | TAAJX           |

### Transamerica Asset Allocation - Growth Portfolio (Series ID: S000007806)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021271 | A            | IAAAX           |
| C000021273 | C            | IAALX           |
| C000035461 | R            | IGWRX           |
| C000081835 | I            | TAGIX           |
| C000236144 | R3           | TAAKX           |

### Transamerica Asset Allocation - Moderate Growth Portfolio (Series ID: S000007807)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021274 | A            | IMLAX           |
| C000021276 | C            | IMLLX           |
| C000035462 | R            | IMGRX           |
| C000081836 | I            | TMGIX           |
| C000236145 | R3           | TAALX           |

### Transamerica Asset Allocation - Moderate Portfolio (Series ID: S000007808)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021277 | A            | IMOAX           |
| C000021279 | C            | IMOLX           |
| C000035463 | R            | IMDRX           |
| C000081837 | I            | TMMIX           |
| C000236146 | R3           | TAAMX           |

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

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

### Transamerica Asset Allocation Long Horizon (Series ID: S000054676)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171786 | R            | TALRX           |
| C000171787 | R4           | TALFX           |

### Transamerica Asset Allocation Short Horizon (Series ID: S000054677)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171788 | R            | TSHRX           |
| C000171789 | R4           | TSHFX           |

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

As filed with the Securities and Exchange Commission on January 6, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF

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

<u>TRANSAMERICA FUNDS</u> 

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

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

Date of reporting period: <u>October</u> <u>31, 2025\*</u>

<u>\*This Form N-CSR pertains to each series of the registrant except Transamerica Stock Index, which has a fiscal year end of December 31.</u> 

------

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) ![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class A

## ICLAX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 11.72%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark, returned 11.60% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks current income and preservation of capital through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class A shares of the Fund posted positive returns and, at NAV, outperformed the Fund's blended benchmark, which consists of 65% of the Bloomberg US Aggregate Bond Index and 35% of the MSCI World Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund also outperformed its primary benchmark, the Bloomberg US Aggregate Bond Index, due to relative performance of equities compared to fixed income. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Conservative Portfolio

# Class A

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g54s62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Aggregate Bond Index** | **Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark** |
| **10/31/2015** | $9453 | $10000 | $10000 |
| **11/30/2015** | $9444 | $9974 | $9975 |
| **12/31/2015** | $9328 | $9941 | $9901 |
| **1/31/2016** | $9154 | $10078 | $9795 |
| **2/29/2016** | $9154 | $10150 | $9820 |
| **3/31/2016** | $9455 | $10243 | $10110 |
| **4/30/2016** | $9542 | $10282 | $10175 |
| **5/31/2016** | $9586 | $10285 | $10214 |
| **6/30/2016** | $9645 | $10469 | $10306 |
| **7/31/2016** | $9847 | $10536 | $10496 |
| **8/31/2016** | $9890 | $10524 | $10493 |
| **9/30/2016** | $9920 | $10517 | $10503 |
| **10/31/2016** | $9814 | $10437 | $10381 |
| **11/30/2016** | $9753 | $10190 | $10297 |
| **12/31/2016** | $9842 | $10205 | $10393 |
| **1/31/2017** | $9961 | $10225 | $10486 |
| **2/28/2017** | $10116 | $10293 | $10651 |
| **3/31/2017** | $10151 | $10288 | $10681 |
| **4/30/2017** | $10252 | $10367 | $10790 |
| **5/31/2017** | $10353 | $10447 | $10923 |
| **6/30/2017** | $10375 | $10437 | $10931 |
| **7/31/2017** | $10503 | $10481 | $11049 |
| **8/31/2017** | $10549 | $10575 | $11122 |
| **9/30/2017** | $10611 | $10525 | $11173 |
| **10/31/2017** | $10676 | $10531 | $11259 |
| **11/30/2017** | $10722 | $10518 | $11348 |
| **12/31/2017** | $10813 | $10566 | $11432 |
| **1/31/2018** | $10998 | $10444 | $11568 |
| **2/28/2018** | $10774 | $10345 | $11338 |
| **3/31/2018** | $10757 | $10412 | $11294 |
| **4/30/2018** | $10737 | $10334 | $11277 |
| **5/31/2018** | $10757 | $10408 | $11373 |
| **6/30/2018** | $10716 | $10395 | $11368 |
| **7/31/2018** | $10824 | $10398 | $11504 |
| **8/31/2018** | $10873 | $10464 | $11623 |
| **9/30/2018** | $10841 | $10397 | $11602 |
| **10/31/2018** | $10487 | $10315 | $11252 |
| **11/30/2018** | $10517 | $10377 | $11352 |
| **12/31/2018** | $10341 | $10567 | $11176 |
| **1/31/2019** | $10698 | $10679 | $11551 |
| **2/28/2019** | $10782 | $10673 | $11669 |
| **3/31/2019** | $10922 | $10878 | $11880 |
| **4/30/2019** | $11049 | $10881 | $12036 |
| **5/31/2019** | $10901 | $11074 | $11928 |
| **6/30/2019** | $11202 | $11213 | $12307 |
| **7/31/2019** | $11212 | $11238 | $12353 |
| **8/31/2019** | $11265 | $11529 | $12480 |
| **9/30/2019** | $11287 | $11468 | $12532 |
| **10/31/2019** | $11393 | $11502 | $12669 |
| **11/30/2019** | $11478 | $11496 | $12795 |
| **12/31/2019** | $11617 | $11488 | $12927 |
| **1/31/2020** | $11671 | $11709 | $13061 |
| **2/29/2020** | $11486 | $11920 | $12827 |
| **3/31/2020** | $10581 | $11850 | $12212 |
| **4/30/2020** | $11184 | $12061 | $12824 |
| **5/31/2020** | $11546 | $12117 | $13072 |
| **6/30/2020** | $11809 | $12193 | $13236 |
| **7/31/2020** | $12160 | $12375 | $13582 |
| **8/31/2020** | $12368 | $12275 | $13828 |
| **9/30/2020** | $12245 | $12269 | $13656 |
| **10/31/2020** | $12113 | $12214 | $13470 |
| **11/30/2020** | $12881 | $12334 | $14159 |
| **12/31/2020** | $13145 | $12351 | $14381 |
| **1/31/2021** | $13111 | $12262 | $14264 |
| **2/28/2021** | $13145 | $12085 | $14258 |
| **3/31/2021** | $13172 | $11934 | $14309 |
| **4/30/2021** | $13458 | $12028 | $14615 |
| **5/31/2021** | $13549 | $12068 | $14720 |
| **6/30/2021** | $13711 | $12152 | $14864 |
| **7/31/2021** | $13813 | $12288 | $15065 |
| **8/31/2021** | $13916 | $12265 | $15178 |
| **9/30/2021** | $13619 | $12159 | $14872 |
| **10/31/2021** | $13906 | $12155 | $15164 |
| **11/30/2021** | $13722 | $12191 | $15077 |
| **12/31/2021** | $13858 | $12160 | $15277 |
| **1/31/2022** | $13379 | $11898 | $14781 |
| **2/28/2022** | $13133 | $11765 | $14542 |
| **3/31/2022** | $12992 | $11439 | $14420 |
| **4/30/2022** | $12327 | $11005 | $13645 |
| **5/31/2022** | $12388 | $11075 | $13705 |
| **6/30/2022** | $11818 | $10902 | $13150 |
| **7/31/2022** | $12263 | $11168 | $13724 |
| **8/31/2022** | $11905 | $10853 | $13272 |
| **9/30/2022** | $11239 | $10384 | $12467 |
| **10/31/2022** | $11437 | $10249 | $12675 |
| **11/30/2022** | $11946 | $10626 | $13287 |
| **12/31/2022** | $11753 | $10578 | $13050 |
| **1/31/2023** | $12253 | $10904 | $13635 |
| **2/28/2023** | $11953 | $10622 | $13291 |
| **3/31/2023** | $12193 | $10891 | $13654 |
| **4/30/2023** | $12294 | $10957 | $13791 |
| **5/31/2023** | $12155 | $10838 | $13646 |
| **6/30/2023** | $12387 | $10799 | $13903 |
| **7/31/2023** | $12513 | $10792 | $14060 |
| **8/31/2023** | $12349 | $10723 | $13884 |
| **9/30/2023** | $11963 | $10451 | $13445 |
| **10/31/2023** | $11735 | $10286 | $13171 |
| **11/30/2023** | $12420 | $10751 | $13991 |
| **12/31/2023** | $12955 | $11163 | $14579 |
| **1/31/2024** | $12994 | $11132 | $14614 |
| **2/29/2024** | $13135 | $10975 | $14697 |
| **3/31/2024** | $13395 | $11076 | $14950 |
| **4/30/2024** | $12970 | $10797 | $14511 |
| **5/31/2024** | $13279 | $10980 | $14897 |
| **6/30/2024** | $13451 | $11084 | $15095 |
| **7/31/2024** | $13711 | $11342 | $15417 |
| **8/31/2024** | $13983 | $11505 | $15704 |
| **9/30/2024** | $14173 | $11660 | $15941 |
| **10/31/2024** | $13859 | $11370 | $15574 |
| **11/30/2024** | $14225 | $11491 | $15931 |
| **12/31/2024** | $13901 | $11303 | $15616 |
| **1/31/2025** | $14178 | $11362 | $15863 |
| **2/28/2025** | $14297 | $11612 | $16050 |
| **3/31/2025** | $14042 | $11617 | $15803 |
| **4/30/2025** | $14068 | $11663 | $15893 |
| **5/31/2025** | $14360 | $11579 | $16148 |
| **6/30/2025** | $14769 | $11757 | $16554 |
| **7/31/2025** | $14822 | $11726 | $16600 |
| **8/31/2025** | $15062 | $11866 | $16880 |
| **9/30/2025** | $15323 | $11996 | $17190 |
| **10/31/2025** | $15484 | $12071 | $17380 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BU1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 5.55% | 3.86% | 4.47% |
| Class A | 11.72% | 5.03% | 5.06% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |
| Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 11.60% | 5.23% | 5.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark consists of 65% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 35% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $704582921 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $22248 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.1% |
| U.S. Equity Funds | 27.6 |
| International Equity Funds | 10.1 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1 |
| U.S. Mixed Allocation Funds | 0.7 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.1 |

---

---

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

---

# Transamerica Asset Allocation - Conservative Portfolio

# Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.1% |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Bond, Class I2 | 10.6 |
| Transamerica Large Cap Value, Class I2 | 10.4 |
| Transamerica Bond, Class R6 | 4.0 |
| Transamerica International Equity, Class I2 | 3.8 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Stock, Class I2 | 3.2 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Emerging Markets Debt, Class I2 | 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 by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Conservative Portfolio

# Class A
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class C

## ICLLX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $134 | 1.27%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 10.74%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark, returned 11.60% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks current income and preservation of capital through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class C shares of the Fund posted positive returns and, at NAV, underperformed the Fund's blended benchmark, which consists of 65% of the Bloomberg US Aggregate Bond Index and 35% of the MSCI World Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund also outperformed its primary benchmark, the Bloomberg US Aggregate Bond Index, due to relative performance of equities compared to fixed income. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Conservative Portfolio

# Class C

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g03t64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Aggregate Bond Index** | **Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9991 | $9974 | $9975 |
| **12/31/2015** | $9866 | $9941 | $9901 |
| **1/31/2016** | $9671 | $10078 | $9795 |
| **2/29/2016** | $9671 | $10150 | $9820 |
| **3/31/2016** | $9983 | $10243 | $10110 |
| **4/30/2016** | $10067 | $10282 | $10175 |
| **5/31/2016** | $10104 | $10285 | $10214 |
| **6/30/2016** | $10160 | $10469 | $10306 |
| **7/31/2016** | $10374 | $10536 | $10496 |
| **8/31/2016** | $10401 | $10524 | $10493 |
| **9/30/2016** | $10431 | $10517 | $10503 |
| **10/31/2016** | $10310 | $10437 | $10381 |
| **11/30/2016** | $10236 | $10190 | $10297 |
| **12/31/2016** | $10328 | $10205 | $10393 |
| **1/31/2017** | $10444 | $10225 | $10486 |
| **2/28/2017** | $10598 | $10293 | $10651 |
| **3/31/2017** | $10634 | $10288 | $10681 |
| **4/30/2017** | $10740 | $10367 | $10790 |
| **5/31/2017** | $10827 | $10447 | $10923 |
| **6/30/2017** | $10848 | $10437 | $10931 |
| **7/31/2017** | $10973 | $10481 | $11049 |
| **8/31/2017** | $11022 | $10575 | $11122 |
| **10/31/2017** | $11134 | $10531 | $11259 |
| **11/30/2017** | $11182 | $10518 | $11348 |
| **12/31/2017** | $11266 | $10566 | $11432 |
| **1/31/2018** | $11450 | $10444 | $11568 |
| **2/28/2018** | $11215 | $10345 | $11338 |
| **3/31/2018** | $11186 | $10412 | $11294 |
| **4/30/2018** | $11155 | $10334 | $11277 |
| **5/31/2018** | $11165 | $10408 | $11373 |
| **6/30/2018** | $11121 | $10395 | $11368 |
| **7/31/2018** | $11223 | $10398 | $11504 |
| **8/31/2018** | $11264 | $10464 | $11623 |
| **9/30/2018** | $11229 | $10397 | $11602 |
| **10/31/2018** | $10860 | $10315 | $11252 |
| **11/30/2018** | $10881 | $10377 | $11352 |
| **12/31/2018** | $10684 | $10567 | $11176 |
| **1/31/2019** | $11045 | $10679 | $11551 |
| **2/28/2019** | $11132 | $10673 | $11669 |
| **3/31/2019** | $11266 | $10878 | $11880 |
| **4/30/2019** | $11387 | $10881 | $12036 |
| **5/31/2019** | $11233 | $11074 | $11928 |
| **6/30/2019** | $11534 | $11213 | $12307 |
| **7/31/2019** | $11545 | $11238 | $12353 |
| **8/31/2019** | $11578 | $11529 | $12480 |
| **9/30/2019** | $11600 | $11468 | $12532 |
| **10/31/2019** | $11709 | $11502 | $12669 |
| **11/30/2019** | $11775 | $11496 | $12795 |
| **12/31/2019** | $11918 | $11488 | $12927 |
| **1/31/2020** | $11963 | $11709 | $13061 |
| **2/29/2020** | $11771 | $11920 | $12827 |
| **3/31/2020** | $10834 | $11850 | $12212 |
| **4/30/2020** | $11444 | $12061 | $12824 |
| **5/31/2020** | $11795 | $12117 | $13072 |
| **6/30/2020** | $12066 | $12193 | $13236 |
| **7/31/2020** | $12417 | $12375 | $13582 |
| **8/31/2020** | $12620 | $12275 | $13828 |
| **9/30/2020** | $12485 | $12269 | $13656 |
| **10/31/2020** | $12338 | $12214 | $13470 |
| **11/30/2020** | $13118 | $12334 | $14159 |
| **12/31/2020** | $13387 | $12351 | $14381 |
| **1/31/2021** | $13340 | $12262 | $14264 |
| **2/28/2021** | $13352 | $12085 | $14258 |
| **3/31/2021** | $13387 | $11934 | $14309 |
| **4/30/2021** | $13656 | $12028 | $14615 |
| **5/31/2021** | $13750 | $12068 | $14720 |
| **6/30/2021** | $13902 | $12152 | $14864 |
| **7/31/2021** | $13996 | $12288 | $15065 |
| **8/31/2021** | $14090 | $12265 | $15178 |
| **9/30/2021** | $13792 | $12159 | $14872 |
| **10/31/2021** | $14062 | $12155 | $15164 |
| **11/30/2021** | $13863 | $12191 | $15077 |
| **12/31/2021** | $13998 | $12160 | $15277 |
| **1/31/2022** | $13496 | $11898 | $14781 |
| **2/28/2022** | $13245 | $11765 | $14542 |
| **3/31/2022** | $13098 | $11439 | $14420 |
| **4/30/2022** | $12420 | $11005 | $13645 |
| **5/31/2022** | $12470 | $11075 | $13705 |
| **6/30/2022** | $11888 | $10902 | $13150 |
| **7/31/2022** | $12329 | $11168 | $13724 |
| **8/31/2022** | $11964 | $10853 | $13272 |
| **9/30/2022** | $11276 | $10384 | $12467 |
| **10/31/2022** | $11478 | $10249 | $12675 |
| **11/30/2022** | $11969 | $10626 | $13287 |
| **12/31/2022** | $11774 | $10578 | $13050 |
| **1/31/2023** | $12268 | $10904 | $13635 |
| **2/28/2023** | $11964 | $10622 | $13291 |
| **3/31/2023** | $12195 | $10891 | $13654 |
| **4/30/2023** | $12284 | $10957 | $13791 |
| **5/31/2023** | $12144 | $10838 | $13646 |
| **6/30/2023** | $12365 | $10799 | $13903 |
| **7/31/2023** | $12480 | $10792 | $14060 |
| **8/31/2023** | $12314 | $10723 | $13884 |
| **9/30/2023** | $11924 | $10451 | $13445 |
| **10/31/2023** | $11681 | $10286 | $13171 |
| **11/30/2023** | $12346 | $10751 | $13991 |
| **12/31/2023** | $12884 | $11163 | $14579 |
| **1/31/2024** | $12910 | $11132 | $14614 |
| **2/29/2024** | $13039 | $10975 | $14697 |
| **3/31/2024** | $13298 | $11076 | $14950 |
| **4/30/2024** | $12858 | $10797 | $14511 |
| **5/31/2024** | $13169 | $10980 | $14897 |
| **6/30/2024** | $13314 | $11084 | $15095 |
| **7/31/2024** | $13561 | $11342 | $15417 |
| **8/31/2024** | $13820 | $11505 | $15704 |
| **9/30/2024** | $14008 | $11660 | $15941 |
| **10/31/2024** | $13695 | $11370 | $15574 |
| **11/30/2024** | $14034 | $11491 | $15931 |
| **12/31/2024** | $13714 | $11303 | $15616 |
| **1/31/2025** | $13978 | $11362 | $15863 |
| **2/28/2025** | $14083 | $11612 | $16050 |
| **3/31/2025** | $13815 | $11617 | $15803 |
| **4/30/2025** | $13841 | $11663 | $15893 |
| **5/31/2025** | $14118 | $11579 | $16148 |
| **6/30/2025** | $14498 | $11757 | $16554 |
| **7/31/2025** | $14551 | $11726 | $16600 |
| **8/31/2025** | $14776 | $11866 | $16880 |
| **9/30/2025** | $15033 | $11996 | $17190 |
| **10/31/2025** | $15166 | $12071 | $17380 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BU3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 9.74% | 4.21% | 4.25% |
| Class C | 10.74% | 4.21% | 4.25% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |
| Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 11.60% | 5.23% | 5.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark consists of 65% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 35% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $704582921 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $22248 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.1% |
| U.S. Equity Funds | 27.6 |
| International Equity Funds | 10.1 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1 |
| U.S. Mixed Allocation Funds | 0.7 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.1 |

---

---

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

---

# Transamerica Asset Allocation - Conservative Portfolio

# Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.1% |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Bond, Class I2 | 10.6 |
| Transamerica Large Cap Value, Class I2 | 10.4 |
| Transamerica Bond, Class R6 | 4.0 |
| Transamerica International Equity, Class I2 | 3.8 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Stock, Class I2 | 3.2 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Emerging Markets Debt, Class I2 | 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 by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Conservative Portfolio

# Class C
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class I

## TACIX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $18 | 0.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 12.04%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark, returned 11.60% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks current income and preservation of capital through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class I shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 65% of the Bloomberg US Aggregate Bond Index and 35% of the MSCI World Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund also outperformed its primary benchmark, the Bloomberg US Aggregate Bond Index, due to relative performance of equities compared to fixed income. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Conservative Portfolio

# Class I

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g83o29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Aggregate Bond Index** | **Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9991 | $9974 | $9975 |
| **12/31/2015** | $9883 | $9941 | $9901 |
| **1/31/2016** | $9698 | $10078 | $9795 |
| **2/29/2016** | $9698 | $10150 | $9820 |
| **3/31/2016** | $10022 | $10243 | $10110 |
| **4/30/2016** | $10114 | $10282 | $10175 |
| **5/31/2016** | $10161 | $10285 | $10214 |
| **6/30/2016** | $10219 | $10469 | $10306 |
| **7/31/2016** | $10441 | $10536 | $10496 |
| **8/31/2016** | $10488 | $10524 | $10493 |
| **9/30/2016** | $10515 | $10517 | $10503 |
| **10/31/2016** | $10413 | $10437 | $10381 |
| **11/30/2016** | $10348 | $10190 | $10297 |
| **12/31/2016** | $10438 | $10205 | $10393 |
| **1/31/2017** | $10574 | $10225 | $10486 |
| **2/28/2017** | $10738 | $10293 | $10651 |
| **3/31/2017** | $10781 | $10288 | $10681 |
| **4/30/2017** | $10887 | $10367 | $10790 |
| **5/31/2017** | $10994 | $10447 | $10923 |
| **6/30/2017** | $11013 | $10437 | $10931 |
| **7/31/2017** | $11158 | $10481 | $11049 |
| **8/31/2017** | $11217 | $10575 | $11122 |
| **10/31/2017** | $11348 | $10531 | $11259 |
| **11/30/2017** | $11406 | $10518 | $11348 |
| **12/31/2017** | $11499 | $10566 | $11432 |
| **1/31/2018** | $11695 | $10444 | $11568 |
| **2/28/2018** | $11468 | $10345 | $11338 |
| **3/31/2018** | $11446 | $10412 | $11294 |
| **4/30/2018** | $11425 | $10334 | $11277 |
| **5/31/2018** | $11446 | $10408 | $11373 |
| **6/30/2018** | $11408 | $10395 | $11368 |
| **7/31/2018** | $11522 | $10398 | $11504 |
| **8/31/2018** | $11574 | $10464 | $11623 |
| **9/30/2018** | $11546 | $10397 | $11602 |
| **10/31/2018** | $11171 | $10315 | $11252 |
| **11/30/2018** | $11202 | $10377 | $11352 |
| **12/31/2018** | $11021 | $10567 | $11176 |
| **1/31/2019** | $11400 | $10679 | $11551 |
| **2/28/2019** | $11500 | $10673 | $11669 |
| **3/31/2019** | $11644 | $10878 | $11880 |
| **4/30/2019** | $11779 | $10881 | $12036 |
| **5/31/2019** | $11633 | $11074 | $11928 |
| **6/30/2019** | $11949 | $11213 | $12307 |
| **7/31/2019** | $11971 | $11238 | $12353 |
| **8/31/2019** | $12016 | $11529 | $12480 |
| **9/30/2019** | $12046 | $11468 | $12532 |
| **10/31/2019** | $12170 | $11502 | $12669 |
| **11/30/2019** | $12249 | $11496 | $12795 |
| **12/31/2019** | $12403 | $11488 | $12927 |
| **1/31/2020** | $12473 | $11709 | $13061 |
| **2/29/2020** | $12275 | $11920 | $12827 |
| **3/31/2020** | $11307 | $11850 | $12212 |
| **4/30/2020** | $11950 | $12061 | $12824 |
| **5/31/2020** | $12335 | $12117 | $13072 |
| **6/30/2020** | $12627 | $12193 | $13236 |
| **7/31/2020** | $13001 | $12375 | $13582 |
| **8/31/2020** | $13223 | $12275 | $13828 |
| **9/30/2020** | $13099 | $12269 | $13656 |
| **10/31/2020** | $12959 | $12214 | $13470 |
| **11/30/2020** | $13790 | $12334 | $14159 |
| **12/31/2020** | $14078 | $12351 | $14381 |
| **1/31/2021** | $14042 | $12262 | $14264 |
| **2/28/2021** | $14078 | $12085 | $14258 |
| **3/31/2021** | $14114 | $11934 | $14309 |
| **4/30/2021** | $14418 | $12028 | $14615 |
| **5/31/2021** | $14528 | $12068 | $14720 |
| **6/30/2021** | $14696 | $12152 | $14864 |
| **7/31/2021** | $14806 | $12288 | $15065 |
| **8/31/2021** | $14928 | $12265 | $15178 |
| **9/30/2021** | $14619 | $12159 | $14872 |
| **10/31/2021** | $14913 | $12155 | $15164 |
| **11/30/2021** | $14729 | $12191 | $15077 |
| **12/31/2021** | $14882 | $12160 | $15277 |
| **1/31/2022** | $14370 | $11898 | $14781 |
| **2/28/2022** | $14108 | $11765 | $14542 |
| **3/31/2022** | $13964 | $11439 | $14420 |
| **4/30/2022** | $13279 | $11005 | $13645 |
| **5/31/2022** | $13345 | $11075 | $13705 |
| **6/30/2022** | $12743 | $10902 | $13150 |
| **7/31/2022** | $13219 | $11168 | $13724 |
| **8/31/2022** | $12836 | $10853 | $13272 |
| **9/30/2022** | $12118 | $10384 | $12467 |
| **10/31/2022** | $12340 | $10249 | $12675 |
| **11/30/2022** | $12886 | $10626 | $13287 |
| **12/31/2022** | $12685 | $10578 | $13050 |
| **1/31/2023** | $13222 | $10904 | $13635 |
| **2/28/2023** | $12914 | $10622 | $13291 |
| **3/31/2023** | $13179 | $10891 | $13654 |
| **4/30/2023** | $13287 | $10957 | $13791 |
| **5/31/2023** | $13139 | $10838 | $13646 |
| **6/30/2023** | $13382 | $10799 | $13903 |
| **7/31/2023** | $13531 | $10792 | $14060 |
| **8/31/2023** | $13368 | $10723 | $13884 |
| **9/30/2023** | $12947 | $10451 | $13445 |
| **10/31/2023** | $12701 | $10286 | $13171 |
| **11/30/2023** | $13438 | $10751 | $13991 |
| **12/31/2023** | $14035 | $11163 | $14579 |
| **1/31/2024** | $14076 | $11132 | $14614 |
| **2/29/2024** | $14228 | $10975 | $14697 |
| **3/31/2024** | $14516 | $11076 | $14950 |
| **4/30/2024** | $14058 | $10797 | $14511 |
| **5/31/2024** | $14405 | $10980 | $14897 |
| **6/30/2024** | $14584 | $11084 | $15095 |
| **7/31/2024** | $14863 | $11342 | $15417 |
| **8/31/2024** | $15171 | $11505 | $15704 |
| **9/30/2024** | $15383 | $11660 | $15941 |
| **10/31/2024** | $15045 | $11370 | $15574 |
| **11/30/2024** | $15454 | $11491 | $15931 |
| **12/31/2024** | $15106 | $11303 | $15616 |
| **1/31/2025** | $15405 | $11362 | $15863 |
| **2/28/2025** | $15547 | $11612 | $16050 |
| **3/31/2025** | $15253 | $11617 | $15803 |
| **4/30/2025** | $15296 | $11663 | $15893 |
| **5/31/2025** | $15625 | $11579 | $16148 |
| **6/30/2025** | $16060 | $11757 | $16554 |
| **7/31/2025** | $16132 | $11726 | $16600 |
| **8/31/2025** | $16391 | $11866 | $16880 |
| **9/30/2025** | $16698 | $11996 | $17190 |
| **10/31/2025** | $16857 | $12071 | $17380 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BU8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.04% | 5.40% | 5.36% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |
| Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 11.60% | 5.23% | 5.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark consists of 65% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 35% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $704582921 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $22248 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.1% |
| U.S. Equity Funds | 27.6 |
| International Equity Funds | 10.1 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1 |
| U.S. Mixed Allocation Funds | 0.7 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.1 |

---

---

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

---

# Transamerica Asset Allocation - Conservative Portfolio

# Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.1% |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Bond, Class I2 | 10.6 |
| Transamerica Large Cap Value, Class I2 | 10.4 |
| Transamerica Bond, Class R6 | 4.0 |
| Transamerica International Equity, Class I2 | 3.8 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Stock, Class I2 | 3.2 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Emerging Markets Debt, Class I2 | 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 by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Conservative Portfolio

# Class I
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class R

## ICVRX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $76 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 11.43%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark, returned 11.60% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks current income and preservation of capital through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class R shares of the Fund posted positive returns and underperformed the Fund's blended benchmark, which consists of 65% of the Bloomberg US Aggregate Bond Index and 35% of the MSCI World Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund also outperformed its primary benchmark, the Bloomberg US Aggregate Bond Index, due to relative performance of equities compared to fixed income. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Conservative Portfolio

# Class R

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g68x37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg US Aggregate Bond Index** | **Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9991 | $9974 | $9975 |
| **12/31/2015** | $9866 | $9941 | $9901 |
| **1/31/2016** | $9674 | $10078 | $9795 |
| **2/29/2016** | $9674 | $10150 | $9820 |
| **3/31/2016** | $9988 | $10243 | $10110 |
| **4/30/2016** | $10079 | $10282 | $10175 |
| **5/31/2016** | $10125 | $10285 | $10214 |
| **6/30/2016** | $10178 | $10469 | $10306 |
| **7/31/2016** | $10389 | $10536 | $10496 |
| **8/31/2016** | $10425 | $10524 | $10493 |
| **9/30/2016** | $10454 | $10517 | $10503 |
| **10/31/2016** | $10344 | $10437 | $10381 |
| **11/30/2016** | $10271 | $10190 | $10297 |
| **12/31/2016** | $10362 | $10205 | $10393 |
| **1/31/2017** | $10486 | $10225 | $10486 |
| **2/28/2017** | $10638 | $10293 | $10651 |
| **3/31/2017** | $10681 | $10288 | $10681 |
| **4/30/2017** | $10786 | $10367 | $10790 |
| **5/31/2017** | $10881 | $10447 | $10923 |
| **6/30/2017** | $10904 | $10437 | $10931 |
| **7/31/2017** | $11028 | $10481 | $11049 |
| **8/31/2017** | $11085 | $10575 | $11122 |
| **10/31/2017** | $11208 | $10531 | $11259 |
| **11/30/2017** | $11255 | $10518 | $11348 |
| **12/31/2017** | $11353 | $10566 | $11432 |
| **1/31/2018** | $11534 | $10444 | $11568 |
| **2/28/2018** | $11302 | $10345 | $11338 |
| **3/31/2018** | $11275 | $10412 | $11294 |
| **4/30/2018** | $11255 | $10334 | $11277 |
| **5/31/2018** | $11265 | $10408 | $11373 |
| **6/30/2018** | $11231 | $10395 | $11368 |
| **7/31/2018** | $11332 | $10398 | $11504 |
| **8/31/2018** | $11373 | $10464 | $11623 |
| **9/30/2018** | $11338 | $10397 | $11602 |
| **10/31/2018** | $10972 | $10315 | $11252 |
| **11/30/2018** | $10992 | $10377 | $11352 |
| **12/31/2018** | $10807 | $10567 | $11176 |
| **1/31/2019** | $11176 | $10679 | $11551 |
| **2/28/2019** | $11263 | $10673 | $11669 |
| **3/31/2019** | $11408 | $10878 | $11880 |
| **4/30/2019** | $11527 | $10881 | $12036 |
| **5/31/2019** | $11375 | $11074 | $11928 |
| **6/30/2019** | $11685 | $11213 | $12307 |
| **7/31/2019** | $11695 | $11238 | $12353 |
| **8/31/2019** | $11739 | $11529 | $12480 |
| **9/30/2019** | $11771 | $11468 | $12532 |
| **10/31/2019** | $11880 | $11502 | $12669 |
| **11/30/2019** | $11956 | $11496 | $12795 |
| **12/31/2019** | $12100 | $11488 | $12927 |
| **1/31/2020** | $12156 | $11709 | $13061 |
| **2/29/2020** | $11954 | $11920 | $12827 |
| **3/31/2020** | $11013 | $11850 | $12212 |
| **4/30/2020** | $11633 | $12061 | $12824 |
| **5/31/2020** | $12005 | $12117 | $13072 |
| **6/30/2020** | $12276 | $12193 | $13236 |
| **7/31/2020** | $12637 | $12375 | $13582 |
| **8/31/2020** | $12851 | $12275 | $13828 |
| **9/30/2020** | $12727 | $12269 | $13656 |
| **10/31/2020** | $12580 | $12214 | $13470 |
| **11/30/2020** | $13381 | $12334 | $14159 |
| **12/31/2020** | $13655 | $12351 | $14381 |
| **1/31/2021** | $13620 | $12262 | $14264 |
| **2/28/2021** | $13643 | $12085 | $14258 |
| **3/31/2021** | $13672 | $11934 | $14309 |
| **4/30/2021** | $13965 | $12028 | $14615 |
| **5/31/2021** | $14058 | $12068 | $14720 |
| **6/30/2021** | $14226 | $12152 | $14864 |
| **7/31/2021** | $14319 | $12288 | $15065 |
| **8/31/2021** | $14425 | $12265 | $15178 |
| **9/30/2021** | $14123 | $12159 | $14872 |
| **10/31/2021** | $14405 | $12155 | $15164 |
| **11/30/2021** | $14217 | $12191 | $15077 |
| **12/31/2021** | $14357 | $12160 | $15277 |
| **1/31/2022** | $13854 | $11898 | $14781 |
| **2/28/2022** | $13590 | $11765 | $14542 |
| **3/31/2022** | $13450 | $11439 | $14420 |
| **4/30/2022** | $12758 | $11005 | $13645 |
| **5/31/2022** | $12821 | $11075 | $13705 |
| **6/30/2022** | $12226 | $10902 | $13150 |
| **7/31/2022** | $12680 | $11168 | $13724 |
| **8/31/2022** | $12314 | $10853 | $13272 |
| **9/30/2022** | $11614 | $10384 | $12467 |
| **10/31/2022** | $11817 | $10249 | $12675 |
| **11/30/2022** | $12335 | $10626 | $13287 |
| **12/31/2022** | $12141 | $10578 | $13050 |
| **1/31/2023** | $12651 | $10904 | $13635 |
| **2/28/2023** | $12345 | $10622 | $13291 |
| **3/31/2023** | $12594 | $10891 | $13654 |
| **4/30/2023** | $12696 | $10957 | $13791 |
| **5/31/2023** | $12542 | $10838 | $13646 |
| **6/30/2023** | $12770 | $10799 | $13903 |
| **7/31/2023** | $12911 | $10792 | $14060 |
| **8/31/2023** | $12744 | $10723 | $13884 |
| **9/30/2023** | $12343 | $10451 | $13445 |
| **10/31/2023** | $12098 | $10286 | $13171 |
| **11/30/2023** | $12794 | $10751 | $13991 |
| **12/31/2023** | $13356 | $11163 | $14579 |
| **1/31/2024** | $13382 | $11132 | $14614 |
| **2/29/2024** | $13525 | $10975 | $14697 |
| **3/31/2024** | $13819 | $11076 | $14950 |
| **4/30/2024** | $13374 | $10797 | $14511 |
| **5/31/2024** | $13688 | $10980 | $14897 |
| **6/30/2024** | $13854 | $11084 | $15095 |
| **7/31/2024** | $14117 | $11342 | $15417 |
| **8/31/2024** | $14407 | $11505 | $15704 |
| **9/30/2024** | $14590 | $11660 | $15941 |
| **10/31/2024** | $14273 | $11370 | $15574 |
| **11/30/2024** | $14643 | $11491 | $15931 |
| **12/31/2024** | $14313 | $11303 | $15616 |
| **1/31/2025** | $14580 | $11362 | $15863 |
| **2/28/2025** | $14714 | $11612 | $16050 |
| **3/31/2025** | $14435 | $11617 | $15803 |
| **4/30/2025** | $14462 | $11663 | $15893 |
| **5/31/2025** | $14757 | $11579 | $16148 |
| **6/30/2025** | $15176 | $11757 | $16554 |
| **7/31/2025** | $15230 | $11726 | $16600 |
| **8/31/2025** | $15472 | $11866 | $16880 |
| **9/30/2025** | $15741 | $11996 | $17190 |
| **10/31/2025** | $15904 | $12071 | $17380 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BU5 | **1 Year** | **5 Years** | **10 Years** |
| Class R | 11.43% | 4.80% | 4.75% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |
| Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 11.60% | 5.23% | 5.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark consists of 65% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 35% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $704582921 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $22248 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.1% |
| U.S. Equity Funds | 27.6 |
| International Equity Funds | 10.1 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1 |
| U.S. Mixed Allocation Funds | 0.7 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.1 |

---

---

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

---

# Transamerica Asset Allocation - Conservative Portfolio

# Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.1% |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Bond, Class I2 | 10.6 |
| Transamerica Large Cap Value, Class I2 | 10.4 |
| Transamerica Bond, Class R6 | 4.0 |
| Transamerica International Equity, Class I2 | 3.8 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Stock, Class I2 | 3.2 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Emerging Markets Debt, Class I2 | 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 by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Conservative Portfolio

# Class R
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class R3

## TAAJX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $37 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R3 shares at NAV returned 11.90%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark, returned 11.60% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks current income and preservation of capital through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class R3 shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 65% of the Bloomberg US Aggregate Bond Index and 35% of the MSCI World Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund also outperformed its primary benchmark, the Bloomberg US Aggregate Bond Index, due to relative performance of equities compared to fixed income. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Conservative Portfolio

# Class R3

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g40h98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **Bloomberg US Aggregate Bond Index** | **Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark** |
| **3/1/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $9927 | $9722 | $9915 |
| **4/30/2022** | $9420 | $9353 | $9383 |
| **5/31/2022** | $9467 | $9414 | $9424 |
| **6/30/2022** | $9028 | $9266 | $9043 |
| **7/31/2022** | $9368 | $9492 | $9437 |
| **8/31/2022** | $9104 | $9224 | $9126 |
| **9/30/2022** | $8582 | $8826 | $8573 |
| **10/31/2022** | $8743 | $8711 | $8716 |
| **11/30/2022** | $9131 | $9032 | $9137 |
| **12/31/2022** | $8978 | $8991 | $8974 |
| **1/31/2023** | $9359 | $9267 | $9376 |
| **2/28/2023** | $9140 | $9028 | $9139 |
| **3/31/2023** | $9327 | $9257 | $9389 |
| **4/30/2023** | $9404 | $9313 | $9484 |
| **5/31/2023** | $9299 | $9212 | $9383 |
| **6/30/2023** | $9471 | $9179 | $9560 |
| **7/31/2023** | $9577 | $9173 | $9668 |
| **8/31/2023** | $9451 | $9114 | $9547 |
| **9/30/2023** | $9160 | $8882 | $9245 |
| **10/31/2023** | $8976 | $8742 | $9057 |
| **11/30/2023** | $9499 | $9138 | $9620 |
| **12/31/2023** | $9921 | $9488 | $10025 |
| **1/31/2024** | $9940 | $9462 | $10049 |
| **2/29/2024** | $10048 | $9328 | $10106 |
| **3/31/2024** | $10262 | $9414 | $10281 |
| **4/30/2024** | $9927 | $9177 | $9978 |
| **5/31/2024** | $10173 | $9332 | $10244 |
| **6/30/2024** | $10298 | $9420 | $10380 |
| **7/31/2024** | $10497 | $9640 | $10602 |
| **8/31/2024** | $10705 | $9779 | $10799 |
| **9/30/2024** | $10854 | $9910 | $10962 |
| **10/31/2024** | $10614 | $9664 | $10709 |
| **11/30/2024** | $10893 | $9766 | $10955 |
| **12/31/2024** | $10649 | $9607 | $10738 |
| **1/31/2025** | $10861 | $9657 | $10908 |
| **2/28/2025** | $10962 | $9870 | $11036 |
| **3/31/2025** | $10761 | $9874 | $10867 |
| **4/30/2025** | $10781 | $9912 | $10929 |
| **5/31/2025** | $11005 | $9842 | $11104 |
| **6/30/2025** | $11314 | $9993 | $11383 |
| **7/31/2025** | $11365 | $9966 | $11415 |
| **8/31/2025** | $11549 | $10086 | $11608 |
| **9/30/2025** | $11754 | $10196 | $11821 |
| **10/31/2025** | $11877 | $10259 | $11951 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3BUH | **1 Year** | **Since Inception 3/1/22** |
| Class R3 | 11.90% | 4.80% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | 0.70% |
| Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 11.60% | 4.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark consists of 65% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 35% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $704582921 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $22248 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.1% |
| U.S. Equity Funds | 27.6 |
| International Equity Funds | 10.1 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1 |
| U.S. Mixed Allocation Funds | 0.7 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.1 |

---

---

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

---

# Transamerica Asset Allocation - Conservative Portfolio

# Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.1% |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Bond, Class I2 | 10.6 |
| Transamerica Large Cap Value, Class I2 | 10.4 |
| Transamerica Bond, Class R6 | 4.0 |
| Transamerica International Equity, Class I2 | 3.8 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Stock, Class I2 | 3.2 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Emerging Markets Debt, Class I2 | 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 by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Conservative Portfolio

# Class R3
![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class A

## IAAAX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 21.58%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%.

* The Fund is a multi-asset fund-of-funds that seeks long-term capital appreciation through its strategic allocation to equities. During the fiscal year ended October 31, 2025, Class A shares of the Fund, at NAV, underperformed the Fund's benchmark, the MSCI World Index. 

* Asset allocation differences versus the benchmark, including small cap inclusion and off-benchmark exposure to energy infrastructure, drove slight underperformance, and security selection within underlying funds was overall positive.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund's portfolio. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation - Growth Portfolio

Class A

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g83b04.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **MSCI World Index** |
| **10/31/2015** | $9448 | $10000 |
| **11/30/2015** | $9472 | $9950 |
| **12/31/2015** | $9294 | $9775 |
| **1/31/2016** | $8783 | $9191 |
| **2/29/2016** | $8763 | $9122 |
| **3/31/2016** | $9307 | $9741 |
| **4/30/2016** | $9387 | $9895 |
| **5/31/2016** | $9493 | $9951 |
| **6/30/2016** | $9446 | $9839 |
| **7/31/2016** | $9818 | $10255 |
| **8/31/2016** | $9891 | $10264 |
| **9/30/2016** | $9951 | $10318 |
| **10/31/2016** | $9758 | $10118 |
| **11/30/2016** | $9897 | $10264 |
| **12/31/2016** | $10064 | $10510 |
| **1/31/2017** | $10293 | $10763 |
| **2/28/2017** | $10566 | $11062 |
| **3/31/2017** | $10688 | $11180 |
| **4/30/2017** | $10853 | $11345 |
| **5/31/2017** | $11004 | $11585 |
| **6/30/2017** | $11083 | $11630 |
| **7/31/2017** | $11362 | $11908 |
| **8/31/2017** | $11348 | $11925 |
| **9/30/2017** | $11570 | $12192 |
| **10/31/2017** | $11728 | $12423 |
| **11/30/2017** | $11900 | $12692 |
| **12/31/2017** | $12092 | $12864 |
| **1/31/2018** | $12722 | $13543 |
| **2/28/2018** | $12188 | $12982 |
| **3/31/2018** | $12037 | $12699 |
| **4/30/2018** | $12116 | $12845 |
| **5/31/2018** | $12172 | $12925 |
| **6/30/2018** | $12100 | $12919 |
| **7/31/2018** | $12363 | $13323 |
| **8/31/2018** | $12475 | $13487 |
| **9/30/2018** | $12443 | $13563 |
| **10/31/2018** | $11455 | $12567 |
| **11/30/2018** | $11527 | $12709 |
| **12/31/2018** | $10707 | $11743 |
| **1/31/2019** | $11590 | $12657 |
| **2/28/2019** | $11837 | $13037 |
| **3/31/2019** | $11951 | $13209 |
| **4/30/2019** | $12312 | $13677 |
| **5/31/2019** | $11514 | $12888 |
| **6/30/2019** | $12208 | $13737 |
| **7/31/2019** | $12198 | $13805 |
| **8/31/2019** | $11856 | $13523 |
| **9/30/2019** | $12103 | $13810 |
| **10/31/2019** | $12360 | $14162 |
| **11/30/2019** | $12645 | $14556 |
| **12/31/2019** | $13041 | $14992 |
| **1/31/2020** | $12823 | $14901 |
| **2/29/2020** | $11922 | $13642 |
| **3/31/2020** | $9902 | $11836 |
| **4/30/2020** | $11104 | $13129 |
| **5/31/2020** | $11849 | $13764 |
| **6/30/2020** | $12326 | $14128 |
| **7/31/2020** | $12958 | $14803 |
| **8/31/2020** | $13569 | $15793 |
| **9/30/2020** | $13268 | $15248 |
| **10/31/2020** | $12978 | $14780 |
| **11/30/2020** | $14864 | $16670 |
| **12/31/2020** | $15500 | $17377 |
| **1/31/2021** | $15532 | $17204 |
| **2/28/2021** | $15963 | $17645 |
| **3/31/2021** | $16309 | $18232 |
| **4/30/2021** | $16988 | $19080 |
| **5/31/2021** | $17182 | $19355 |
| **6/30/2021** | $17517 | $19644 |
| **7/31/2021** | $17603 | $19995 |
| **8/31/2021** | $17948 | $20493 |
| **9/30/2021** | $17225 | $19642 |
| **10/31/2021** | $18185 | $20755 |
| **11/30/2021** | $17560 | $20300 |
| **12/31/2021** | $18001 | $21168 |
| **1/31/2022** | $16974 | $20048 |
| **2/28/2022** | $16484 | $19541 |
| **3/31/2022** | $16694 | $20077 |
| **4/30/2022** | $15351 | $18409 |
| **5/31/2022** | $15456 | $18423 |
| **6/30/2022** | $14055 | $16827 |
| **7/31/2022** | $15048 | $18163 |
| **8/31/2022** | $14464 | $17404 |
| **9/30/2022** | $13156 | $15786 |
| **10/31/2022** | $14114 | $16920 |
| **11/30/2022** | $15153 | $18096 |
| **12/31/2022** | $14517 | $17327 |
| **1/31/2023** | $15520 | $18554 |
| **2/28/2023** | $15101 | $18108 |
| **3/31/2023** | $15406 | $18667 |
| **4/30/2023** | $15596 | $18994 |
| **5/31/2023** | $15418 | $18805 |
| **6/30/2023** | $16332 | $19942 |
| **7/31/2023** | $16801 | $20612 |
| **8/31/2023** | $16383 | $20119 |
| **9/30/2023** | $15685 | $19252 |
| **10/31/2023** | $15241 | $18693 |
| **11/30/2023** | $16535 | $20445 |
| **12/31/2023** | $17426 | $21449 |
| **1/31/2024** | $17583 | $21707 |
| **2/29/2024** | $18535 | $22627 |
| **3/31/2024** | $19213 | $23354 |
| **4/30/2024** | $18456 | $22487 |
| **5/31/2024** | $19122 | $23491 |
| **6/30/2024** | $19370 | $23969 |
| **7/31/2024** | $19709 | $24391 |
| **8/31/2024** | $20204 | $25036 |
| **9/30/2024** | $20491 | $25494 |
| **10/31/2024** | $20113 | $24988 |
| **11/30/2024** | $21104 | $26135 |
| **12/31/2024** | $20463 | $25454 |
| **1/31/2025** | $21340 | $26352 |
| **2/28/2025** | $21066 | $26163 |
| **3/31/2025** | $20092 | $24998 |
| **4/30/2025** | $20175 | $25220 |
| **5/31/2025** | $21478 | $26713 |
| **6/30/2025** | $22492 | $27865 |
| **7/31/2025** | $22794 | $28224 |
| **8/31/2025** | $23329 | $28960 |
| **9/30/2025** | $24015 | $29891 |
| **10/31/2025** | $24454 | $30490 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BZ1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 14.88% | 12.23% | 9.35% |
| Class A | 21.58% | 13.51% | 9.98% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1289336464 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $718027 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 71.2% |
| International Equity Funds | 26.7 |
| U.S. Mixed Allocation Funds | 1.4 |
| Repurchase Agreements | 0.5 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Growth Portfolio

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 32.0% |
| Transamerica Large Cap Value, Class I2 | 28.5 |
| Transamerica International Equity, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 9.8 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Sustainable Equity Income, Class I2 | 2.9 |
| Transamerica Capital Growth, Class I2 | 2.1 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |
| Transamerica Mid Cap Growth, Class I2 | 1.5 |
| Transamerica Energy Infrastructure, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Growth Portfolio

Class A

![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class C

## IAALX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $143 | 1.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 20.54%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%.

* The Fund is a multi-asset fund-of-funds that seeks long-term capital appreciation through its strategic allocation to equities. During the fiscal year ended October 31, 2025, Class C shares of the Fund, at NAV, underperformed the Fund's benchmark, the MSCI World Index. 

* Asset allocation differences versus the benchmark, including small cap inclusion and off-benchmark exposure to energy infrastructure, drove slight underperformance, and security selection within underlying funds was overall positive.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund's portfolio. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation - Growth Portfolio

Class C

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g89i31.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with load** | **MSCI World Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $10020 | $9950 |
| **12/31/2015** | $9825 | $9775 |
| **1/31/2016** | $9279 | $9191 |
| **2/29/2016** | $9250 | $9122 |
| **3/31/2016** | $9818 | $9741 |
| **4/30/2016** | $9904 | $9895 |
| **5/31/2016** | $10004 | $9951 |
| **6/30/2016** | $9947 | $9839 |
| **7/31/2016** | $10335 | $10255 |
| **8/31/2016** | $10407 | $10264 |
| **9/30/2016** | $10464 | $10318 |
| **10/31/2016** | $10249 | $10118 |
| **11/30/2016** | $10393 | $10264 |
| **12/31/2016** | $10558 | $10510 |
| **1/31/2017** | $10798 | $10763 |
| **2/28/2017** | $11076 | $11062 |
| **3/31/2017** | $11192 | $11180 |
| **4/30/2017** | $11362 | $11345 |
| **5/31/2017** | $11509 | $11585 |
| **6/30/2017** | $11587 | $11630 |
| **7/31/2017** | $11873 | $11908 |
| **8/31/2017** | $11849 | $11925 |
| **10/31/2017** | $12228 | $12423 |
| **11/30/2017** | $12406 | $12692 |
| **12/31/2017** | $12601 | $12864 |
| **1/31/2018** | $13242 | $13543 |
| **2/28/2018** | $12678 | $12982 |
| **3/31/2018** | $12516 | $12699 |
| **4/30/2018** | $12593 | $12845 |
| **5/31/2018** | $12644 | $12925 |
| **6/30/2018** | $12558 | $12919 |
| **7/31/2018** | $12823 | $13323 |
| **8/31/2018** | $12926 | $13487 |
| **9/30/2018** | $12883 | $13563 |
| **10/31/2018** | $11858 | $12567 |
| **11/30/2018** | $11926 | $12709 |
| **12/31/2018** | $11066 | $11743 |
| **1/31/2019** | $11974 | $12657 |
| **2/28/2019** | $12216 | $13037 |
| **3/31/2019** | $12327 | $13209 |
| **4/30/2019** | $12690 | $13677 |
| **5/31/2019** | $11863 | $12888 |
| **6/30/2019** | $12569 | $13737 |
| **7/31/2019** | $12549 | $13805 |
| **8/31/2019** | $12196 | $13523 |
| **9/30/2019** | $12438 | $13810 |
| **10/31/2019** | $12700 | $14162 |
| **11/30/2019** | $12983 | $14556 |
| **12/31/2019** | $13378 | $14992 |
| **1/31/2020** | $13149 | $14901 |
| **2/29/2020** | $12221 | $13642 |
| **3/31/2020** | $10135 | $11836 |
| **4/30/2020** | $11358 | $13129 |
| **5/31/2020** | $12122 | $13764 |
| **6/30/2020** | $12592 | $14128 |
| **7/31/2020** | $13236 | $14803 |
| **8/31/2020** | $13848 | $15793 |
| **9/30/2020** | $13531 | $15248 |
| **10/31/2020** | $13225 | $14780 |
| **11/30/2020** | $15136 | $16670 |
| **12/31/2020** | $15772 | $17377 |
| **1/31/2021** | $15795 | $17204 |
| **2/28/2021** | $16236 | $17645 |
| **3/31/2021** | $16575 | $18232 |
| **4/30/2021** | $17242 | $19080 |
| **5/31/2021** | $17434 | $19355 |
| **6/30/2021** | $17751 | $19644 |
| **7/31/2021** | $17830 | $19995 |
| **8/31/2021** | $18169 | $20493 |
| **9/30/2021** | $17434 | $19642 |
| **10/31/2021** | $18395 | $20755 |
| **11/30/2021** | $17751 | $20300 |
| **12/31/2021** | $18185 | $21168 |
| **1/31/2022** | $17128 | $20048 |
| **2/28/2022** | $16618 | $19541 |
| **3/31/2022** | $16825 | $20077 |
| **4/30/2022** | $15464 | $18409 |
| **5/31/2022** | $15561 | $18423 |
| **6/30/2022** | $14140 | $16827 |
| **7/31/2022** | $15136 | $18163 |
| **8/31/2022** | $14529 | $17404 |
| **9/30/2022** | $13217 | $15786 |
| **10/31/2022** | $14164 | $16920 |
| **11/30/2022** | $15197 | $18096 |
| **12/31/2022** | $14560 | $17327 |
| **1/31/2023** | $15548 | $18554 |
| **2/28/2023** | $15113 | $18108 |
| **3/31/2023** | $15403 | $18667 |
| **4/30/2023** | $15587 | $18994 |
| **5/31/2023** | $15403 | $18805 |
| **6/30/2023** | $16299 | $19942 |
| **7/31/2023** | $16760 | $20612 |
| **8/31/2023** | $16325 | $20119 |
| **9/30/2023** | $15627 | $19252 |
| **10/31/2023** | $15166 | $18693 |
| **11/30/2023** | $16444 | $20445 |
| **12/31/2023** | $17316 | $21449 |
| **1/31/2024** | $17463 | $21707 |
| **2/29/2024** | $18390 | $22627 |
| **3/31/2024** | $19062 | $23354 |
| **4/30/2024** | $18296 | $22487 |
| **5/31/2024** | $18941 | $23491 |
| **6/30/2024** | $19169 | $23969 |
| **7/31/2024** | $19492 | $24391 |
| **8/31/2024** | $19975 | $25036 |
| **9/30/2024** | $20244 | $25494 |
| **10/31/2024** | $19855 | $24988 |
| **11/30/2024** | $20808 | $26135 |
| **12/31/2024** | $20171 | $25454 |
| **1/31/2025** | $21027 | $26352 |
| **2/28/2025** | $20746 | $26163 |
| **3/31/2025** | $19764 | $24998 |
| **4/30/2025** | $19834 | $25220 |
| **5/31/2025** | $21097 | $26713 |
| **6/30/2025** | $22080 | $27865 |
| **7/31/2025** | $22360 | $28224 |
| **8/31/2025** | $22866 | $28960 |
| **9/30/2025** | $23526 | $29891 |
| **10/31/2025** | $23933 | $30490 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BZ3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 19.54% | 12.59% | 9.12% |
| Class C | 20.54% | 12.59% | 9.12% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1289336464 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $718027 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 71.2% |
| International Equity Funds | 26.7 |
| U.S. Mixed Allocation Funds | 1.4 |
| Repurchase Agreements | 0.5 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Growth Portfolio

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 32.0% |
| Transamerica Large Cap Value, Class I2 | 28.5 |
| Transamerica International Equity, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 9.8 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Sustainable Equity Income, Class I2 | 2.9 |
| Transamerica Capital Growth, Class I2 | 2.1 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |
| Transamerica Mid Cap Growth, Class I2 | 1.5 |
| Transamerica Energy Infrastructure, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Growth Portfolio

Class C

![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class I

## TAGIX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $17 | 0.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 21.89%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%.

* The Fund is a multi-asset fund-of-funds that seeks long-term capital appreciation through its strategic allocation to equities. During the fiscal year ended October 31, 2025, Class I shares of the Fund underperformed the Fund's benchmark, the MSCI World Index. 

* Asset allocation differences versus the benchmark, including small cap inclusion and off-benchmark exposure to energy infrastructure, drove slight underperformance, and security selection within underlying funds was overall positive.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund's portfolio. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation - Growth Portfolio

Class I

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g78n43.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI World Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $10026 | $9950 |
| **12/31/2015** | $9839 | $9775 |
| **1/31/2016** | $9298 | $9191 |
| **2/29/2016** | $9276 | $9122 |
| **3/31/2016** | $9860 | $9741 |
| **4/30/2016** | $9945 | $9895 |
| **5/31/2016** | $10057 | $9951 |
| **6/30/2016** | $10015 | $9839 |
| **7/31/2016** | $10409 | $10255 |
| **8/31/2016** | $10493 | $10264 |
| **9/30/2016** | $10556 | $10318 |
| **10/31/2016** | $10352 | $10118 |
| **11/30/2016** | $10507 | $10264 |
| **12/31/2016** | $10677 | $10510 |
| **1/31/2017** | $10928 | $10763 |
| **2/28/2017** | $11218 | $11062 |
| **3/31/2017** | $11348 | $11180 |
| **4/30/2017** | $11531 | $11345 |
| **5/31/2017** | $11691 | $11585 |
| **6/30/2017** | $11782 | $11630 |
| **7/31/2017** | $12080 | $11908 |
| **8/31/2017** | $12065 | $11925 |
| **10/31/2017** | $12476 | $12423 |
| **11/30/2017** | $12659 | $12692 |
| **12/31/2017** | $12867 | $12864 |
| **1/31/2018** | $13538 | $13543 |
| **2/28/2018** | $12969 | $12982 |
| **3/31/2018** | $12816 | $12699 |
| **4/30/2018** | $12901 | $12845 |
| **5/31/2018** | $12969 | $12925 |
| **6/30/2018** | $12892 | $12919 |
| **7/31/2018** | $13181 | $13323 |
| **8/31/2018** | $13291 | $13487 |
| **9/30/2018** | $13266 | $13563 |
| **10/31/2018** | $12213 | $12567 |
| **11/30/2018** | $12298 | $12709 |
| **12/31/2018** | $11416 | $11743 |
| **1/31/2019** | $12370 | $12657 |
| **2/28/2019** | $12634 | $13037 |
| **3/31/2019** | $12756 | $13209 |
| **4/30/2019** | $13142 | $13677 |
| **5/31/2019** | $12299 | $12888 |
| **6/30/2019** | $13041 | $13737 |
| **7/31/2019** | $13030 | $13805 |
| **8/31/2019** | $12675 | $13523 |
| **9/30/2019** | $12939 | $13810 |
| **10/31/2019** | $13213 | $14162 |
| **11/30/2019** | $13518 | $14556 |
| **12/31/2019** | $13960 | $14992 |
| **1/31/2020** | $13726 | $14901 |
| **2/29/2020** | $12760 | $13642 |
| **3/31/2020** | $10595 | $11836 |
| **4/30/2020** | $11883 | $13129 |
| **5/31/2020** | $12694 | $13764 |
| **6/30/2020** | $13204 | $14128 |
| **7/31/2020** | $13882 | $14803 |
| **8/31/2020** | $14537 | $15793 |
| **9/30/2020** | $14226 | $15248 |
| **10/31/2020** | $13915 | $14780 |
| **11/30/2020** | $15936 | $16670 |
| **12/31/2020** | $16623 | $17377 |
| **1/31/2021** | $16669 | $17204 |
| **2/28/2021** | $17144 | $17645 |
| **3/31/2021** | $17515 | $18232 |
| **4/30/2021** | $18246 | $19080 |
| **5/31/2021** | $18466 | $19355 |
| **6/30/2021** | $18814 | $19644 |
| **7/31/2021** | $18918 | $19995 |
| **8/31/2021** | $19300 | $20493 |
| **9/30/2021** | $18524 | $19642 |
| **10/31/2021** | $19567 | $20755 |
| **11/30/2021** | $18895 | $20300 |
| **12/31/2021** | $19382 | $21168 |
| **1/31/2022** | $18275 | $20048 |
| **2/28/2022** | $17747 | $19541 |
| **3/31/2022** | $17986 | $20077 |
| **4/30/2022** | $16577 | $18409 |
| **5/31/2022** | $16690 | $18423 |
| **6/30/2022** | $15181 | $16827 |
| **7/31/2022** | $16262 | $18163 |
| **8/31/2022** | $15634 | $17404 |
| **9/30/2022** | $14225 | $15786 |
| **10/31/2022** | $15261 | $16920 |
| **11/30/2022** | $16395 | $18096 |
| **12/31/2022** | $15714 | $17327 |
| **1/31/2023** | $16799 | $18554 |
| **2/28/2023** | $16346 | $18108 |
| **3/31/2023** | $16675 | $18667 |
| **4/30/2023** | $16881 | $18994 |
| **5/31/2023** | $16703 | $18805 |
| **6/30/2023** | $17692 | $19942 |
| **7/31/2023** | $18214 | $20612 |
| **8/31/2023** | $17761 | $20119 |
| **9/30/2023** | $17019 | $19252 |
| **10/31/2023** | $16538 | $18693 |
| **11/30/2023** | $17939 | $20445 |
| **12/31/2023** | $18921 | $21449 |
| **1/31/2024** | $19091 | $21707 |
| **2/29/2024** | $20124 | $22627 |
| **3/31/2024** | $20874 | $23354 |
| **4/30/2024** | $20053 | $22487 |
| **5/31/2024** | $20789 | $23491 |
| **6/30/2024** | $21058 | $23969 |
| **7/31/2024** | $21440 | $24391 |
| **8/31/2024** | $21992 | $25036 |
| **9/30/2024** | $22304 | $25494 |
| **10/31/2024** | $21907 | $24988 |
| **11/30/2024** | $22983 | $26135 |
| **12/31/2024** | $22302 | $25454 |
| **1/31/2025** | $23257 | $26352 |
| **2/28/2025** | $22959 | $26163 |
| **3/31/2025** | $21899 | $24998 |
| **4/30/2025** | $21989 | $25220 |
| **5/31/2025** | $23421 | $26713 |
| **6/30/2025** | $24540 | $27865 |
| **7/31/2025** | $24883 | $28224 |
| **8/31/2025** | $25465 | $28960 |
| **9/30/2025** | $26226 | $29891 |
| **10/31/2025** | $26703 | $30490 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BZ8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 21.89% | 13.92% | 10.32% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1289336464 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $718027 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 71.2% |
| International Equity Funds | 26.7 |
| U.S. Mixed Allocation Funds | 1.4 |
| Repurchase Agreements | 0.5 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Growth Portfolio

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 32.0% |
| Transamerica Large Cap Value, Class I2 | 28.5 |
| Transamerica International Equity, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 9.8 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Sustainable Equity Income, Class I2 | 2.9 |
| Transamerica Capital Growth, Class I2 | 2.1 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |
| Transamerica Mid Cap Growth, Class I2 | 1.5 |
| Transamerica Energy Infrastructure, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Growth Portfolio

Class I

![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class R

## IGWRX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $81 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 21.20%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%.

* The Fund is a multi-asset fund-of-funds that seeks long-term capital appreciation through its strategic allocation to equities. During the fiscal year ended October 31, 2025, Class R shares of the Fund underperformed the Fund's benchmark, the MSCI World Index. 

* Asset allocation differences versus the benchmark, including small cap inclusion and off-benchmark exposure to energy infrastructure, drove slight underperformance, and security selection within underlying funds was overall positive.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund's portfolio. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation - Growth Portfolio

Class R

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g17t97.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI World Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $10026 | $9950 |
| **12/31/2015** | $9831 | $9775 |
| **1/31/2016** | $9294 | $9191 |
| **2/29/2016** | $9266 | $9122 |
| **3/31/2016** | $9838 | $9741 |
| **4/30/2016** | $9923 | $9895 |
| **5/31/2016** | $10029 | $9951 |
| **6/30/2016** | $9979 | $9839 |
| **7/31/2016** | $10368 | $10255 |
| **8/31/2016** | $10445 | $10264 |
| **9/30/2016** | $10502 | $10318 |
| **10/31/2016** | $10290 | $10118 |
| **11/30/2016** | $10438 | $10264 |
| **12/31/2016** | $10612 | $10510 |
| **1/31/2017** | $10856 | $10763 |
| **2/28/2017** | $11138 | $11062 |
| **3/31/2017** | $11260 | $11180 |
| **4/30/2017** | $11435 | $11345 |
| **5/31/2017** | $11588 | $11585 |
| **6/30/2017** | $11671 | $11630 |
| **7/31/2017** | $11961 | $11908 |
| **8/31/2017** | $11946 | $11925 |
| **10/31/2017** | $12342 | $12423 |
| **11/30/2017** | $12517 | $12692 |
| **12/31/2017** | $12721 | $12864 |
| **1/31/2018** | $13372 | $13543 |
| **2/28/2018** | $12814 | $12982 |
| **3/31/2018** | $12654 | $12699 |
| **4/30/2018** | $12730 | $12845 |
| **5/31/2018** | $12789 | $12925 |
| **6/30/2018** | $12713 | $12919 |
| **7/31/2018** | $12983 | $13323 |
| **8/31/2018** | $13093 | $13487 |
| **9/30/2018** | $13059 | $13563 |
| **10/31/2018** | $12012 | $12567 |
| **11/30/2018** | $12096 | $12709 |
| **12/31/2018** | $11221 | $11743 |
| **1/31/2019** | $12154 | $12657 |
| **2/28/2019** | $12405 | $13037 |
| **3/31/2019** | $12526 | $13209 |
| **4/30/2019** | $12897 | $13677 |
| **5/31/2019** | $12054 | $12888 |
| **6/30/2019** | $12787 | $13737 |
| **7/31/2019** | $12767 | $13805 |
| **8/31/2019** | $12415 | $13523 |
| **9/30/2019** | $12666 | $13810 |
| **10/31/2019** | $12937 | $14162 |
| **11/30/2019** | $13228 | $14556 |
| **12/31/2019** | $13646 | $14992 |
| **1/31/2020** | $13406 | $14901 |
| **2/29/2020** | $12467 | $13642 |
| **3/31/2020** | $10349 | $11836 |
| **4/30/2020** | $11604 | $13129 |
| **5/31/2020** | $12390 | $13764 |
| **6/30/2020** | $12882 | $14128 |
| **7/31/2020** | $13537 | $14803 |
| **8/31/2020** | $14170 | $15793 |
| **9/30/2020** | $13864 | $15248 |
| **10/31/2020** | $13548 | $14780 |
| **11/30/2020** | $15513 | $16670 |
| **12/31/2020** | $16177 | $17377 |
| **1/31/2021** | $16199 | $17204 |
| **2/28/2021** | $16653 | $17645 |
| **3/31/2021** | $17016 | $18232 |
| **4/30/2021** | $17708 | $19080 |
| **5/31/2021** | $17912 | $19355 |
| **6/30/2021** | $18253 | $19644 |
| **7/31/2021** | $18343 | $19995 |
| **8/31/2021** | $18695 | $20493 |
| **9/30/2021** | $17946 | $19642 |
| **10/31/2021** | $18945 | $20755 |
| **11/30/2021** | $18287 | $20300 |
| **12/31/2021** | $18736 | $21168 |
| **1/31/2022** | $17670 | $20048 |
| **2/28/2022** | $17155 | $19541 |
| **3/31/2022** | $17376 | $20077 |
| **4/30/2022** | $15967 | $18409 |
| **5/31/2022** | $16077 | $18423 |
| **6/30/2022** | $14619 | $16827 |
| **7/31/2022** | $15648 | $18163 |
| **8/31/2022** | $15035 | $17404 |
| **9/30/2022** | $13675 | $15786 |
| **10/31/2022** | $14655 | $16920 |
| **11/30/2022** | $15734 | $18096 |
| **12/31/2022** | $15076 | $17327 |
| **1/31/2023** | $16111 | $18554 |
| **2/28/2023** | $15673 | $18108 |
| **3/31/2023** | $15979 | $18667 |
| **4/30/2023** | $16178 | $18994 |
| **5/31/2023** | $15992 | $18805 |
| **6/30/2023** | $16934 | $19942 |
| **7/31/2023** | $17425 | $20612 |
| **8/31/2023** | $16974 | $20119 |
| **9/30/2023** | $16257 | $19252 |
| **10/31/2023** | $15793 | $18693 |
| **11/30/2023** | $17133 | $20445 |
| **12/31/2023** | $18047 | $21449 |
| **1/31/2024** | $18210 | $21707 |
| **2/29/2024** | $19189 | $22627 |
| **3/31/2024** | $19910 | $23354 |
| **4/30/2024** | $19121 | $22487 |
| **5/31/2024** | $19801 | $23491 |
| **6/30/2024** | $20060 | $23969 |
| **7/31/2024** | $20413 | $24391 |
| **8/31/2024** | $20917 | $25036 |
| **9/30/2024** | $21202 | $25494 |
| **10/31/2024** | $20821 | $24988 |
| **11/30/2024** | $21828 | $26135 |
| **12/31/2024** | $21167 | $25454 |
| **1/31/2025** | $22067 | $26352 |
| **2/28/2025** | $21781 | $26163 |
| **3/31/2025** | $20768 | $24998 |
| **4/30/2025** | $20839 | $25220 |
| **5/31/2025** | $22195 | $26713 |
| **6/30/2025** | $23237 | $27865 |
| **7/31/2025** | $23537 | $28224 |
| **8/31/2025** | $24079 | $28960 |
| **9/30/2025** | $24793 | $29891 |
| **10/31/2025** | $25235 | $30490 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BZ5 | **1 Year** | **5 Years** | **10 Years** |
| Class R | 21.20% | 13.25% | 9.70% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1289336464 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $718027 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 71.2% |
| International Equity Funds | 26.7 |
| U.S. Mixed Allocation Funds | 1.4 |
| Repurchase Agreements | 0.5 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Growth Portfolio

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 32.0% |
| Transamerica Large Cap Value, Class I2 | 28.5 |
| Transamerica International Equity, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 9.8 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Sustainable Equity Income, Class I2 | 2.9 |
| Transamerica Capital Growth, Class I2 | 2.1 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |
| Transamerica Mid Cap Growth, Class I2 | 1.5 |
| Transamerica Energy Infrastructure, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Growth Portfolio

Class R

![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class R3

## TAAKX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**. **This report describes changes to the Fund that occurred during the reporting period.**

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $32 | 0.29%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R3 shares at NAV returned 21.76%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%.

* The Fund is a multi-asset fund-of-funds that seeks long-term capital appreciation through its strategic allocation to equities. During the fiscal year ended October 31, 2025, Class R3 shares of the Fund underperformed the Fund's benchmark, the MSCI World Index. 

* Asset allocation differences versus the benchmark, including small cap inclusion and off-benchmark exposure to energy infrastructure, drove slight underperformance, and security selection within underlying funds was overall positive.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund's portfolio. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation - Growth Portfolio

Class R3

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g12y81.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R3** | **MSCI World Index** |
| **3/1/2022** | $10000 | $10000 |
| **3/31/2022** | $10317 | $10274 |
| **4/30/2022** | $9488 | $9421 |
| **5/31/2022** | $9553 | $9428 |
| **6/30/2022** | $8687 | $8611 |
| **7/31/2022** | $9307 | $9295 |
| **8/31/2022** | $8939 | $8906 |
| **9/30/2022** | $8139 | $8079 |
| **10/31/2022** | $8730 | $8659 |
| **11/30/2022** | $9372 | $9261 |
| **12/31/2022** | $8985 | $8867 |
| **1/31/2023** | $9606 | $9495 |
| **2/28/2023** | $9339 | $9267 |
| **3/31/2023** | $9528 | $9553 |
| **4/30/2023** | $9646 | $9720 |
| **5/31/2023** | $9543 | $9623 |
| **6/30/2023** | $10109 | $10205 |
| **7/31/2023** | $10400 | $10548 |
| **8/31/2023** | $10141 | $10296 |
| **9/30/2023** | $9716 | $9852 |
| **10/31/2023** | $9433 | $9566 |
| **11/30/2023** | $10243 | $10463 |
| **12/31/2023** | $10789 | $10977 |
| **1/31/2024** | $10895 | $11108 |
| **2/29/2024** | $11477 | $11579 |
| **3/31/2024** | $11906 | $11952 |
| **4/30/2024** | $11437 | $11508 |
| **5/31/2024** | $11850 | $12021 |
| **6/30/2024** | $12003 | $12266 |
| **7/31/2024** | $12222 | $12482 |
| **8/31/2024** | $12530 | $12812 |
| **9/30/2024** | $12708 | $13047 |
| **10/31/2024** | $12473 | $12788 |
| **11/30/2024** | $13088 | $13375 |
| **12/31/2024** | $12693 | $13026 |
| **1/31/2025** | $13240 | $13486 |
| **2/28/2025** | $13077 | $13389 |
| **3/31/2025** | $12471 | $12793 |
| **4/30/2025** | $12514 | $12906 |
| **5/31/2025** | $13325 | $13670 |
| **6/30/2025** | $13966 | $14260 |
| **7/31/2025** | $14154 | $14444 |
| **8/31/2025** | $14487 | $14821 |
| **9/30/2025** | $14922 | $15297 |
| **10/31/2025** | $15187 | $15603 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3BZH | **1 Year** | **Since Inception 3/1/22** |
| Class R3 | 21.76% | 12.06% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 12.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1289336464 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $718027 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 71.2% |
| International Equity Funds | 26.7 |
| U.S. Mixed Allocation Funds | 1.4 |
| Repurchase Agreements | 0.5 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Growth Portfolio

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 32.0% |
| Transamerica Large Cap Value, Class I2 | 28.5 |
| Transamerica International Equity, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 9.8 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Sustainable Equity Income, Class I2 | 2.9 |
| Transamerica Capital Growth, Class I2 | 2.1 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |
| Transamerica Mid Cap Growth, Class I2 | 1.5 |
| Transamerica Energy Infrastructure, Class I2 | 1.4 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectus or upon request at 888-233-4339. The Fund's next prospectus will be available by March 1, 2026.

* Effective June 20, 2025, the Fund's Annual Fund Operating Expenses were restated to reflect a reduction in the contractual expense limit for Class R3 shares from 0.35% to 0.24%, and the term of the reduced expense limit was extended through March 1, 2027.

## 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 by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Growth Portfolio

Class R3

![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class A

## IMLAX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 17.81%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, returned 17.16% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation with current income as a secondary objective through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class A shares of the Fund posted positive returns and, at NAV, outperformed the Fund's blended benchmark, which consists of 70% of the MSCI World Index and 30% of the Bloomberg US Aggregate Bond Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class A

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g93p10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark** |
| **10/31/2015** | $9450 | $10000 | $10000 |
| **11/30/2015** | $9457 | $9950 | $9974 |
| **12/31/2015** | $9306 | $9775 | $9860 |
| **1/31/2016** | $8911 | $9191 | $9511 |
| **2/29/2016** | $8896 | $9122 | $9489 |
| **3/31/2016** | $9357 | $9741 | $9962 |
| **4/30/2016** | $9445 | $9895 | $10055 |
| **5/31/2016** | $9526 | $9951 | $10128 |
| **6/30/2016** | $9518 | $9839 | $10125 |
| **7/31/2016** | $9819 | $10255 | $10435 |
| **8/31/2016** | $9877 | $10264 | $10440 |
| **9/30/2016** | $9921 | $10318 | $10467 |
| **10/31/2016** | $9767 | $10118 | $10305 |
| **11/30/2016** | $9826 | $10264 | $10376 |
| **12/31/2016** | $9956 | $10510 | $10556 |
| **1/31/2017** | $10144 | $10763 | $10725 |
| **2/28/2017** | $10371 | $11062 | $10988 |
| **3/31/2017** | $10457 | $11180 | $11058 |
| **4/30/2017** | $10590 | $11345 | $11200 |
| **5/31/2017** | $10723 | $11585 | $11393 |
| **6/30/2017** | $10778 | $11630 | $11421 |
| **7/31/2017** | $10998 | $11908 | $11620 |
| **8/31/2017** | $11005 | $11925 | $11668 |
| **9/30/2017** | $11154 | $12192 | $11831 |
| **10/31/2017** | $11264 | $12423 | $12007 |
| **11/30/2017** | $11389 | $12692 | $12209 |
| **12/31/2017** | $11536 | $12864 | $12334 |
| **1/31/2018** | $11967 | $13543 | $12768 |
| **2/28/2018** | $11571 | $12982 | $12380 |
| **3/31/2018** | $11485 | $12699 | $12205 |
| **4/30/2018** | $11519 | $12845 | $12262 |
| **5/31/2018** | $11553 | $12925 | $12379 |
| **6/30/2018** | $11493 | $12919 | $12381 |
| **7/31/2018** | $11691 | $13323 | $12672 |
| **8/31/2018** | $11760 | $13487 | $12847 |
| **9/30/2018** | $11734 | $13563 | $12883 |
| **10/31/2018** | $11037 | $12567 | $12206 |
| **11/30/2018** | $11088 | $12709 | $12347 |
| **12/31/2018** | $10551 | $11743 | $11743 |
| **1/31/2019** | $11216 | $12657 | $12404 |
| **2/28/2019** | $11385 | $13037 | $12664 |
| **3/31/2019** | $11514 | $13209 | $12877 |
| **4/30/2019** | $11762 | $13677 | $13212 |
| **5/31/2019** | $11266 | $12888 | $12742 |
| **6/30/2019** | $11782 | $13737 | $13389 |
| **7/31/2019** | $11782 | $13805 | $13457 |
| **8/31/2019** | $11613 | $13523 | $13385 |
| **9/30/2019** | $11762 | $13810 | $13568 |
| **10/31/2019** | $11960 | $14162 | $13827 |
| **11/30/2019** | $12149 | $14556 | $14104 |
| **12/31/2019** | $12435 | $14992 | $14406 |
| **1/31/2020** | $12339 | $14901 | $14424 |
| **2/29/2020** | $11763 | $13642 | $13646 |
| **3/31/2020** | $10240 | $11836 | $12417 |
| **4/30/2020** | $11188 | $13129 | $13433 |
| **5/31/2020** | $11774 | $13764 | $13890 |
| **6/30/2020** | $12158 | $14128 | $14152 |
| **7/31/2020** | $12658 | $14803 | $14677 |
| **8/31/2020** | $13095 | $15793 | $15325 |
| **9/30/2020** | $12872 | $15248 | $14952 |
| **10/31/2020** | $12648 | $14780 | $14611 |
| **11/30/2020** | $14065 | $16670 | $15962 |
| **12/31/2020** | $14536 | $17377 | $16442 |
| **1/31/2021** | $14548 | $17204 | $16292 |
| **2/28/2021** | $14803 | $17645 | $16514 |
| **3/31/2021** | $14991 | $18232 | $16837 |
| **4/30/2021** | $15479 | $19080 | $17425 |
| **5/31/2021** | $15634 | $19355 | $17618 |
| **6/30/2021** | $15889 | $19644 | $17839 |
| **7/31/2021** | $15978 | $19995 | $18122 |
| **8/31/2021** | $16211 | $20493 | $18428 |
| **9/30/2021** | $15701 | $19642 | $17844 |
| **10/31/2021** | $16322 | $20755 | $18550 |
| **11/30/2021** | $15889 | $20300 | $18282 |
| **12/31/2021** | $16189 | $21168 | $18815 |
| **1/31/2022** | $15420 | $20048 | $17997 |
| **2/28/2022** | $15047 | $19541 | $17618 |
| **3/31/2022** | $15095 | $20077 | $17809 |
| **4/30/2022** | $14085 | $18409 | $16571 |
| **5/31/2022** | $14146 | $18423 | $16612 |
| **6/30/2022** | $13148 | $16827 | $15526 |
| **7/31/2022** | $13857 | $18163 | $16503 |
| **8/31/2022** | $13400 | $17404 | $15880 |
| **9/30/2022** | $12427 | $15786 | $14641 |
| **10/31/2022** | $13028 | $16920 | $15320 |
| **11/30/2022** | $13797 | $18096 | $16235 |
| **12/31/2022** | $13373 | $17327 | $15730 |
| **1/31/2023** | $14133 | $18554 | $16655 |
| **2/28/2023** | $13772 | $18108 | $16245 |
| **3/31/2023** | $14046 | $18667 | $16720 |
| **4/30/2023** | $14183 | $18994 | $16956 |
| **5/31/2023** | $14033 | $18805 | $16782 |
| **6/30/2023** | $14606 | $19942 | $17475 |
| **7/31/2023** | $14917 | $20612 | $17882 |
| **8/31/2023** | $14618 | $20119 | $17549 |
| **9/30/2023** | $14071 | $19252 | $16885 |
| **10/31/2023** | $13722 | $18693 | $16462 |
| **11/30/2023** | $14743 | $20445 | $17766 |
| **12/31/2023** | $15473 | $21449 | $18581 |
| **1/31/2024** | $15576 | $21707 | $18721 |
| **2/29/2024** | $16130 | $22627 | $19198 |
| **3/31/2024** | $16606 | $23354 | $19683 |
| **4/30/2024** | $15988 | $22487 | $19022 |
| **5/31/2024** | $16490 | $23491 | $19713 |
| **6/30/2024** | $16696 | $23969 | $20050 |
| **7/31/2024** | $17005 | $24391 | $20438 |
| **8/31/2024** | $17404 | $25036 | $20904 |
| **9/30/2024** | $17661 | $25494 | $21256 |
| **10/31/2024** | $17314 | $24988 | $20802 |
| **11/30/2024** | $17983 | $26135 | $21537 |
| **12/31/2024** | $17508 | $25454 | $21038 |
| **1/31/2025** | $18097 | $26352 | $21591 |
| **2/28/2025** | $18056 | $26163 | $21625 |
| **3/31/2025** | $17453 | $24998 | $20953 |
| **4/30/2025** | $17521 | $25220 | $21108 |
| **5/31/2025** | $18316 | $26713 | $21938 |
| **6/30/2025** | $19042 | $27865 | $22702 |
| **7/31/2025** | $19234 | $28224 | $22888 |
| **8/31/2025** | $19617 | $28960 | $23388 |
| **9/30/2025** | $20111 | $29891 | $23991 |
| **10/31/2025** | $20398 | $30490 | $24372 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BY1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 11.36% | 8.79% | 7.39% |
| Class A | 17.81% | 10.03% | 8.00% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.16% | 10.78% | 9.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, consists of 30% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 70% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1693981839 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1161394 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 52.8% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 20.5 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 1.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 23.3% |
| Transamerica Large Cap Value, Class I2 | 21.8 |
| Transamerica Core Bond, Class I2 | 11.1 |
| Transamerica International Stock, Class I2 | 7.1 |
| Transamerica International Equity, Class I2 | 7.1 |
| Transamerica Bond, Class I2 | 3.6 |
| Transamerica Inflation Opportunities, Class I2 | 3.4 |
| Transamerica Emerging Markets Equity, Class I2 | 2.8 |
| Transamerica International Focus, Class I2 | 2.5 |
| Transamerica Sustainable Equity Income, Class I2 | 2.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Growth Portfolio

# Class A
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class C

## IMLLX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $139 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 16.91%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, returned 17.16% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation with current income as a secondary objective through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class C shares of the Fund posted positive returns and, at NAV, underperformed the Fund's blended benchmark, which consists of 70% of the MSCI World Index and 30% of the Bloomberg US Aggregate Bond Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class C

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g81l18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10000 | $9950 | $9974 |
| **12/31/2015** | $9834 | $9775 | $9860 |
| **1/31/2016** | $9415 | $9191 | $9511 |
| **2/29/2016** | $9392 | $9122 | $9489 |
| **3/31/2016** | $9872 | $9741 | $9962 |
| **4/30/2016** | $9958 | $9895 | $10055 |
| **5/31/2016** | $10035 | $9951 | $10128 |
| **6/30/2016** | $10020 | $9839 | $10125 |
| **7/31/2016** | $10337 | $10255 | $10435 |
| **8/31/2016** | $10392 | $10264 | $10440 |
| **9/30/2016** | $10430 | $10318 | $10467 |
| **10/31/2016** | $10260 | $10118 | $10305 |
| **11/30/2016** | $10314 | $10264 | $10376 |
| **12/31/2016** | $10446 | $10510 | $10556 |
| **1/31/2017** | $10643 | $10763 | $10725 |
| **2/28/2017** | $10865 | $11062 | $10988 |
| **3/31/2017** | $10956 | $11180 | $11058 |
| **4/30/2017** | $11087 | $11345 | $11200 |
| **5/31/2017** | $11211 | $11585 | $11393 |
| **6/30/2017** | $11268 | $11630 | $11421 |
| **7/31/2017** | $11482 | $11908 | $11620 |
| **8/31/2017** | $11490 | $11925 | $11668 |
| **10/31/2017** | $11745 | $12423 | $12007 |
| **11/30/2017** | $11869 | $12692 | $12209 |
| **12/31/2017** | $12016 | $12864 | $12334 |
| **1/31/2018** | $12455 | $13543 | $12768 |
| **2/28/2018** | $12042 | $12982 | $12380 |
| **3/31/2018** | $11935 | $12699 | $12205 |
| **4/30/2018** | $11962 | $12845 | $12262 |
| **5/31/2018** | $11989 | $12925 | $12379 |
| **6/30/2018** | $11926 | $12919 | $12381 |
| **7/31/2018** | $12123 | $13323 | $12672 |
| **8/31/2018** | $12186 | $13487 | $12847 |
| **9/30/2018** | $12150 | $13563 | $12883 |
| **10/31/2018** | $11414 | $12567 | $12206 |
| **11/30/2018** | $11468 | $12709 | $12347 |
| **12/31/2018** | $10911 | $11743 | $11743 |
| **1/31/2019** | $11581 | $12657 | $12404 |
| **2/28/2019** | $11754 | $13037 | $12664 |
| **3/31/2019** | $11876 | $13209 | $12877 |
| **4/30/2019** | $12119 | $13677 | $13212 |
| **5/31/2019** | $11602 | $12888 | $12742 |
| **6/30/2019** | $12130 | $13737 | $13389 |
| **7/31/2019** | $12119 | $13805 | $13457 |
| **8/31/2019** | $11947 | $13523 | $13385 |
| **9/30/2019** | $12089 | $13810 | $13568 |
| **10/31/2019** | $12282 | $14162 | $13827 |
| **11/30/2019** | $12464 | $14556 | $14104 |
| **12/31/2019** | $12762 | $14992 | $14406 |
| **1/31/2020** | $12655 | $14901 | $14424 |
| **2/29/2020** | $12051 | $13642 | $13646 |
| **3/31/2020** | $10488 | $11836 | $12417 |
| **4/30/2020** | $11437 | $13129 | $13433 |
| **5/31/2020** | $12029 | $13764 | $13890 |
| **6/30/2020** | $12417 | $14128 | $14152 |
| **7/31/2020** | $12924 | $14803 | $14677 |
| **8/31/2020** | $13355 | $15793 | $15325 |
| **9/30/2020** | $13118 | $15248 | $14952 |
| **10/31/2020** | $12892 | $14780 | $14611 |
| **11/30/2020** | $14325 | $16670 | $15962 |
| **12/31/2020** | $14805 | $17377 | $16442 |
| **1/31/2021** | $14794 | $17204 | $16292 |
| **2/28/2021** | $15049 | $17645 | $16514 |
| **3/31/2021** | $15227 | $18232 | $16837 |
| **4/30/2021** | $15716 | $19080 | $17425 |
| **5/31/2021** | $15861 | $19355 | $17618 |
| **6/30/2021** | $16105 | $19644 | $17839 |
| **7/31/2021** | $16183 | $19995 | $18122 |
| **8/31/2021** | $16405 | $20493 | $18428 |
| **9/30/2021** | $15883 | $19642 | $17844 |
| **10/31/2021** | $16505 | $20755 | $18550 |
| **11/30/2021** | $16061 | $20300 | $18282 |
| **12/31/2021** | $16345 | $21168 | $18815 |
| **1/31/2022** | $15559 | $20048 | $17997 |
| **2/28/2022** | $15178 | $19541 | $17618 |
| **3/31/2022** | $15202 | $20077 | $17809 |
| **4/30/2022** | $14190 | $18409 | $16571 |
| **5/31/2022** | $14238 | $18423 | $16612 |
| **6/30/2022** | $13226 | $16827 | $15526 |
| **7/31/2022** | $13940 | $18163 | $16503 |
| **8/31/2022** | $13476 | $17404 | $15880 |
| **9/30/2022** | $12488 | $15786 | $14641 |
| **10/31/2022** | $13071 | $16920 | $15320 |
| **11/30/2022** | $13833 | $18096 | $16235 |
| **12/31/2022** | $13404 | $17327 | $15730 |
| **1/31/2023** | $14161 | $18554 | $16655 |
| **2/28/2023** | $13783 | $18108 | $16245 |
| **3/31/2023** | $14051 | $18667 | $16720 |
| **4/30/2023** | $14174 | $18994 | $16956 |
| **5/31/2023** | $14027 | $18805 | $16782 |
| **6/30/2023** | $14589 | $19942 | $17475 |
| **7/31/2023** | $14882 | $20612 | $17882 |
| **8/31/2023** | $14576 | $20119 | $17549 |
| **9/30/2023** | $14015 | $19252 | $16885 |
| **10/31/2023** | $13661 | $18693 | $16462 |
| **11/30/2023** | $14662 | $20445 | $17766 |
| **12/31/2023** | $15386 | $21449 | $18581 |
| **1/31/2024** | $15474 | $21707 | $18721 |
| **2/29/2024** | $16011 | $22627 | $19198 |
| **3/31/2024** | $16473 | $23354 | $19683 |
| **4/30/2024** | $15861 | $22487 | $19022 |
| **5/31/2024** | $16336 | $23491 | $19713 |
| **6/30/2024** | $16535 | $23969 | $20050 |
| **7/31/2024** | $16823 | $24391 | $20438 |
| **8/31/2024** | $17210 | $25036 | $20904 |
| **9/30/2024** | $17447 | $25494 | $21256 |
| **10/31/2024** | $17097 | $24988 | $20802 |
| **11/30/2024** | $17747 | $26135 | $21537 |
| **12/31/2024** | $17266 | $25454 | $21038 |
| **1/31/2025** | $17832 | $26352 | $21591 |
| **2/28/2025** | $17779 | $26163 | $21625 |
| **3/31/2025** | $17174 | $24998 | $20953 |
| **4/30/2025** | $17240 | $25220 | $21108 |
| **5/31/2025** | $18003 | $26713 | $21938 |
| **6/30/2025** | $18700 | $27865 | $22702 |
| **7/31/2025** | $18871 | $28224 | $22888 |
| **8/31/2025** | $19239 | $28960 | $23388 |
| **9/30/2025** | $19712 | $29891 | $23991 |
| **10/31/2025** | $19988 | $30490 | $24372 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BY3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 15.91% | 9.17% | 7.17% |
| Class C | 16.91% | 9.17% | 7.17% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.16% | 10.78% | 9.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, consists of 30% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 70% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1693981839 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1161394 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 52.8% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 20.5 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 1.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 23.3% |
| Transamerica Large Cap Value, Class I2 | 21.8 |
| Transamerica Core Bond, Class I2 | 11.1 |
| Transamerica International Stock, Class I2 | 7.1 |
| Transamerica International Equity, Class I2 | 7.1 |
| Transamerica Bond, Class I2 | 3.6 |
| Transamerica Inflation Opportunities, Class I2 | 3.4 |
| Transamerica Emerging Markets Equity, Class I2 | 2.8 |
| Transamerica International Focus, Class I2 | 2.5 |
| Transamerica Sustainable Equity Income, Class I2 | 2.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Growth Portfolio

# Class C
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class I

## TMGIX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $16 | 0.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 18.24%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, returned 17.16% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation with current income as a secondary objective through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class I shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 70% of the MSCI World Index and 30% of the Bloomberg US Aggregate Bond Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class I

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g87h38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10007 | $9950 | $9974 |
| **12/31/2015** | $9850 | $9775 | $9860 |
| **1/31/2016** | $9439 | $9191 | $9511 |
| **2/29/2016** | $9423 | $9122 | $9489 |
| **3/31/2016** | $9912 | $9741 | $9962 |
| **4/30/2016** | $10006 | $9895 | $10055 |
| **5/31/2016** | $10091 | $9951 | $10128 |
| **6/30/2016** | $10083 | $9839 | $10125 |
| **7/31/2016** | $10410 | $10255 | $10435 |
| **8/31/2016** | $10472 | $10264 | $10440 |
| **9/30/2016** | $10526 | $10318 | $10467 |
| **10/31/2016** | $10363 | $10118 | $10305 |
| **11/30/2016** | $10425 | $10264 | $10376 |
| **12/31/2016** | $10565 | $10510 | $10556 |
| **1/31/2017** | $10773 | $10763 | $10725 |
| **2/28/2017** | $11006 | $11062 | $10988 |
| **3/31/2017** | $11106 | $11180 | $11058 |
| **4/30/2017** | $11248 | $11345 | $11200 |
| **5/31/2017** | $11390 | $11585 | $11393 |
| **6/30/2017** | $11448 | $11630 | $11421 |
| **7/31/2017** | $11681 | $11908 | $11620 |
| **8/31/2017** | $11706 | $11925 | $11668 |
| **10/31/2017** | $11981 | $12423 | $12007 |
| **11/30/2017** | $12115 | $12692 | $12209 |
| **12/31/2017** | $12276 | $12864 | $12334 |
| **1/31/2018** | $12735 | $13543 | $12768 |
| **2/28/2018** | $12322 | $12982 | $12380 |
| **3/31/2018** | $12221 | $12699 | $12205 |
| **4/30/2018** | $12267 | $12845 | $12262 |
| **5/31/2018** | $12303 | $12925 | $12379 |
| **6/30/2018** | $12239 | $12919 | $12381 |
| **7/31/2018** | $12450 | $13323 | $12672 |
| **8/31/2018** | $12533 | $13487 | $12847 |
| **9/30/2018** | $12506 | $13563 | $12883 |
| **10/31/2018** | $11761 | $12567 | $12206 |
| **11/30/2018** | $11826 | $12709 | $12347 |
| **12/31/2018** | $11260 | $11743 | $11743 |
| **1/31/2019** | $11960 | $12657 | $12404 |
| **2/28/2019** | $12151 | $13037 | $12664 |
| **3/31/2019** | $12289 | $13209 | $12877 |
| **4/30/2019** | $12554 | $13677 | $13212 |
| **5/31/2019** | $12024 | $12888 | $12742 |
| **6/30/2019** | $12586 | $13737 | $13389 |
| **7/31/2019** | $12586 | $13805 | $13457 |
| **8/31/2019** | $12406 | $13523 | $13385 |
| **9/30/2019** | $12565 | $13810 | $13568 |
| **10/31/2019** | $12777 | $14162 | $13827 |
| **11/30/2019** | $12979 | $14556 | $14104 |
| **12/31/2019** | $13296 | $14992 | $14406 |
| **1/31/2020** | $13193 | $14901 | $14424 |
| **2/29/2020** | $12588 | $13642 | $13646 |
| **3/31/2020** | $10954 | $11836 | $12417 |
| **4/30/2020** | $11971 | $13129 | $13433 |
| **5/31/2020** | $12599 | $13764 | $13890 |
| **6/30/2020** | $13010 | $14128 | $14152 |
| **7/31/2020** | $13558 | $14803 | $14677 |
| **8/31/2020** | $14027 | $15793 | $15325 |
| **9/30/2020** | $13787 | $15248 | $14952 |
| **10/31/2020** | $13558 | $14780 | $14611 |
| **11/30/2020** | $15078 | $16670 | $15962 |
| **12/31/2020** | $15594 | $17377 | $16442 |
| **1/31/2021** | $15606 | $17204 | $16292 |
| **2/28/2021** | $15880 | $17645 | $16514 |
| **3/31/2021** | $16082 | $18232 | $16837 |
| **4/30/2021** | $16606 | $19080 | $17425 |
| **5/31/2021** | $16785 | $19355 | $17618 |
| **6/30/2021** | $17059 | $19644 | $17839 |
| **7/31/2021** | $17166 | $19995 | $18122 |
| **8/31/2021** | $17417 | $20493 | $18428 |
| **9/30/2021** | $16869 | $19642 | $17844 |
| **10/31/2021** | $17548 | $20755 | $18550 |
| **11/30/2021** | $17083 | $20300 | $18282 |
| **12/31/2021** | $17409 | $21168 | $18815 |
| **1/31/2022** | $16594 | $20048 | $17997 |
| **2/28/2022** | $16193 | $19541 | $17618 |
| **3/31/2022** | $16244 | $20077 | $17809 |
| **4/30/2022** | $15196 | $18409 | $16571 |
| **5/31/2022** | $15261 | $18423 | $16612 |
| **6/30/2022** | $14199 | $16827 | $15526 |
| **7/31/2022** | $14963 | $18163 | $16503 |
| **8/31/2022** | $14471 | $17404 | $15880 |
| **9/30/2022** | $13423 | $15786 | $14641 |
| **10/31/2022** | $14076 | $16920 | $15320 |
| **11/30/2022** | $14906 | $18096 | $16235 |
| **12/31/2022** | $14459 | $17327 | $15730 |
| **1/31/2023** | $15281 | $18554 | $16655 |
| **2/28/2023** | $14890 | $18108 | $16245 |
| **3/31/2023** | $15187 | $18667 | $16720 |
| **4/30/2023** | $15348 | $18994 | $16956 |
| **5/31/2023** | $15200 | $18805 | $16782 |
| **6/30/2023** | $15820 | $19942 | $17475 |
| **7/31/2023** | $16157 | $20612 | $17882 |
| **8/31/2023** | $15833 | $20119 | $17549 |
| **9/30/2023** | $15254 | $19252 | $16885 |
| **10/31/2023** | $14877 | $18693 | $16462 |
| **11/30/2023** | $15982 | $20445 | $17766 |
| **12/31/2023** | $16783 | $21449 | $18581 |
| **1/31/2024** | $16895 | $21707 | $18721 |
| **2/29/2024** | $17495 | $22627 | $19198 |
| **3/31/2024** | $18026 | $23354 | $19683 |
| **4/30/2024** | $17369 | $22487 | $19022 |
| **5/31/2024** | $17900 | $23491 | $19713 |
| **6/30/2024** | $18137 | $23969 | $20050 |
| **7/31/2024** | $18472 | $24391 | $20438 |
| **8/31/2024** | $18919 | $25036 | $20904 |
| **9/30/2024** | $19199 | $25494 | $21256 |
| **10/31/2024** | $18822 | $24988 | $20802 |
| **11/30/2024** | $19562 | $26135 | $21537 |
| **12/31/2024** | $19053 | $25454 | $21038 |
| **1/31/2025** | $19693 | $26352 | $21591 |
| **2/28/2025** | $19648 | $26163 | $21625 |
| **3/31/2025** | $19008 | $24998 | $20953 |
| **4/30/2025** | $19082 | $25220 | $21108 |
| **5/31/2025** | $19961 | $26713 | $21938 |
| **6/30/2025** | $20751 | $27865 | $22702 |
| **7/31/2025** | $20959 | $28224 | $22888 |
| **8/31/2025** | $21391 | $28960 | $23388 |
| **9/30/2025** | $21928 | $29891 | $23991 |
| **10/31/2025** | $22255 | $30490 | $24372 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BY8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 18.24% | 10.42% | 8.33% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.16% | 10.78% | 9.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, consists of 30% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 70% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1693981839 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1161394 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 52.8% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 20.5 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 1.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 23.3% |
| Transamerica Large Cap Value, Class I2 | 21.8 |
| Transamerica Core Bond, Class I2 | 11.1 |
| Transamerica International Stock, Class I2 | 7.1 |
| Transamerica International Equity, Class I2 | 7.1 |
| Transamerica Bond, Class I2 | 3.6 |
| Transamerica Inflation Opportunities, Class I2 | 3.4 |
| Transamerica Emerging Markets Equity, Class I2 | 2.8 |
| Transamerica International Focus, Class I2 | 2.5 |
| Transamerica Sustainable Equity Income, Class I2 | 2.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Growth Portfolio

# Class I
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R

## IMGRX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $76 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 17.56%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, returned 17.16% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation with current income as a secondary objective through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class R shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 70% of the MSCI World Index and 30% of the Bloomberg US Aggregate Bond Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g46k73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10007 | $9950 | $9974 |
| **12/31/2015** | $9843 | $9775 | $9860 |
| **1/31/2016** | $9431 | $9191 | $9511 |
| **2/29/2016** | $9408 | $9122 | $9489 |
| **3/31/2016** | $9898 | $9741 | $9962 |
| **4/30/2016** | $9983 | $9895 | $10055 |
| **5/31/2016** | $10069 | $9951 | $10128 |
| **6/30/2016** | $10053 | $9839 | $10125 |
| **7/31/2016** | $10372 | $10255 | $10435 |
| **8/31/2016** | $10434 | $10264 | $10440 |
| **9/30/2016** | $10473 | $10318 | $10467 |
| **10/31/2016** | $10310 | $10118 | $10305 |
| **11/30/2016** | $10364 | $10264 | $10376 |
| **12/31/2016** | $10508 | $10510 | $10556 |
| **1/31/2017** | $10698 | $10763 | $10725 |
| **2/28/2017** | $10939 | $11062 | $10988 |
| **3/31/2017** | $11022 | $11180 | $11058 |
| **4/30/2017** | $11163 | $11345 | $11200 |
| **5/31/2017** | $11295 | $11585 | $11393 |
| **6/30/2017** | $11354 | $11630 | $11421 |
| **7/31/2017** | $11577 | $11908 | $11620 |
| **8/31/2017** | $11594 | $11925 | $11668 |
| **10/31/2017** | $11859 | $12423 | $12007 |
| **11/30/2017** | $11984 | $12692 | $12209 |
| **12/31/2017** | $12138 | $12864 | $12334 |
| **1/31/2018** | $12584 | $13543 | $12768 |
| **2/28/2018** | $12175 | $12982 | $12380 |
| **3/31/2018** | $12075 | $12699 | $12205 |
| **4/30/2018** | $12102 | $12845 | $12262 |
| **5/31/2018** | $12138 | $12925 | $12379 |
| **6/30/2018** | $12075 | $12919 | $12381 |
| **7/31/2018** | $12275 | $13323 | $12672 |
| **8/31/2018** | $12348 | $13487 | $12847 |
| **9/30/2018** | $12320 | $13563 | $12883 |
| **10/31/2018** | $11583 | $12567 | $12206 |
| **11/30/2018** | $11638 | $12709 | $12347 |
| **12/31/2018** | $11078 | $11743 | $11743 |
| **1/31/2019** | $11757 | $12657 | $12404 |
| **2/28/2019** | $11934 | $13037 | $12664 |
| **3/31/2019** | $12070 | $13209 | $12877 |
| **4/30/2019** | $12331 | $13677 | $13212 |
| **5/31/2019** | $11809 | $12888 | $12742 |
| **6/30/2019** | $12341 | $13737 | $13389 |
| **7/31/2019** | $12341 | $13805 | $13457 |
| **8/31/2019** | $12164 | $13523 | $13385 |
| **9/30/2019** | $12321 | $13810 | $13568 |
| **10/31/2019** | $12519 | $14162 | $13827 |
| **11/30/2019** | $12717 | $14556 | $14104 |
| **12/31/2019** | $13020 | $14992 | $14406 |
| **1/31/2020** | $12908 | $14901 | $14424 |
| **2/29/2020** | $12306 | $13642 | $13646 |
| **3/31/2020** | $10710 | $11836 | $12417 |
| **4/30/2020** | $11692 | $13129 | $13433 |
| **5/31/2020** | $12306 | $13764 | $13890 |
| **6/30/2020** | $12696 | $14128 | $14152 |
| **7/31/2020** | $13220 | $14803 | $14677 |
| **8/31/2020** | $13678 | $15793 | $15325 |
| **9/30/2020** | $13432 | $15248 | $14952 |
| **10/31/2020** | $13209 | $14780 | $14611 |
| **11/30/2020** | $14682 | $16670 | $15962 |
| **12/31/2020** | $15174 | $17377 | $16442 |
| **1/31/2021** | $15174 | $17204 | $16292 |
| **2/28/2021** | $15441 | $17645 | $16514 |
| **3/31/2021** | $15637 | $18232 | $16837 |
| **4/30/2021** | $16135 | $19080 | $17425 |
| **5/31/2021** | $16297 | $19355 | $17618 |
| **6/30/2021** | $16563 | $19644 | $17839 |
| **7/31/2021** | $16644 | $19995 | $18122 |
| **8/31/2021** | $16887 | $20493 | $18428 |
| **9/30/2021** | $16355 | $19642 | $17844 |
| **10/31/2021** | $16992 | $20755 | $18550 |
| **11/30/2021** | $16540 | $20300 | $18282 |
| **12/31/2021** | $16838 | $21168 | $18815 |
| **1/31/2022** | $16050 | $20048 | $17997 |
| **2/28/2022** | $15662 | $19541 | $17618 |
| **3/31/2022** | $15699 | $20077 | $17809 |
| **4/30/2022** | $14649 | $18409 | $16571 |
| **5/31/2022** | $14711 | $18423 | $16612 |
| **6/30/2022** | $13673 | $16827 | $15526 |
| **7/31/2022** | $14398 | $18163 | $16503 |
| **8/31/2022** | $13923 | $17404 | $15880 |
| **9/30/2022** | $12910 | $15786 | $14641 |
| **10/31/2022** | $13535 | $16920 | $15320 |
| **11/30/2022** | $14323 | $18096 | $16235 |
| **12/31/2022** | $13887 | $17327 | $15730 |
| **1/31/2023** | $14675 | $18554 | $16655 |
| **2/28/2023** | $14287 | $18108 | $16245 |
| **3/31/2023** | $14571 | $18667 | $16720 |
| **4/30/2023** | $14714 | $18994 | $16956 |
| **5/31/2023** | $14559 | $18805 | $16782 |
| **6/30/2023** | $15140 | $19942 | $17475 |
| **7/31/2023** | $15463 | $20612 | $17882 |
| **8/31/2023** | $15153 | $20119 | $17549 |
| **9/30/2023** | $14584 | $19252 | $16885 |
| **10/31/2023** | $14223 | $18693 | $16462 |
| **11/30/2023** | $15256 | $20445 | $17766 |
| **12/31/2023** | $16017 | $21449 | $18581 |
| **1/31/2024** | $16124 | $21707 | $18721 |
| **2/29/2024** | $16683 | $22627 | $19198 |
| **3/31/2024** | $17203 | $23354 | $19683 |
| **4/30/2024** | $16563 | $22487 | $19022 |
| **5/31/2024** | $17070 | $23491 | $19713 |
| **6/30/2024** | $17283 | $23969 | $20050 |
| **7/31/2024** | $17603 | $24391 | $20438 |
| **8/31/2024** | $18016 | $25036 | $20904 |
| **9/30/2024** | $18269 | $25494 | $21256 |
| **10/31/2024** | $17909 | $24988 | $20802 |
| **11/30/2024** | $18602 | $26135 | $21537 |
| **12/31/2024** | $18109 | $25454 | $21038 |
| **1/31/2025** | $18704 | $26352 | $21591 |
| **2/28/2025** | $18661 | $26163 | $21625 |
| **3/31/2025** | $18038 | $24998 | $20953 |
| **4/30/2025** | $18109 | $25220 | $21108 |
| **5/31/2025** | $18930 | $26713 | $21938 |
| **6/30/2025** | $19667 | $27865 | $22702 |
| **7/31/2025** | $19865 | $28224 | $22888 |
| **8/31/2025** | $20247 | $28960 | $23388 |
| **9/30/2025** | $20757 | $29891 | $23991 |
| **10/31/2025** | $21054 | $30490 | $24372 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BY5 | **1 Year** | **5 Years** | **10 Years** |
| Class R | 17.56% | 9.77% | 7.73% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.16% | 10.78% | 9.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, consists of 30% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 70% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1693981839 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1161394 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 52.8% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 20.5 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 1.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 23.3% |
| Transamerica Large Cap Value, Class I2 | 21.8 |
| Transamerica Core Bond, Class I2 | 11.1 |
| Transamerica International Stock, Class I2 | 7.1 |
| Transamerica International Equity, Class I2 | 7.1 |
| Transamerica Bond, Class I2 | 3.6 |
| Transamerica Inflation Opportunities, Class I2 | 3.4 |
| Transamerica Emerging Markets Equity, Class I2 | 2.8 |
| Transamerica International Focus, Class I2 | 2.5 |
| Transamerica Sustainable Equity Income, Class I2 | 2.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Growth Portfolio

# Class R
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R3

## TAALX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**. **This report describes changes to the Fund that occurred during the reporting period.**

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $35 | 0.32%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R3 shares at NAV returned 17.93%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, returned 17.16% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation with current income as a secondary objective through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class R3 shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 70% of the MSCI World Index and 30% of the Bloomberg US Aggregate Bond Index. 

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities. 

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index.

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed, driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R3

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g83c54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark** |
| **3/1/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10145 | $10274 | $10109 |
| **4/30/2022** | $9467 | $9421 | $9406 |
| **5/31/2022** | $9515 | $9428 | $9429 |
| **6/30/2022** | $8845 | $8611 | $8813 |
| **7/31/2022** | $9321 | $9295 | $9367 |
| **8/31/2022** | $9015 | $8906 | $9014 |
| **9/30/2022** | $8360 | $8079 | $8310 |
| **10/31/2022** | $8764 | $8659 | $8696 |
| **11/30/2022** | $9281 | $9261 | $9215 |
| **12/31/2022** | $9004 | $8867 | $8929 |
| **1/31/2023** | $9514 | $9495 | $9453 |
| **2/28/2023** | $9263 | $9267 | $9221 |
| **3/31/2023** | $9456 | $9553 | $9491 |
| **4/30/2023** | $9548 | $9720 | $9624 |
| **5/31/2023** | $9447 | $9623 | $9526 |
| **6/30/2023** | $9833 | $10205 | $9919 |
| **7/31/2023** | $10050 | $10548 | $10150 |
| **8/31/2023** | $9849 | $10296 | $9961 |
| **9/30/2023** | $9481 | $9852 | $9584 |
| **10/31/2023** | $9246 | $9566 | $9344 |
| **11/30/2023** | $9925 | $10463 | $10084 |
| **12/31/2023** | $10428 | $10977 | $10546 |
| **1/31/2024** | $10497 | $11108 | $10626 |
| **2/29/2024** | $10862 | $11579 | $10897 |
| **3/31/2024** | $11192 | $11952 | $11172 |
| **4/30/2024** | $10775 | $11508 | $10797 |
| **5/31/2024** | $11113 | $12021 | $11189 |
| **6/30/2024** | $11252 | $12266 | $11380 |
| **7/31/2024** | $11460 | $12482 | $11600 |
| **8/31/2024** | $11738 | $12812 | $11865 |
| **9/30/2024** | $11912 | $13047 | $12065 |
| **10/31/2024** | $11677 | $12788 | $11808 |
| **11/30/2024** | $12128 | $13375 | $12224 |
| **12/31/2024** | $11806 | $13026 | $11941 |
| **1/31/2025** | $12205 | $13486 | $12255 |
| **2/28/2025** | $12177 | $13389 | $12274 |
| **3/31/2025** | $11769 | $12793 | $11893 |
| **4/30/2025** | $11816 | $12906 | $11981 |
| **5/31/2025** | $12363 | $13670 | $12452 |
| **6/30/2025** | $12844 | $14260 | $12886 |
| **7/31/2025** | $12974 | $14444 | $12991 |
| **8/31/2025** | $13234 | $14821 | $13275 |
| **9/30/2025** | $13567 | $15297 | $13617 |
| **10/31/2025** | $13771 | $15603 | $13834 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3BYH | **1 Year** | **Since Inception 3/1/22** |
| Class R3 | 17.93% | 9.11% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 12.88% |
| Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.16% | 9.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark, consists of 30% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 70% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1693981839 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1161394 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 52.8% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 20.5 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 1.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 23.3% |
| Transamerica Large Cap Value, Class I2 | 21.8 |
| Transamerica Core Bond, Class I2 | 11.1 |
| Transamerica International Stock, Class I2 | 7.1 |
| Transamerica International Equity, Class I2 | 7.1 |
| Transamerica Bond, Class I2 | 3.6 |
| Transamerica Inflation Opportunities, Class I2 | 3.4 |
| Transamerica Emerging Markets Equity, Class I2 | 2.8 |
| Transamerica International Focus, Class I2 | 2.5 |
| Transamerica Sustainable Equity Income, Class I2 | 2.3 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectus or upon request at 888-233-4339. The Fund's next prospectus will be available by March 1, 2026.

* Effective June 20, 2025, the Fund's Annual Fund Operating Expenses were restated to reflect a reduction in the contractual expense limit for Class R3 shares from 0.35% to 0.30%, and the term of the reduced expense limit was extended through March 1, 2027.

## 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 by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Growth Portfolio

# Class R3
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class A

## IMOAX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 14.50%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, returned 13.97% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class A shares of the Fund posted positive returns and, at NAV, outperformed the Fund's blended benchmark, which consists of 50% of the Bloomberg US Aggregate Bond Index and 50% of the MSCI World Index.

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities.

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index. 

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Portfolio

# Class A

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g67h56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark** |
| **10/31/2015** | $9447 | $10000 | $10000 |
| **11/30/2015** | $9447 | $9950 | $9974 |
| **12/31/2015** | $9319 | $9775 | $9883 |
| **1/31/2016** | $9052 | $9191 | $9672 |
| **2/29/2016** | $9052 | $9122 | $9676 |
| **3/31/2016** | $9416 | $9741 | $10046 |
| **4/30/2016** | $9505 | $9895 | $10124 |
| **5/31/2016** | $9562 | $9951 | $10177 |
| **6/30/2016** | $9594 | $9839 | $10227 |
| **7/31/2016** | $9837 | $10255 | $10469 |
| **8/31/2016** | $9886 | $10264 | $10470 |
| **9/30/2016** | $9918 | $10318 | $10487 |
| **10/31/2016** | $9797 | $10118 | $10348 |
| **11/30/2016** | $9780 | $10264 | $10329 |
| **12/31/2016** | $9886 | $10510 | $10461 |
| **1/31/2017** | $10040 | $10763 | $10587 |
| **2/28/2017** | $10219 | $11062 | $10792 |
| **3/31/2017** | $10287 | $11180 | $10840 |
| **4/30/2017** | $10398 | $11345 | $10964 |
| **5/31/2017** | $10509 | $11585 | $11122 |
| **6/30/2017** | $10543 | $11630 | $11139 |
| **7/31/2017** | $10714 | $11908 | $11291 |
| **8/31/2017** | $10748 | $11925 | $11353 |
| **9/30/2017** | $10851 | $12192 | $11451 |
| **10/31/2017** | $10928 | $12423 | $11574 |
| **11/30/2017** | $11004 | $12692 | $11710 |
| **12/31/2017** | $11117 | $12864 | $11811 |
| **1/31/2018** | $11403 | $13543 | $12068 |
| **2/28/2018** | $11108 | $12982 | $11774 |
| **3/31/2018** | $11062 | $12699 | $11677 |
| **4/30/2018** | $11062 | $12845 | $11691 |
| **5/31/2018** | $11090 | $12925 | $11794 |
| **6/30/2018** | $11044 | $12919 | $11791 |
| **7/31/2018** | $11182 | $13323 | $11990 |
| **8/31/2018** | $11237 | $13487 | $12131 |
| **9/30/2018** | $11209 | $13563 | $12132 |
| **10/31/2018** | $10721 | $12567 | $11650 |
| **11/30/2018** | $10758 | $12709 | $11765 |
| **12/31/2018** | $10426 | $11743 | $11416 |
| **1/31/2019** | $10913 | $12657 | $11910 |
| **2/28/2019** | $11035 | $13037 | $12086 |
| **3/31/2019** | $11167 | $13209 | $12298 |
| **4/30/2019** | $11339 | $13677 | $12527 |
| **5/31/2019** | $11055 | $12888 | $12272 |
| **6/30/2019** | $11441 | $13737 | $12762 |
| **7/31/2019** | $11451 | $13805 | $12816 |
| **8/31/2019** | $11410 | $13523 | $12861 |
| **9/30/2019** | $11492 | $13810 | $12968 |
| **10/31/2019** | $11634 | $14162 | $13156 |
| **11/30/2019** | $11756 | $14556 | $13342 |
| **12/31/2019** | $11959 | $14992 | $13544 |
| **1/31/2020** | $11959 | $14901 | $13630 |
| **2/29/2020** | $11605 | $13642 | $13175 |
| **3/31/2020** | $10434 | $11836 | $12305 |
| **4/30/2020** | $11175 | $13129 | $13087 |
| **5/31/2020** | $11626 | $13764 | $13423 |
| **6/30/2020** | $11937 | $14128 | $13628 |
| **7/31/2020** | $12356 | $14803 | $14047 |
| **8/31/2020** | $12646 | $15793 | $14457 |
| **9/30/2020** | $12485 | $15248 | $14204 |
| **10/31/2020** | $12324 | $14780 | $13954 |
| **11/30/2020** | $13354 | $16670 | $14915 |
| **12/31/2020** | $13710 | $17377 | $15241 |
| **1/31/2021** | $13699 | $17204 | $15111 |
| **2/28/2021** | $13811 | $17645 | $15195 |
| **3/31/2021** | $13900 | $18232 | $15353 |
| **4/30/2021** | $14280 | $19080 | $15771 |
| **5/31/2021** | $14403 | $19355 | $15910 |
| **6/30/2021** | $14593 | $19644 | $16085 |
| **7/31/2021** | $14682 | $19995 | $16319 |
| **8/31/2021** | $14839 | $20493 | $16506 |
| **9/30/2021** | $14459 | $19642 | $16092 |
| **10/31/2021** | $14872 | $20755 | $16546 |
| **11/30/2021** | $14593 | $20300 | $16389 |
| **12/31/2021** | $14795 | $21168 | $16718 |
| **1/31/2022** | $14227 | $20048 | $16096 |
| **2/28/2022** | $13937 | $19541 | $15802 |
| **3/31/2022** | $13864 | $20077 | $15800 |
| **4/30/2022** | $13066 | $18409 | $14844 |
| **5/31/2022** | $13115 | $18423 | $14897 |
| **6/30/2022** | $12377 | $16827 | $14135 |
| **7/31/2022** | $12933 | $18163 | $14869 |
| **8/31/2022** | $12534 | $17404 | $14348 |
| **9/30/2022** | $11737 | $15786 | $13371 |
| **10/31/2022** | $12099 | $16920 | $13765 |
| **11/30/2022** | $12716 | $18096 | $14496 |
| **12/31/2022** | $12421 | $17327 | $14156 |
| **1/31/2023** | $13035 | $18554 | $14874 |
| **2/28/2023** | $12716 | $18108 | $14503 |
| **3/31/2023** | $12974 | $18667 | $14912 |
| **4/30/2023** | $13072 | $18994 | $15087 |
| **5/31/2023** | $12937 | $18805 | $14930 |
| **6/30/2023** | $13305 | $19942 | $15355 |
| **7/31/2023** | $13501 | $20612 | $15607 |
| **8/31/2023** | $13293 | $20119 | $15371 |
| **9/30/2023** | $12839 | $19252 | $14844 |
| **10/31/2023** | $12556 | $18693 | $14512 |
| **11/30/2023** | $13366 | $20445 | $15521 |
| **12/31/2023** | $13994 | $21449 | $16199 |
| **1/31/2024** | $14058 | $21707 | $16274 |
| **2/29/2024** | $14350 | $22627 | $16504 |
| **3/31/2024** | $14706 | $23354 | $16845 |
| **4/30/2024** | $14210 | $22487 | $16319 |
| **5/31/2024** | $14592 | $23491 | $16822 |
| **6/30/2024** | $14770 | $23969 | $17073 |
| **7/31/2024** | $15050 | $24391 | $17423 |
| **8/31/2024** | $15381 | $25036 | $17778 |
| **9/30/2024** | $15597 | $25494 | $18060 |
| **10/31/2024** | $15266 | $24988 | $17657 |
| **11/30/2024** | $15762 | $26135 | $18155 |
| **12/31/2024** | $15370 | $25454 | $17770 |
| **1/31/2025** | $15770 | $26352 | $18131 |
| **2/28/2025** | $15837 | $26163 | $18265 |
| **3/31/2025** | $15450 | $24998 | $17862 |
| **4/30/2025** | $15490 | $25220 | $17976 |
| **5/31/2025** | $15970 | $26713 | $18444 |
| **6/30/2025** | $16505 | $27865 | $18984 |
| **7/31/2025** | $16611 | $28224 | $19081 |
| **8/31/2025** | $16918 | $28960 | $19444 |
| **9/30/2025** | $17279 | $29891 | $19863 |
| **10/31/2025** | $17479 | $30490 | $20124 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BX1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 8.19% | 6.03% | 5.74% |
| Class A | 14.50% | 7.24% | 6.35% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 13.97% | 7.60% | 7.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, consists of 50% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes), and 50% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1129458584 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $414152 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.3% |
| U.S. Equity Funds | 38.9 |
| International Equity Funds | 14.1 |
| International Fixed Income Funds | 2.7 |
| Repurchase Agreements | 1.1 |
| U.S. Mixed Allocation Funds | 0.9 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Portfolio

# Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.5% |
| Transamerica US Growth, Class I2 | 17.1 |
| Transamerica Large Cap Value, Class I2 | 16.3 |
| Transamerica Bond, Class I2 | 9.3 |
| Transamerica International Equity, Class I2 | 5.2 |
| Transamerica International Stock, Class I2 | 5.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.5 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Capital Growth, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Portfolio

# Class A
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class C

## IMOLX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $137 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 13.64%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, returned 13.97% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class C shares of the Fund posted positive returns and, at NAV, underperformed the Fund's blended benchmark, which consists of 50% of the Bloomberg US Aggregate Bond Index and 50% of the MSCI World Index.

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities.

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index. 

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Portfolio

# Class C

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g87m04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9984 | $9950 | $9974 |
| **12/31/2015** | $9843 | $9775 | $9883 |
| **1/31/2016** | $9560 | $9191 | $9672 |
| **2/29/2016** | $9551 | $9122 | $9676 |
| **3/31/2016** | $9928 | $9741 | $10046 |
| **4/30/2016** | $10014 | $9895 | $10124 |
| **5/31/2016** | $10074 | $9951 | $10177 |
| **6/30/2016** | $10100 | $9839 | $10227 |
| **7/31/2016** | $10348 | $10255 | $10469 |
| **8/31/2016** | $10391 | $10264 | $10470 |
| **9/30/2016** | $10425 | $10318 | $10487 |
| **10/31/2016** | $10288 | $10118 | $10348 |
| **11/30/2016** | $10271 | $10264 | $10329 |
| **12/31/2016** | $10375 | $10510 | $10461 |
| **1/31/2017** | $10527 | $10763 | $10587 |
| **2/28/2017** | $10706 | $11062 | $10792 |
| **3/31/2017** | $10769 | $11180 | $10840 |
| **4/30/2017** | $10877 | $11345 | $10964 |
| **5/31/2017** | $10984 | $11585 | $11122 |
| **6/30/2017** | $11020 | $11630 | $11139 |
| **7/31/2017** | $11182 | $11908 | $11291 |
| **8/31/2017** | $11218 | $11925 | $11353 |
| **10/31/2017** | $11388 | $12423 | $11574 |
| **11/30/2017** | $11469 | $12692 | $11710 |
| **12/31/2017** | $11582 | $12864 | $11811 |
| **1/31/2018** | $11869 | $13543 | $12068 |
| **2/28/2018** | $11553 | $12982 | $11774 |
| **3/31/2018** | $11495 | $12699 | $11677 |
| **4/30/2018** | $11486 | $12845 | $11691 |
| **5/31/2018** | $11505 | $12925 | $11794 |
| **6/30/2018** | $11457 | $12919 | $11791 |
| **7/31/2018** | $11591 | $13323 | $11990 |
| **8/31/2018** | $11639 | $13487 | $12131 |
| **9/30/2018** | $11610 | $13563 | $12132 |
| **10/31/2018** | $11083 | $12567 | $11650 |
| **11/30/2018** | $11121 | $12709 | $11765 |
| **12/31/2018** | $10777 | $11743 | $11416 |
| **1/31/2019** | $11267 | $12657 | $11910 |
| **2/28/2019** | $11381 | $13037 | $12086 |
| **3/31/2019** | $11517 | $13209 | $12298 |
| **4/30/2019** | $11683 | $13677 | $12527 |
| **5/31/2019** | $11381 | $12888 | $12272 |
| **6/30/2019** | $11777 | $13737 | $12762 |
| **7/31/2019** | $11777 | $13805 | $12816 |
| **8/31/2019** | $11725 | $13523 | $12861 |
| **9/30/2019** | $11798 | $13810 | $12968 |
| **10/31/2019** | $11944 | $14162 | $13156 |
| **11/30/2019** | $12058 | $14556 | $13342 |
| **12/31/2019** | $12265 | $14992 | $13544 |
| **1/31/2020** | $12243 | $14901 | $13630 |
| **2/29/2020** | $11884 | $13642 | $13175 |
| **3/31/2020** | $10675 | $11836 | $12305 |
| **4/30/2020** | $11426 | $13129 | $13087 |
| **5/31/2020** | $11884 | $13764 | $13423 |
| **6/30/2020** | $12200 | $14128 | $13628 |
| **7/31/2020** | $12603 | $14803 | $14047 |
| **8/31/2020** | $12897 | $15793 | $14457 |
| **9/30/2020** | $12734 | $15248 | $14204 |
| **10/31/2020** | $12548 | $14780 | $13954 |
| **11/30/2020** | $13594 | $16670 | $14915 |
| **12/31/2020** | $13948 | $17377 | $15241 |
| **1/31/2021** | $13926 | $17204 | $15111 |
| **2/28/2021** | $14027 | $17645 | $15195 |
| **3/31/2021** | $14117 | $18232 | $15353 |
| **4/30/2021** | $14487 | $19080 | $15771 |
| **5/31/2021** | $14599 | $19355 | $15910 |
| **6/30/2021** | $14779 | $19644 | $16085 |
| **7/31/2021** | $14869 | $19995 | $16319 |
| **8/31/2021** | $15015 | $20493 | $16506 |
| **9/30/2021** | $14622 | $19642 | $16092 |
| **10/31/2021** | $15026 | $20755 | $16546 |
| **11/30/2021** | $14734 | $20300 | $16389 |
| **12/31/2021** | $14934 | $21168 | $16718 |
| **1/31/2022** | $14346 | $20048 | $16096 |
| **2/28/2022** | $14046 | $19541 | $15802 |
| **3/31/2022** | $13962 | $20077 | $15800 |
| **4/30/2022** | $13145 | $18409 | $14844 |
| **5/31/2022** | $13193 | $18423 | $14897 |
| **6/30/2022** | $12437 | $16827 | $14135 |
| **7/31/2022** | $13001 | $18163 | $14869 |
| **8/31/2022** | $12593 | $17404 | $14348 |
| **9/30/2022** | $11777 | $15786 | $13371 |
| **10/31/2022** | $12137 | $16920 | $13765 |
| **11/30/2022** | $12749 | $18096 | $14496 |
| **12/31/2022** | $12449 | $17327 | $14156 |
| **1/31/2023** | $13052 | $18554 | $14874 |
| **2/28/2023** | $12715 | $18108 | $14503 |
| **3/31/2023** | $12968 | $18667 | $14912 |
| **4/30/2023** | $13064 | $18994 | $15087 |
| **5/31/2023** | $12920 | $18805 | $14930 |
| **6/30/2023** | $13269 | $19942 | $15355 |
| **7/31/2023** | $13462 | $20612 | $15607 |
| **8/31/2023** | $13245 | $20119 | $15371 |
| **9/30/2023** | $12787 | $19252 | $14844 |
| **10/31/2023** | $12497 | $18693 | $14512 |
| **11/30/2023** | $13294 | $20445 | $15521 |
| **12/31/2023** | $13905 | $21449 | $16199 |
| **1/31/2024** | $13955 | $21707 | $16274 |
| **2/29/2024** | $14251 | $22627 | $16504 |
| **3/31/2024** | $14586 | $23354 | $16845 |
| **4/30/2024** | $14078 | $22487 | $16319 |
| **5/31/2024** | $14449 | $23491 | $16822 |
| **6/30/2024** | $14623 | $23969 | $17073 |
| **7/31/2024** | $14882 | $24391 | $17423 |
| **8/31/2024** | $15204 | $25036 | $17778 |
| **9/30/2024** | $15402 | $25494 | $18060 |
| **10/31/2024** | $15068 | $24988 | $17657 |
| **11/30/2024** | $15538 | $26135 | $18155 |
| **12/31/2024** | $15156 | $25454 | $17770 |
| **1/31/2025** | $15529 | $26352 | $18131 |
| **2/28/2025** | $15593 | $26163 | $18265 |
| **3/31/2025** | $15194 | $24998 | $17862 |
| **4/30/2025** | $15233 | $25220 | $17976 |
| **5/31/2025** | $15696 | $26713 | $18444 |
| **6/30/2025** | $16210 | $27865 | $18984 |
| **7/31/2025** | $16300 | $28224 | $19081 |
| **8/31/2025** | $16583 | $28960 | $19444 |
| **9/30/2025** | $16917 | $29891 | $19863 |
| **10/31/2025** | $17123 | $30490 | $20124 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BX3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 12.64% | 6.41% | 5.53% |
| Class C | 13.64% | 6.41% | 5.53% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 13.97% | 7.60% | 7.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, consists of 50% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes), and 50% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1129458584 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $414152 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.3% |
| U.S. Equity Funds | 38.9 |
| International Equity Funds | 14.1 |
| International Fixed Income Funds | 2.7 |
| Repurchase Agreements | 1.1 |
| U.S. Mixed Allocation Funds | 0.9 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Portfolio

# Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.5% |
| Transamerica US Growth, Class I2 | 17.1 |
| Transamerica Large Cap Value, Class I2 | 16.3 |
| Transamerica Bond, Class I2 | 9.3 |
| Transamerica International Equity, Class I2 | 5.2 |
| Transamerica International Stock, Class I2 | 5.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.5 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Capital Growth, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Portfolio

# Class C
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class I

## TMMIX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $16 | 0.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 14.82%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, returned 13.97% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class I shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 50% of the Bloomberg US Aggregate Bond Index and 50% of the MSCI World Index.

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities.

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index. 

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Portfolio

# Class I

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g09o94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10000 | $9950 | $9974 |
| **12/31/2015** | $9864 | $9775 | $9883 |
| **1/31/2016** | $9590 | $9191 | $9672 |
| **2/29/2016** | $9590 | $9122 | $9676 |
| **3/31/2016** | $9976 | $9741 | $10046 |
| **4/30/2016** | $10071 | $9895 | $10124 |
| **5/31/2016** | $10139 | $9951 | $10177 |
| **6/30/2016** | $10174 | $9839 | $10227 |
| **7/31/2016** | $10431 | $10255 | $10469 |
| **8/31/2016** | $10483 | $10264 | $10470 |
| **9/30/2016** | $10526 | $10318 | $10487 |
| **10/31/2016** | $10397 | $10118 | $10348 |
| **11/30/2016** | $10380 | $10264 | $10329 |
| **12/31/2016** | $10497 | $10510 | $10461 |
| **1/31/2017** | $10661 | $10763 | $10587 |
| **2/28/2017** | $10851 | $11062 | $10792 |
| **3/31/2017** | $10924 | $11180 | $10840 |
| **4/30/2017** | $11042 | $11345 | $10964 |
| **5/31/2017** | $11160 | $11585 | $11122 |
| **6/30/2017** | $11205 | $11630 | $11139 |
| **7/31/2017** | $11387 | $11908 | $11291 |
| **8/31/2017** | $11423 | $11925 | $11353 |
| **10/31/2017** | $11623 | $12423 | $11574 |
| **11/30/2017** | $11705 | $12692 | $11710 |
| **12/31/2017** | $11834 | $12864 | $11811 |
| **1/31/2018** | $12139 | $13543 | $12068 |
| **2/28/2018** | $11824 | $12982 | $11774 |
| **3/31/2018** | $11775 | $12699 | $11677 |
| **4/30/2018** | $11775 | $12845 | $11691 |
| **5/31/2018** | $11805 | $12925 | $11794 |
| **6/30/2018** | $11766 | $12919 | $11791 |
| **7/31/2018** | $11913 | $13323 | $11990 |
| **8/31/2018** | $11972 | $13487 | $12131 |
| **9/30/2018** | $11952 | $13563 | $12132 |
| **10/31/2018** | $11422 | $12567 | $11650 |
| **11/30/2018** | $11461 | $12709 | $11765 |
| **12/31/2018** | $11121 | $11743 | $11416 |
| **1/31/2019** | $11642 | $12657 | $11910 |
| **2/28/2019** | $11772 | $13037 | $12086 |
| **3/31/2019** | $11913 | $13209 | $12298 |
| **4/30/2019** | $12108 | $13677 | $12527 |
| **5/31/2019** | $11793 | $12888 | $12272 |
| **6/30/2019** | $12217 | $13737 | $12762 |
| **7/31/2019** | $12227 | $13805 | $12816 |
| **8/31/2019** | $12184 | $13523 | $12861 |
| **9/30/2019** | $12271 | $13810 | $12968 |
| **10/31/2019** | $12434 | $14162 | $13156 |
| **11/30/2019** | $12564 | $14556 | $13342 |
| **12/31/2019** | $12777 | $14992 | $13544 |
| **1/31/2020** | $12777 | $14901 | $13630 |
| **2/29/2020** | $12409 | $13642 | $13175 |
| **3/31/2020** | $11156 | $11836 | $12305 |
| **4/30/2020** | $11949 | $13129 | $13087 |
| **5/31/2020** | $12444 | $13764 | $13423 |
| **6/30/2020** | $12777 | $14128 | $13628 |
| **7/31/2020** | $13214 | $14803 | $14047 |
| **8/31/2020** | $13536 | $15793 | $14457 |
| **9/30/2020** | $13375 | $15248 | $14204 |
| **10/31/2020** | $13203 | $14780 | $13954 |
| **11/30/2020** | $14307 | $16670 | $14915 |
| **12/31/2020** | $14695 | $17377 | $15241 |
| **1/31/2021** | $14683 | $17204 | $15111 |
| **2/28/2021** | $14803 | $17645 | $15195 |
| **3/31/2021** | $14911 | $18232 | $15353 |
| **4/30/2021** | $15307 | $19080 | $15771 |
| **5/31/2021** | $15451 | $19355 | $15910 |
| **6/30/2021** | $15655 | $19644 | $16085 |
| **7/31/2021** | $15763 | $19995 | $16319 |
| **8/31/2021** | $15931 | $20493 | $16506 |
| **9/30/2021** | $15535 | $19642 | $16092 |
| **10/31/2021** | $15979 | $20755 | $16546 |
| **11/30/2021** | $15679 | $20300 | $16389 |
| **12/31/2021** | $15895 | $21168 | $16718 |
| **1/31/2022** | $15297 | $20048 | $16096 |
| **2/28/2022** | $14985 | $19541 | $15802 |
| **3/31/2022** | $14907 | $20077 | $15800 |
| **4/30/2022** | $14087 | $18409 | $14844 |
| **5/31/2022** | $14139 | $18423 | $14897 |
| **6/30/2022** | $13346 | $16827 | $14135 |
| **7/31/2022** | $13957 | $18163 | $14869 |
| **8/31/2022** | $13528 | $17404 | $14348 |
| **9/30/2022** | $12669 | $15786 | $13371 |
| **10/31/2022** | $13065 | $16920 | $13765 |
| **11/30/2022** | $13730 | $18096 | $14496 |
| **12/31/2022** | $13431 | $17327 | $14156 |
| **1/31/2023** | $14082 | $18554 | $14874 |
| **2/28/2023** | $13737 | $18108 | $14503 |
| **3/31/2023** | $14029 | $18667 | $14912 |
| **4/30/2023** | $14148 | $18994 | $15087 |
| **5/31/2023** | $14002 | $18805 | $14930 |
| **6/30/2023** | $14400 | $19942 | $15355 |
| **7/31/2023** | $14613 | $20612 | $15607 |
| **8/31/2023** | $14387 | $20119 | $15371 |
| **9/30/2023** | $13909 | $19252 | $14844 |
| **10/31/2023** | $13604 | $18693 | $14512 |
| **11/30/2023** | $14493 | $20445 | $15521 |
| **12/31/2023** | $15165 | $21449 | $16199 |
| **1/31/2024** | $15234 | $21707 | $16274 |
| **2/29/2024** | $15565 | $22627 | $16504 |
| **3/31/2024** | $15951 | $23354 | $16845 |
| **4/30/2024** | $15413 | $22487 | $16319 |
| **5/31/2024** | $15841 | $23491 | $16822 |
| **6/30/2024** | $16034 | $23969 | $17073 |
| **7/31/2024** | $16351 | $24391 | $17423 |
| **8/31/2024** | $16709 | $25036 | $17778 |
| **9/30/2024** | $16944 | $25494 | $18060 |
| **10/31/2024** | $16599 | $24988 | $17657 |
| **11/30/2024** | $17123 | $26135 | $18155 |
| **12/31/2024** | $16722 | $25454 | $17770 |
| **1/31/2025** | $17157 | $26352 | $18131 |
| **2/28/2025** | $17230 | $26163 | $18265 |
| **3/31/2025** | $16809 | $24998 | $17862 |
| **4/30/2025** | $16867 | $25220 | $17976 |
| **5/31/2025** | $17389 | $26713 | $18444 |
| **6/30/2025** | $17985 | $27865 | $18984 |
| **7/31/2025** | $18101 | $28224 | $19081 |
| **8/31/2025** | $18435 | $28960 | $19444 |
| **9/30/2025** | $18826 | $29891 | $19863 |
| **10/31/2025** | $19059 | $30490 | $20124 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BX8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 14.82% | 7.62% | 6.66% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 13.97% | 7.60% | 7.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, consists of 50% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes), and 50% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1129458584 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $414152 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.3% |
| U.S. Equity Funds | 38.9 |
| International Equity Funds | 14.1 |
| International Fixed Income Funds | 2.7 |
| Repurchase Agreements | 1.1 |
| U.S. Mixed Allocation Funds | 0.9 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Portfolio

# Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.5% |
| Transamerica US Growth, Class I2 | 17.1 |
| Transamerica Large Cap Value, Class I2 | 16.3 |
| Transamerica Bond, Class I2 | 9.3 |
| Transamerica International Equity, Class I2 | 5.2 |
| Transamerica International Stock, Class I2 | 5.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.5 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Capital Growth, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Portfolio

# Class I
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class R

## IMDRX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $75 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 14.29%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, returned 13.97% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class R shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 50% of the Bloomberg US Aggregate Bond Index and 50% of the MSCI World Index.

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities.

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index. 

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Portfolio

# Class R

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g29b79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9992 | $9950 | $9974 |
| **12/31/2015** | $9850 | $9775 | $9883 |
| **1/31/2016** | $9575 | $9191 | $9672 |
| **2/29/2016** | $9567 | $9122 | $9676 |
| **3/31/2016** | $9953 | $9741 | $10046 |
| **4/30/2016** | $10039 | $9895 | $10124 |
| **5/31/2016** | $10100 | $9951 | $10177 |
| **6/30/2016** | $10134 | $9839 | $10227 |
| **7/31/2016** | $10392 | $10255 | $10469 |
| **8/31/2016** | $10435 | $10264 | $10470 |
| **9/30/2016** | $10469 | $10318 | $10487 |
| **10/31/2016** | $10340 | $10118 | $10348 |
| **11/30/2016** | $10323 | $10264 | $10329 |
| **12/31/2016** | $10431 | $10510 | $10461 |
| **1/31/2017** | $10585 | $10763 | $10587 |
| **2/28/2017** | $10775 | $11062 | $10792 |
| **3/31/2017** | $10838 | $11180 | $10840 |
| **4/30/2017** | $10956 | $11345 | $10964 |
| **5/31/2017** | $11073 | $11585 | $11122 |
| **6/30/2017** | $11110 | $11630 | $11139 |
| **7/31/2017** | $11282 | $11908 | $11291 |
| **8/31/2017** | $11318 | $11925 | $11353 |
| **10/31/2017** | $11499 | $12423 | $11574 |
| **11/30/2017** | $11580 | $12692 | $11710 |
| **12/31/2017** | $11707 | $12864 | $11811 |
| **1/31/2018** | $11999 | $13543 | $12068 |
| **2/28/2018** | $11688 | $12982 | $11774 |
| **3/31/2018** | $11629 | $12699 | $11677 |
| **4/30/2018** | $11629 | $12845 | $11691 |
| **5/31/2018** | $11659 | $12925 | $11794 |
| **6/30/2018** | $11610 | $12919 | $11791 |
| **7/31/2018** | $11756 | $13323 | $11990 |
| **8/31/2018** | $11814 | $13487 | $12131 |
| **9/30/2018** | $11775 | $13563 | $12132 |
| **10/31/2018** | $11260 | $12567 | $11650 |
| **11/30/2018** | $11289 | $12709 | $11765 |
| **12/31/2018** | $10943 | $11743 | $11416 |
| **1/31/2019** | $11456 | $12657 | $11910 |
| **2/28/2019** | $11574 | $13037 | $12086 |
| **3/31/2019** | $11713 | $13209 | $12298 |
| **4/30/2019** | $11895 | $13677 | $12527 |
| **5/31/2019** | $11595 | $12888 | $12272 |
| **6/30/2019** | $12002 | $13737 | $12762 |
| **7/31/2019** | $12002 | $13805 | $12816 |
| **8/31/2019** | $11959 | $13523 | $12861 |
| **9/30/2019** | $12034 | $13810 | $12968 |
| **10/31/2019** | $12184 | $14162 | $13156 |
| **11/30/2019** | $12312 | $14556 | $13342 |
| **12/31/2019** | $12520 | $14992 | $13544 |
| **1/31/2020** | $12520 | $14901 | $13630 |
| **2/29/2020** | $12147 | $13642 | $13175 |
| **3/31/2020** | $10918 | $11836 | $12305 |
| **4/30/2020** | $11696 | $13129 | $13087 |
| **5/31/2020** | $12159 | $13764 | $13423 |
| **6/30/2020** | $12486 | $14128 | $13628 |
| **7/31/2020** | $12914 | $14803 | $14047 |
| **8/31/2020** | $13230 | $15793 | $14457 |
| **9/30/2020** | $13050 | $15248 | $14204 |
| **10/31/2020** | $12881 | $14780 | $13954 |
| **11/30/2020** | $13952 | $16670 | $14915 |
| **12/31/2020** | $14329 | $17377 | $15241 |
| **1/31/2021** | $14306 | $17204 | $15111 |
| **2/28/2021** | $14423 | $17645 | $15195 |
| **3/31/2021** | $14517 | $18232 | $15353 |
| **4/30/2021** | $14903 | $19080 | $15771 |
| **5/31/2021** | $15032 | $19355 | $15910 |
| **6/30/2021** | $15219 | $19644 | $16085 |
| **7/31/2021** | $15313 | $19995 | $16319 |
| **8/31/2021** | $15477 | $20493 | $16506 |
| **9/30/2021** | $15079 | $19642 | $16092 |
| **10/31/2021** | $15500 | $20755 | $16546 |
| **11/30/2021** | $15207 | $20300 | $16389 |
| **12/31/2021** | $15420 | $21168 | $16718 |
| **1/31/2022** | $14826 | $20048 | $16096 |
| **2/28/2022** | $14510 | $19541 | $15802 |
| **3/31/2022** | $14434 | $20077 | $15800 |
| **4/30/2022** | $13600 | $18409 | $14844 |
| **5/31/2022** | $13650 | $18423 | $14897 |
| **6/30/2022** | $12879 | $16827 | $14135 |
| **7/31/2022** | $13461 | $18163 | $14869 |
| **8/31/2022** | $13044 | $17404 | $14348 |
| **9/30/2022** | $12209 | $15786 | $13371 |
| **10/31/2022** | $12589 | $16920 | $13765 |
| **11/30/2022** | $13220 | $18096 | $14496 |
| **12/31/2022** | $12923 | $17327 | $14156 |
| **1/31/2023** | $13550 | $18554 | $14874 |
| **2/28/2023** | $13217 | $18108 | $14503 |
| **3/31/2023** | $13473 | $18667 | $14912 |
| **4/30/2023** | $13589 | $18994 | $15087 |
| **5/31/2023** | $13435 | $18805 | $14930 |
| **6/30/2023** | $13806 | $19942 | $15355 |
| **7/31/2023** | $14024 | $20612 | $15607 |
| **8/31/2023** | $13794 | $20119 | $15371 |
| **9/30/2023** | $13320 | $19252 | $14844 |
| **10/31/2023** | $13025 | $18693 | $14512 |
| **11/30/2023** | $13871 | $20445 | $15521 |
| **12/31/2023** | $14518 | $21449 | $16199 |
| **1/31/2024** | $14571 | $21707 | $16274 |
| **2/29/2024** | $14875 | $22627 | $16504 |
| **3/31/2024** | $15259 | $23354 | $16845 |
| **4/30/2024** | $14729 | $22487 | $16319 |
| **5/31/2024** | $15127 | $23491 | $16822 |
| **6/30/2024** | $15312 | $23969 | $17073 |
| **7/31/2024** | $15603 | $24391 | $17423 |
| **8/31/2024** | $15934 | $25036 | $17778 |
| **9/30/2024** | $16159 | $25494 | $18060 |
| **10/31/2024** | $15815 | $24988 | $17657 |
| **11/30/2024** | $16318 | $26135 | $18155 |
| **12/31/2024** | $15921 | $25454 | $17770 |
| **1/31/2025** | $16324 | $26352 | $18131 |
| **2/28/2025** | $16394 | $26163 | $18265 |
| **3/31/2025** | $15991 | $24998 | $17862 |
| **4/30/2025** | $16032 | $25220 | $17976 |
| **5/31/2025** | $16519 | $26713 | $18444 |
| **6/30/2025** | $17074 | $27865 | $18984 |
| **7/31/2025** | $17185 | $28224 | $19081 |
| **8/31/2025** | $17491 | $28960 | $19444 |
| **9/30/2025** | $17852 | $29891 | $19863 |
| **10/31/2025** | $18075 | $30490 | $20124 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BX5 | **1 Year** | **5 Years** | **10 Years** |
| Class R | 14.29% | 7.01% | 6.10% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 15.58% | 11.79% |
| Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 13.97% | 7.60% | 7.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, consists of 50% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes), and 50% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1129458584 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $414152 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.3% |
| U.S. Equity Funds | 38.9 |
| International Equity Funds | 14.1 |
| International Fixed Income Funds | 2.7 |
| Repurchase Agreements | 1.1 |
| U.S. Mixed Allocation Funds | 0.9 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Portfolio

# Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.5% |
| Transamerica US Growth, Class I2 | 17.1 |
| Transamerica Large Cap Value, Class I2 | 16.3 |
| Transamerica Bond, Class I2 | 9.3 |
| Transamerica International Equity, Class I2 | 5.2 |
| Transamerica International Stock, Class I2 | 5.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.5 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Capital Growth, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Portfolio

# Class R
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class R3

## TAAMX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $38 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R3 shares at NAV returned 14.62%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 22.02%. The performance benchmark, the Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, returned 13.97% over the same period.

* The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes. During the fiscal year ended October 31, 2025, Class R3 shares of the Fund posted positive returns and outperformed the Fund's blended benchmark, which consists of 50% of the Bloomberg US Aggregate Bond Index and 50% of the MSCI World Index.

* Asset allocation differences versus the blended benchmark drove performance and security selection within underlying funds was overall positive. The Fund underperformed its primary benchmark, the MSCI World Index, due to relative underperformance of fixed income compared to equities.

* Overall, the Fund's overweight to equities versus its blended benchmark was a driver of asset allocation outperformance given the equity rally during the fiscal year. Within fixed income, off-benchmark exposures to high yield and emerging market debt contributed to outperformance versus the Bloomberg US Aggregate Bond Index. 

* Equity allocations were the driver of performance in the Fund. Although U.S. equity underperformed international equity in aggregate, U.S. growth equity exposures, accessed through Transamerica U.S. Growth and Transamerica Capital Growth, posted some of the highest returns across funds in the Fund. U.S. value equities and U.S. small and mid-cap equities also posted strong returns, although they lagged U.S. growth equities. International developed and emerging markets exposures also posted materially positive returns. Emerging market equities posted the highest returns in international equities. 

* Overall, underlying equity funds outperformed driven by positive contributions from Transamerica Large Cap Value, Transamerica Capital Growth, and Transamerica International Stock.

* Transamerica Bond outperformed its benchmark, though other bond funds such as Transamerica Core Bond and Transamerica Emerging Markets Debt underperformed their respective benchmarks. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation - Moderate Portfolio

# Class R3

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g19q65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **MSCI World Index** | **Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark** |
| **3/1/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10017 | $10274 | $9998 |
| **4/30/2022** | $9441 | $9421 | $9393 |
| **5/31/2022** | $9476 | $9428 | $9427 |
| **6/30/2022** | $8943 | $8611 | $8945 |
| **7/31/2022** | $9345 | $9295 | $9409 |
| **8/31/2022** | $9065 | $8906 | $9080 |
| **9/30/2022** | $8489 | $8079 | $8461 |
| **10/31/2022** | $8751 | $8659 | $8710 |
| **11/30/2022** | $9197 | $9261 | $9173 |
| **12/31/2022** | $8990 | $8867 | $8958 |
| **1/31/2023** | $9425 | $9495 | $9413 |
| **2/28/2023** | $9194 | $9267 | $9178 |
| **3/31/2023** | $9389 | $9553 | $9436 |
| **4/30/2023** | $9460 | $9720 | $9548 |
| **5/31/2023** | $9363 | $9623 | $9448 |
| **6/30/2023** | $9629 | $10205 | $9717 |
| **7/31/2023** | $9779 | $10548 | $9877 |
| **8/31/2023** | $9620 | $10296 | $9727 |
| **9/30/2023** | $9292 | $9852 | $9394 |
| **10/31/2023** | $9097 | $9566 | $9183 |
| **11/30/2023** | $9682 | $10463 | $9822 |
| **12/31/2023** | $10131 | $10977 | $10251 |
| **1/31/2024** | $10177 | $11108 | $10298 |
| **2/29/2024** | $10398 | $11579 | $10444 |
| **3/31/2024** | $10647 | $11952 | $10660 |
| **4/30/2024** | $10288 | $11508 | $10327 |
| **5/31/2024** | $10573 | $12021 | $10645 |
| **6/30/2024** | $10702 | $12266 | $10804 |
| **7/31/2024** | $10905 | $12482 | $11025 |
| **8/31/2024** | $11144 | $12812 | $11250 |
| **9/30/2024** | $11301 | $13047 | $11429 |
| **10/31/2024** | $11071 | $12788 | $11174 |
| **11/30/2024** | $11421 | $13375 | $11489 |
| **12/31/2024** | $11145 | $13026 | $11245 |
| **1/31/2025** | $11436 | $13486 | $11474 |
| **2/28/2025** | $11485 | $13389 | $11558 |
| **3/31/2025** | $11203 | $12793 | $11303 |
| **4/30/2025** | $11242 | $12906 | $11376 |
| **5/31/2025** | $11592 | $13670 | $11672 |
| **6/30/2025** | $11980 | $14260 | $12013 |
| **7/31/2025** | $12058 | $14444 | $12075 |
| **8/31/2025** | $12281 | $14821 | $12304 |
| **9/30/2025** | $12533 | $15297 | $12569 |
| **10/31/2025** | $12689 | $15603 | $12734 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3BXH | **1 Year** | **Since Inception 3/1/22** |
| Class R3 | 14.62% | 6.70% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 22.02% | 12.88% |
| Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark<sup>Footnote Reference(b)</sup> | 13.97% | 6.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark, consists of 50% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes), and 50% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign witholding taxes). |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1129458584 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $414152 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.3% |
| U.S. Equity Funds | 38.9 |
| International Equity Funds | 14.1 |
| International Fixed Income Funds | 2.7 |
| Repurchase Agreements | 1.1 |
| U.S. Mixed Allocation Funds | 0.9 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.0<sup>Footnote Reference\*</sup> |

---

---

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

---

# Transamerica Asset Allocation - Moderate Portfolio

# Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.5% |
| Transamerica US Growth, Class I2 | 17.1 |
| Transamerica Large Cap Value, Class I2 | 16.3 |
| Transamerica Bond, Class I2 | 9.3 |
| Transamerica International Equity, Class I2 | 5.2 |
| Transamerica International Stock, Class I2 | 5.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.5 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica Capital Growth, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation - Moderate Portfolio

# Class R3
![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation Intermediate Horizon

# Class R

## TAARX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation Intermediate Horizon (the "Fund") seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced funds. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $64 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 12.79%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

* Markets continued to advance during the fiscal year ended October 31, 2025, with U.S. equities, non-U.S. equities and U.S. fixed income all producing positive returns. Mega cap technology stocks and most things related to AI continued to lead gains during the period. Smaller capitalization stocks and those not related to technology achieved more muted gains during the period.

* The Fund normally invests approximately 50% in equity funds and 50% in fixed income funds and is periodically rebalanced to maintain the overall target allocations.

* The Fund's best performing holding during the fiscal year, with a 13% target weight, was Transamerica Large Growth, which returned 43.26%, fueled by gains in AI-related stocks and the technology sector more broadly. The Fund's top performing fixed income fund, with a target weight of 6% and a 7.75% return, was Transamerica High Yield Bond. Fixed income investors embraced risk by bidding up lower quality bonds during the fiscal year. 

* Given the strong performance of risk assets during the fiscal year, Transamerica Government Money Market, with a return of 4.14% and a target allocation of 0.2%, was the weakest performing fixed income holding during the fiscal year. Despite being the weakest performing equity holding, Transamerica Small Cap Growth produced positive returns during the fiscal year; with a target allocation of 3%, the Fund returned 3.51% during the period.

* The views expressed reflect the opinions of Transamerica Asset Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation Intermediate Horizon

Class R

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g46d49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **5/19/2017** | $10000 | $10000 | $10000 |
| **5/31/2017** | $10050 | $10202 | $10029 |
| **6/30/2017** | $10070 | $10265 | $10019 |
| **7/31/2017** | $10200 | $10476 | $10062 |
| **8/31/2017** | $10220 | $10509 | $10152 |
| **9/30/2017** | $10314 | $10725 | $10104 |
| **10/31/2017** | $10424 | $10976 | $10110 |
| **11/30/2017** | $10565 | $11312 | $10097 |
| **12/31/2017** | $10626 | $11438 | $10143 |
| **1/31/2018** | $10858 | $12093 | $10026 |
| **2/28/2018** | $10585 | $11647 | $9931 |
| **3/31/2018** | $10552 | $11351 | $9995 |
| **4/30/2018** | $10572 | $11395 | $9920 |
| **5/31/2018** | $10704 | $11669 | $9991 |
| **6/30/2018** | $10691 | $11741 | $9979 |
| **7/31/2018** | $10833 | $12178 | $9981 |
| **8/31/2018** | $10976 | $12575 | $10046 |
| **9/30/2018** | $10947 | $12646 | $9981 |
| **10/31/2018** | $10417 | $11782 | $9902 |
| **11/30/2018** | $10499 | $12022 | $9961 |
| **12/31/2018** | $10071 | $10937 | $10144 |
| **1/31/2019** | $10607 | $11813 | $10252 |
| **2/28/2019** | $10801 | $12192 | $10246 |
| **3/31/2019** | $10890 | $12429 | $10443 |
| **4/30/2019** | $11116 | $12932 | $10445 |
| **5/31/2019** | $10783 | $12111 | $10631 |
| **6/30/2019** | $11206 | $12964 | $10764 |
| **7/31/2019** | $11250 | $13150 | $10788 |
| **8/31/2019** | $11196 | $12942 | $11067 |
| **9/30/2019** | $11302 | $13184 | $11009 |
| **10/31/2019** | $11443 | $13470 | $11042 |
| **11/30/2019** | $11670 | $13959 | $11036 |
| **12/31/2019** | $11815 | $14380 | $11028 |
| **1/31/2020** | $11860 | $14374 | $11241 |
| **2/29/2020** | $11460 | $13191 | $11443 |
| **3/31/2020** | $10291 | $11562 | $11376 |
| **4/30/2020** | $11106 | $13044 | $11578 |
| **5/31/2020** | $11588 | $13665 | $11632 |
| **6/30/2020** | $11863 | $13937 | $11705 |
| **7/31/2020** | $12277 | $14723 | $11880 |
| **8/31/2020** | $12622 | $15781 | $11784 |
| **9/30/2020** | $12455 | $15182 | $11777 |
| **10/31/2020** | $12282 | $14778 | $11725 |
| **11/30/2020** | $13307 | $16395 | $11840 |
| **12/31/2020** | $13668 | $17026 | $11856 |
| **1/31/2021** | $13643 | $16854 | $11771 |
| **2/28/2021** | $13854 | $17319 | $11601 |
| **3/31/2021** | $14013 | $18077 | $11456 |
| **4/30/2021** | $14374 | $19042 | $11547 |
| **5/31/2021** | $14474 | $19175 | $11585 |
| **6/30/2021** | $14667 | $19623 | $11666 |
| **7/31/2021** | $14792 | $20089 | $11796 |
| **8/31/2021** | $14955 | $20699 | $11774 |
| **9/30/2021** | $14572 | $19737 | $11672 |
| **10/31/2021** | $14985 | $21120 | $11669 |
| **11/30/2021** | $14710 | $20973 | $11703 |
| **12/31/2021** | $14964 | $21913 | $11673 |
| **1/31/2022** | $14296 | $20779 | $11422 |
| **2/28/2022** | $14118 | $20157 | $11295 |
| **3/31/2022** | $14029 | $20905 | $10981 |
| **4/30/2022** | $13194 | $19082 | $10564 |
| **5/31/2022** | $13153 | $19117 | $10632 |
| **6/30/2022** | $12396 | $17539 | $10465 |
| **7/31/2022** | $13056 | $19157 | $10721 |
| **8/31/2022** | $12684 | $18375 | $10418 |
| **9/30/2022** | $11816 | $16683 | $9968 |
| **10/31/2022** | $12244 | $18034 | $9839 |
| **11/30/2022** | $12755 | $19042 | $10201 |
| **12/31/2022** | $12420 | $17944 | $10155 |
| **1/31/2023** | $13097 | $19072 | $10467 |
| **2/28/2023** | $12811 | $18607 | $10196 |
| **3/31/2023** | $12981 | $19290 | $10455 |
| **4/30/2023** | $12996 | $19591 | $10519 |
| **5/31/2023** | $12875 | $19676 | $10404 |
| **6/30/2023** | $13291 | $20976 | $10367 |
| **7/31/2023** | $13609 | $21650 | $10360 |
| **8/31/2023** | $13337 | $21305 | $10294 |
| **9/30/2023** | $12908 | $20289 | $10032 |
| **10/31/2023** | $12527 | $19863 | $9874 |
| **11/30/2023** | $13319 | $21677 | $10321 |
| **12/31/2023** | $14002 | $22662 | $10716 |
| **1/31/2024** | $13956 | $23042 | $10687 |
| **2/29/2024** | $14263 | $24273 | $10536 |
| **3/31/2024** | $14573 | $25054 | $10633 |
| **4/30/2024** | $14049 | $24030 | $10364 |
| **5/31/2024** | $14357 | $25222 | $10540 |
| **6/30/2024** | $14475 | $26127 | $10640 |
| **7/31/2024** | $14831 | $26445 | $10888 |
| **8/31/2024** | $15157 | $27087 | $11045 |
| **9/30/2024** | $15376 | $27665 | $11193 |
| **10/31/2024** | $15174 | $27414 | $10915 |
| **11/30/2024** | $15874 | $29023 | $11031 |
| **12/31/2024** | $15419 | $28332 | $10850 |
| **1/31/2025** | $15843 | $29120 | $10908 |
| **2/28/2025** | $15826 | $28741 | $11148 |
| **3/31/2025** | $15435 | $27121 | $11152 |
| **4/30/2025** | $15517 | $26937 | $11196 |
| **5/31/2025** | $15989 | $28633 | $11116 |
| **6/30/2025** | $16423 | $30089 | $11286 |
| **7/31/2025** | $16472 | $30764 | $11257 |
| **8/31/2025** | $16802 | $31388 | $11391 |
| **9/30/2025** | $17065 | $32533 | $11516 |
| **10/31/2025** | $17115 | $33295 | $11587 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DY5 | **1 Year** | **5 Years** | **Since Inception 5/19/17** |
| Class R | 12.79% | 6.86% | 6.56% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 15.29% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | (0.24%) | 1.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $43068966 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 300% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $70029 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 46.3% |
| U.S. Equity Funds | 40.2 |
| International Equity Funds | 13.4 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

Transamerica Asset Allocation Intermediate Horizon

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 22.2% |
| Transamerica Large Growth, Class I3 | 14.8 |
| Transamerica Large Value Opportunities, Class I3 | 13.5 |
| Transamerica International Equity, Class I3 | 13.4 |
| Transamerica Inflation Opportunities, Class I3 | 10.7 |
| Transamerica Short-Term Bond, Class I3 | 7.4 |
| Transamerica High Yield Bond, Class I3 | 6.0 |
| Transamerica Mid Cap Growth, Class I3 | 3.2 |
| Transamerica Small Cap Value, Class I3 | 3.0 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation Intermediate Horizon

Class R

![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation Intermediate Horizon

# Class R4

## TAAFX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation Intermediate Horizon (the "Fund") seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced funds. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $37 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R4 shares at NAV returned 13.00%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

* Markets continued to advance during the fiscal year ended October 31, 2025, with U.S. equities, non-U.S. equities and U.S. fixed income all producing positive returns. Mega cap technology stocks and most things related to AI continued to lead gains during the period. Smaller capitalization stocks and those not related to technology achieved more muted gains during the period.

* The Fund normally invests approximately 50% in equity funds and 50% in fixed income funds and is periodically rebalanced to maintain the overall target allocations.

* The Fund's best performing holding during the fiscal year, with a 13% target weight, was Transamerica Large Growth, which returned 43.26%, fueled by gains in AI-related stocks and the technology sector more broadly. The Fund's top performing fixed income fund, with a target weight of 6% and a 7.75% return, was Transamerica High Yield Bond. Fixed income investors embraced risk by bidding up lower quality bonds during the fiscal year. 

* Given the strong performance of risk assets during the fiscal year, Transamerica Government Money Market, with a return of 4.14% and a target allocation of 0.2%, was the weakest performing fixed income holding during the fiscal year. Despite being the weakest performing equity holding, Transamerica Small Cap Growth produced positive returns during the fiscal year; with a target allocation of 3%, the Fund returned 3.51% during the period.

* The views expressed reflect the opinions of Transamerica Asset Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation Intermediate Horizon

Class R4

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g39p04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9983 | $10030 | $9974 |
| **12/31/2015** | $9804 | $9872 | $9941 |
| **1/31/2016** | $9460 | $9382 | $10078 |
| **2/29/2016** | $9434 | $9369 | $10150 |
| **3/31/2016** | $9843 | $10005 | $10243 |
| **4/30/2016** | $9886 | $10043 | $10282 |
| **5/31/2016** | $9946 | $10224 | $10285 |
| **6/30/2016** | $9928 | $10250 | $10469 |
| **7/31/2016** | $10197 | $10628 | $10536 |
| **8/31/2016** | $10232 | $10643 | $10524 |
| **9/30/2016** | $10272 | $10645 | $10517 |
| **10/31/2016** | $10168 | $10451 | $10437 |
| **11/30/2016** | $10246 | $10838 | $10190 |
| **12/31/2016** | $10366 | $11052 | $10205 |
| **1/31/2017** | $10506 | $11262 | $10225 |
| **2/28/2017** | $10691 | $11709 | $10293 |
| **3/31/2017** | $10727 | $11723 | $10288 |
| **4/30/2017** | $10842 | $11843 | $10367 |
| **5/31/2017** | $10941 | $12010 | $10447 |
| **6/30/2017** | $10964 | $12085 | $10437 |
| **7/31/2017** | $11106 | $12333 | $10481 |
| **8/31/2017** | $11117 | $12371 | $10575 |
| **9/30/2017** | $11223 | $12626 | $10525 |
| **10/31/2017** | $11354 | $12921 | $10531 |
| **11/30/2017** | $11507 | $13317 | $10518 |
| **12/31/2017** | $11581 | $13465 | $10566 |
| **1/31/2018** | $11834 | $14236 | $10444 |
| **2/28/2018** | $11537 | $13711 | $10345 |
| **3/31/2018** | $11497 | $13363 | $10412 |
| **4/30/2018** | $11519 | $13414 | $10334 |
| **5/31/2018** | $11673 | $13737 | $10408 |
| **6/30/2018** | $11666 | $13822 | $10395 |
| **7/31/2018** | $11821 | $14336 | $10398 |
| **8/31/2018** | $11987 | $14803 | $10464 |
| **9/30/2018** | $11942 | $14887 | $10397 |
| **10/31/2018** | $11375 | $13870 | $10315 |
| **11/30/2018** | $11464 | $14153 | $10377 |
| **12/31/2018** | $10992 | $12875 | $10567 |
| **1/31/2019** | $11591 | $13906 | $10679 |
| **2/28/2019** | $11802 | $14353 | $10673 |
| **3/31/2019** | $11907 | $14632 | $10878 |
| **4/30/2019** | $12154 | $15224 | $10881 |
| **5/31/2019** | $11789 | $14257 | $11074 |
| **6/30/2019** | $12260 | $15262 | $11213 |
| **7/31/2019** | $12308 | $15481 | $11238 |
| **8/31/2019** | $12249 | $15236 | $11529 |
| **9/30/2019** | $12369 | $15521 | $11468 |
| **10/31/2019** | $12523 | $15857 | $11502 |
| **11/30/2019** | $12784 | $16433 | $11496 |
| **12/31/2019** | $12938 | $16928 | $11488 |
| **1/31/2020** | $12988 | $16922 | $11709 |
| **2/29/2020** | $12550 | $15529 | $11920 |
| **3/31/2020** | $11278 | $13611 | $11850 |
| **4/30/2020** | $12171 | $15356 | $12061 |
| **5/31/2020** | $12712 | $16087 | $12117 |
| **6/30/2020** | $13009 | $16407 | $12193 |
| **7/31/2020** | $13462 | $17332 | $12375 |
| **8/31/2020** | $13841 | $18578 | $12275 |
| **9/30/2020** | $13666 | $17872 | $12269 |
| **10/31/2020** | $13477 | $17397 | $12214 |
| **11/30/2020** | $14602 | $19301 | $12334 |
| **12/31/2020** | $15007 | $20043 | $12351 |
| **1/31/2021** | $14980 | $19841 | $12262 |
| **2/28/2021** | $15212 | $20388 | $12085 |
| **3/31/2021** | $15396 | $21281 | $11934 |
| **4/30/2021** | $15793 | $22416 | $12028 |
| **5/31/2021** | $15902 | $22573 | $12068 |
| **6/30/2021** | $16112 | $23100 | $12152 |
| **7/31/2021** | $16263 | $23649 | $12288 |
| **8/31/2021** | $16441 | $24368 | $12265 |
| **9/30/2021** | $16031 | $23234 | $12159 |
| **10/31/2021** | $16485 | $24862 | $12155 |
| **11/30/2021** | $16196 | $24690 | $12191 |
| **12/31/2021** | $16472 | $25797 | $12160 |
| **1/31/2022** | $15737 | $24462 | $11898 |
| **2/28/2022** | $15541 | $23729 | $11765 |
| **3/31/2022** | $15453 | $24610 | $11439 |
| **4/30/2022** | $14533 | $22464 | $11005 |
| **5/31/2022** | $14488 | $22505 | $11075 |
| **6/30/2022** | $13648 | $20648 | $10902 |
| **7/31/2022** | $14390 | $22552 | $11168 |
| **8/31/2022** | $13981 | $21632 | $10853 |
| **9/30/2022** | $13031 | $19640 | $10384 |
| **10/31/2022** | $13503 | $21230 | $10249 |
| **11/30/2022** | $14066 | $22416 | $10626 |
| **12/31/2022** | $13707 | $21125 | $10578 |
| **1/31/2023** | $14453 | $22452 | $10904 |
| **2/28/2023** | $14138 | $21904 | $10622 |
| **3/31/2023** | $14335 | $22708 | $10891 |
| **4/30/2023** | $14351 | $23063 | $10957 |
| **5/31/2023** | $14218 | $23163 | $10838 |
| **6/30/2023** | $14687 | $24693 | $10799 |
| **7/31/2023** | $15038 | $25487 | $10792 |
| **8/31/2023** | $14737 | $25081 | $10723 |
| **9/30/2023** | $14272 | $23885 | $10451 |
| **10/31/2023** | $13852 | $23383 | $10286 |
| **11/30/2023** | $14727 | $25518 | $10751 |
| **12/31/2023** | $15491 | $26678 | $11163 |
| **1/31/2024** | $15423 | $27126 | $11132 |
| **2/29/2024** | $15780 | $28574 | $10975 |
| **3/31/2024** | $16131 | $29494 | $11076 |
| **4/30/2024** | $15551 | $28289 | $10797 |
| **5/31/2024** | $15892 | $29692 | $10980 |
| **6/30/2024** | $16012 | $30757 | $11084 |
| **7/31/2024** | $16439 | $31132 | $11342 |
| **8/31/2024** | $16797 | $31887 | $11505 |
| **9/30/2024** | $17033 | $32568 | $11660 |
| **10/31/2024** | $16827 | $32272 | $11370 |
| **11/30/2024** | $17599 | $34167 | $11491 |
| **12/31/2024** | $17109 | $33352 | $11303 |
| **1/31/2025** | $17580 | $34281 | $11362 |
| **2/28/2025** | $17561 | $33834 | $11612 |
| **3/31/2025** | $17127 | $31928 | $11617 |
| **4/30/2025** | $17218 | $31711 | $11663 |
| **5/31/2025** | $17742 | $33707 | $11579 |
| **6/30/2025** | $18235 | $35421 | $11757 |
| **7/31/2025** | $18290 | $36216 | $11726 |
| **8/31/2025** | $18674 | $36950 | $11866 |
| **9/30/2025** | $18960 | $38299 | $11996 |
| **10/31/2025** | $19015 | $39196 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DYE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 13.00% | 7.13% | 6.64% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $43068966 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 300% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $70029 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 46.3% |
| U.S. Equity Funds | 40.2 |
| International Equity Funds | 13.4 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

Transamerica Asset Allocation Intermediate Horizon

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 22.2% |
| Transamerica Large Growth, Class I3 | 14.8 |
| Transamerica Large Value Opportunities, Class I3 | 13.5 |
| Transamerica International Equity, Class I3 | 13.4 |
| Transamerica Inflation Opportunities, Class I3 | 10.7 |
| Transamerica Short-Term Bond, Class I3 | 7.4 |
| Transamerica High Yield Bond, Class I3 | 6.0 |
| Transamerica Mid Cap Growth, Class I3 | 3.2 |
| Transamerica Small Cap Value, Class I3 | 3.0 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 2.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation Intermediate Horizon

Class R4

![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation Long Horizon

# Class R

## TALRX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation Long Horizon (the "Fund") seeks to provide long-term returns from growth of capital and growth of income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $65 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 18.03%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The performance benchmark, the Transamerica Asset Allocation Long Horizon Blended Benchmark, returned 20.27% over the same period.

* Markets continued to advance during the fiscal year ended October 31, 2025, with U.S. equities, non-U.S. equities and U.S. fixed income all producing positive returns. Mega cap technology stocks and most things related to AI continued to lead gains during the period. Smaller capitalization stocks and those not related to technology achieved more muted gains during the period.

* The Fund normally invests approximately 90% in equity funds and 10% in fixed income funds and is periodically rebalanced to maintain the overall target allocations.

* The Fund's best performing holding during the fiscal year, with a 21% target weight, was Transamerica Large Growth, which returned 43.26%, fueled by gains in AI-related stocks and the technology sector more broadly. The Fund's top performing fixed income fund, with a target weight of 2% and a 7.75% return, was Transamerica High Yield Bond. Fixed income investors embraced risk by bidding up lower quality bonds during the fiscal year. 

* Given the strong performance of risk assets during the fiscal year, Transamerica Government Money Market, with a return of 4.14% and a target allocation of 0.2%, was the weakest performing fixed income holding during the fiscal year. Despite being the weakest performing equity holding, Transamerica Small Cap Growth produced positive returns during the fiscal year; with a target allocation of 6%, the Fund returned 3.51% during the period.

* The views expressed reflect the opinions of Transamerica Asset Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation Long Horizon

Class R

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g81m01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** | **Transamerica Asset Allocation Long Horizon Blended Benchmark** |
| **5/19/2017** | $10000 | $10000 | $10000 |
| **6/30/2017** | $10070 | $10202 | $10160 |
| **7/31/2017** | $10127 | $10265 | $10222 |
| **8/31/2017** | $10327 | $10476 | $10427 |
| **9/30/2017** | $10287 | $10509 | $10447 |
| **10/31/2017** | $10690 | $10976 | $10870 |
| **11/30/2017** | $10940 | $11312 | $11114 |
| **12/31/2017** | $11037 | $11438 | $11241 |
| **1/31/2018** | $11511 | $12093 | $11753 |
| **2/28/2018** | $11077 | $11647 | $11325 |
| **3/31/2018** | $10977 | $11351 | $11134 |
| **4/30/2018** | $11047 | $11395 | $11225 |
| **5/31/2018** | $11249 | $11669 | $11391 |
| **6/30/2018** | $11223 | $11741 | $11412 |
| **7/31/2018** | $11465 | $12178 | $11732 |
| **8/31/2018** | $11687 | $12575 | $11958 |
| **9/30/2018** | $11659 | $12646 | $11991 |
| **10/31/2018** | $10740 | $11782 | $11169 |
| **11/30/2018** | $10871 | $12022 | $11317 |
| **12/31/2018** | $9992 | $10937 | $10487 |
| **1/31/2019** | $10848 | $11813 | $11279 |
| **2/28/2019** | $11175 | $12192 | $11614 |
| **3/31/2019** | $11202 | $12429 | $11760 |
| **4/30/2019** | $11597 | $12932 | $12157 |
| **5/31/2019** | $10898 | $12111 | $11514 |
| **6/30/2019** | $11568 | $12964 | $12226 |
| **7/31/2019** | $11625 | $13150 | $12315 |
| **8/31/2019** | $11343 | $12942 | $12097 |
| **9/30/2019** | $11596 | $13184 | $12316 |
| **10/31/2019** | $11844 | $13470 | $12590 |
| **11/30/2019** | $12227 | $13959 | $12945 |
| **12/31/2019** | $12478 | $14380 | $13298 |
| **1/31/2020** | $12415 | $14374 | $13243 |
| **2/29/2020** | $11572 | $13191 | $12256 |
| **3/31/2020** | $9814 | $11562 | $10695 |
| **4/30/2020** | $11011 | $13044 | $11833 |
| **5/31/2020** | $11780 | $13665 | $12387 |
| **6/30/2020** | $12161 | $13937 | $12685 |
| **7/31/2020** | $12703 | $14723 | $13268 |
| **8/31/2020** | $13320 | $15781 | $14068 |
| **9/30/2020** | $13022 | $15182 | $13633 |
| **10/31/2020** | $12757 | $14778 | $13307 |
| **11/30/2020** | $14484 | $16395 | $14885 |
| **12/31/2020** | $15123 | $17026 | $15501 |
| **1/31/2021** | $15095 | $16854 | $15414 |
| **2/28/2021** | $15642 | $17319 | $15814 |
| **3/31/2021** | $15983 | $18077 | $16280 |
| **4/30/2021** | $16573 | $19042 | $16974 |
| **5/31/2021** | $16699 | $19175 | $17177 |
| **6/30/2021** | $16967 | $19623 | $17428 |
| **7/31/2021** | $17094 | $20089 | $17669 |
| **8/31/2021** | $17417 | $20699 | $18070 |
| **9/30/2021** | $16761 | $19737 | $17405 |
| **10/31/2021** | $17548 | $21120 | $18310 |
| **11/30/2021** | $16972 | $20973 | $17923 |
| **12/31/2021** | $17457 | $21913 | $18614 |
| **1/31/2022** | $16348 | $20779 | $17661 |
| **2/28/2022** | $16095 | $20157 | $17294 |
| **3/31/2022** | $16113 | $20905 | $17688 |
| **4/30/2022** | $14812 | $19082 | $16318 |
| **5/31/2022** | $14765 | $19117 | $16344 |
| **6/30/2022** | $13514 | $17539 | $15031 |
| **7/31/2022** | $14531 | $19157 | $16187 |
| **8/31/2022** | $14023 | $18375 | $15574 |
| **9/30/2022** | $12766 | $16683 | $14217 |
| **10/31/2022** | $13672 | $18034 | $15180 |
| **11/30/2022** | $14467 | $19042 | $16126 |
| **12/31/2022** | $13834 | $17944 | $15478 |
| **1/31/2023** | $14926 | $19072 | $16525 |
| **2/28/2023** | $14544 | $18607 | $16153 |
| **3/31/2023** | $14682 | $19290 | $16560 |
| **4/30/2023** | $14682 | $19591 | $16802 |
| **5/31/2023** | $14500 | $19676 | $16661 |
| **6/30/2023** | $15330 | $20976 | $17606 |
| **7/31/2023** | $15914 | $21650 | $18167 |
| **8/31/2023** | $15421 | $21305 | $17762 |
| **9/30/2023** | $14773 | $20289 | $17035 |
| **10/31/2023** | $14134 | $19863 | $16549 |
| **11/30/2023** | $15321 | $21677 | $17997 |
| **12/31/2023** | $16324 | $22662 | $18917 |
| **1/31/2024** | $16212 | $23042 | $19076 |
| **2/29/2024** | $16923 | $24273 | $19824 |
| **3/31/2024** | $17445 | $25054 | $20429 |
| **4/30/2024** | $16602 | $24030 | $19681 |
| **5/31/2024** | $17052 | $25222 | $20507 |
| **6/30/2024** | $17155 | $26127 | $20863 |
| **7/31/2024** | $17736 | $26445 | $21313 |
| **8/31/2024** | $18204 | $27087 | $21815 |
| **9/30/2024** | $18494 | $27665 | $22201 |
| **10/31/2024** | $18268 | $27414 | $21792 |
| **11/30/2024** | $19600 | $29023 | $22780 |
| **12/31/2024** | $18788 | $28332 | $22153 |
| **1/31/2025** | $19605 | $29120 | $22898 |
| **2/28/2025** | $19346 | $28741 | $22740 |
| **3/31/2025** | $18549 | $27121 | $21839 |
| **4/30/2025** | $18688 | $26937 | $21992 |
| **5/31/2025** | $19725 | $28633 | $23168 |
| **6/30/2025** | $20430 | $30089 | $24106 |
| **7/31/2025** | $20530 | $30764 | $24389 |
| **8/31/2025** | $21089 | $31388 | $25047 |
| **9/30/2025** | $21503 | $32533 | $25766 |
| **10/31/2025** | $21563 | $33295 | $26210 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DZ5 | **1 Year** | **5 Years** | **Since Inception 5/19/17** |
| Class R | 18.03% | 11.07% | 9.51% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 15.29% |
| Transamerica Asset Allocation Long Horizon Blended Benchmark<sup>Footnote Reference(b)</sup> | 20.27% | 14.52% | 12.07% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Asset Allocation Long Horizon Blended Benchmark consists of the following: 66% Russell 3000<sup>®</sup> Index, 24% MSCI World Index ex-U.S., 4% Bloomberg US Aggregate Bond Index, 2% Bloomberg US Treasury Inflation Protected Securities Index, 2% ICE BofAML High Yield Master II Index, and 2% ICE BofAML U.S. 3-Month Treasury Bill Index. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $62038482 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 166% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $74665 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 66.1% |
| International Equity Funds | 24.5 |
| U.S. Fixed Income Funds | 9.3 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

Transamerica Asset Allocation Long Horizon

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica International Equity, Class I3 | 24.5% |
| Transamerica Large Growth, Class I3 | 23.4 |
| Transamerica Large Value Opportunities, Class I3 | 21.1 |
| Transamerica Mid Cap Growth, Class I3 | 5.7 |
| Transamerica Small Cap Value, Class I3 | 5.4 |
| Transamerica Small Cap Growth, Class I3 | 5.3 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 5.2 |
| Transamerica Core Bond, Class I3 | 3.8 |
| Transamerica Inflation Opportunities, Class I3 | 3.1 |
| Transamerica High Yield Bond, Class I3 | 1.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation Long Horizon

Class R

![Image](g19932g09a06.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation Long Horizon

# Class R4

## TALFX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation Long Horizon (the "Fund") seeks to provide long-term returns from growth of capital and growth of income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $38 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R4 shares at NAV returned 18.32%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The performance benchmark, the Transamerica Asset Allocation Long Horizon Blended Benchmark, returned 20.27% over the same period.

* Markets continued to advance during the fiscal year ended October 31, 2025, with U.S. equities, non-U.S. equities and U.S. fixed income all producing positive returns. Mega cap technology stocks and most things related to AI continued to lead gains during the period. Smaller capitalization stocks and those not related to technology achieved more muted gains during the period.

* The Fund normally invests approximately 90% in equity funds and 10% in fixed income funds and is periodically rebalanced to maintain the overall target allocations.

* The Fund's best performing holding during the fiscal year, with a 21% target weight, was Transamerica Large Growth, which returned 43.26%, fueled by gains in AI-related stocks and the technology sector more broadly. The Fund's top performing fixed income fund, with a target weight of 2% and a 7.75% return, was Transamerica High Yield Bond. Fixed income investors embraced risk by bidding up lower quality bonds during the fiscal year. 

* Given the strong performance of risk assets during the fiscal year, Transamerica Government Money Market, with a return of 4.14% and a target allocation of 0.2%, was the weakest performing fixed income holding during the fiscal year. Despite being the weakest performing equity holding, Transamerica Small Cap Growth produced positive returns during the fiscal year; with a target allocation of 6%, the Fund returned 3.51% during the period.

* The views expressed reflect the opinions of Transamerica Asset Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Asset Allocation Long Horizon

Class R4

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g70f31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **S&P 500<sup>®</sup> Index** | **Transamerica Asset Allocation Long Horizon Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10000 | $10030 | $9993 |
| **12/31/2015** | $9738 | $9872 | $9807 |
| **1/31/2016** | $9083 | $9382 | $9285 |
| **2/29/2016** | $9020 | $9369 | $9259 |
| **3/31/2016** | $9616 | $10005 | $9857 |
| **4/30/2016** | $9661 | $10043 | $9986 |
| **5/31/2016** | $9751 | $10224 | $10080 |
| **6/30/2016** | $9624 | $10250 | $10034 |
| **7/31/2016** | $10031 | $10628 | $10425 |
| **8/31/2016** | $10085 | $10643 | $10449 |
| **9/30/2016** | $10134 | $10645 | $10494 |
| **10/31/2016** | $9971 | $10451 | $10292 |
| **11/30/2016** | $10242 | $10838 | $10542 |
| **12/31/2016** | $10426 | $11052 | $10766 |
| **1/31/2017** | $10626 | $11262 | $10983 |
| **2/28/2017** | $10890 | $11709 | $11290 |
| **3/31/2017** | $10964 | $11723 | $11367 |
| **4/30/2017** | $11118 | $11843 | $11514 |
| **5/31/2017** | $11255 | $12010 | $11693 |
| **6/30/2017** | $11321 | $12085 | $11764 |
| **7/31/2017** | $11545 | $12333 | $12000 |
| **8/31/2017** | $11500 | $12371 | $12022 |
| **10/31/2017** | $11958 | $12921 | $12510 |
| **11/30/2017** | $12249 | $13317 | $12791 |
| **12/31/2017** | $12353 | $13465 | $12937 |
| **1/31/2018** | $12895 | $14236 | $13526 |
| **2/28/2018** | $12398 | $13711 | $13033 |
| **3/31/2018** | $12294 | $13363 | $12814 |
| **4/30/2018** | $12373 | $13414 | $12918 |
| **5/31/2018** | $12599 | $13737 | $13109 |
| **6/30/2018** | $12577 | $13822 | $13134 |
| **7/31/2018** | $12860 | $14336 | $13502 |
| **8/31/2018** | $13109 | $14803 | $13762 |
| **9/30/2018** | $13074 | $14887 | $13800 |
| **10/31/2018** | $12044 | $13870 | $12854 |
| **11/30/2018** | $12191 | $14153 | $13024 |
| **12/31/2018** | $11213 | $12875 | $12069 |
| **1/31/2019** | $12174 | $13906 | $12980 |
| **2/28/2019** | $12540 | $14353 | $13367 |
| **3/31/2019** | $12578 | $14632 | $13533 |
| **4/30/2019** | $13021 | $15224 | $13991 |
| **5/31/2019** | $12249 | $14257 | $13250 |
| **6/30/2019** | $12998 | $15262 | $14071 |
| **7/31/2019** | $13061 | $15481 | $14173 |
| **8/31/2019** | $12757 | $15236 | $13922 |
| **9/30/2019** | $13038 | $15521 | $14174 |
| **10/31/2019** | $13317 | $15857 | $14489 |
| **11/30/2019** | $13760 | $16433 | $14898 |
| **12/31/2019** | $14037 | $16928 | $15304 |
| **1/31/2020** | $13966 | $16922 | $15241 |
| **2/29/2020** | $13032 | $15529 | $14104 |
| **3/31/2020** | $11052 | $13611 | $12308 |
| **4/30/2020** | $12398 | $15356 | $13618 |
| **5/31/2020** | $13262 | $16087 | $14255 |
| **6/30/2020** | $13699 | $16407 | $14599 |
| **7/31/2020** | $14309 | $17332 | $15269 |
| **8/31/2020** | $15018 | $18578 | $16191 |
| **9/30/2020** | $14677 | $17872 | $15689 |
| **10/31/2020** | $14379 | $17397 | $15315 |
| **11/30/2020** | $16338 | $19301 | $17131 |
| **12/31/2020** | $17052 | $20043 | $17839 |
| **1/31/2021** | $17036 | $19841 | $17739 |
| **2/28/2021** | $17653 | $20388 | $18199 |
| **3/31/2021** | $18048 | $21281 | $18736 |
| **4/30/2021** | $18713 | $22416 | $19534 |
| **5/31/2021** | $18856 | $22573 | $19769 |
| **6/30/2021** | $19170 | $23100 | $20057 |
| **7/31/2021** | $19312 | $23649 | $20334 |
| **8/31/2021** | $19677 | $24368 | $20796 |
| **9/30/2021** | $18949 | $23234 | $20031 |
| **10/31/2021** | $19837 | $24862 | $21072 |
| **11/30/2021** | $19203 | $24690 | $20627 |
| **12/31/2021** | $19748 | $25797 | $21422 |
| **1/31/2022** | $18496 | $24462 | $20325 |
| **2/28/2022** | $18210 | $23729 | $19903 |
| **3/31/2022** | $18242 | $24610 | $20357 |
| **4/30/2022** | $16754 | $22464 | $18780 |
| **5/31/2022** | $16719 | $22505 | $18809 |
| **6/30/2022** | $15316 | $20648 | $17298 |
| **7/31/2022** | $16466 | $22552 | $18629 |
| **8/31/2022** | $15891 | $21632 | $17923 |
| **9/30/2022** | $14480 | $19640 | $16362 |
| **10/31/2022** | $15506 | $21230 | $17470 |
| **11/30/2022** | $16405 | $22416 | $18559 |
| **12/31/2022** | $15701 | $21125 | $17813 |
| **1/31/2023** | $16937 | $22452 | $19017 |
| **2/28/2023** | $16504 | $21904 | $18590 |
| **3/31/2023** | $16672 | $22708 | $19058 |
| **4/30/2023** | $16672 | $23063 | $19336 |
| **5/31/2023** | $16444 | $23163 | $19174 |
| **6/30/2023** | $17396 | $24693 | $20262 |
| **7/31/2023** | $18058 | $25487 | $20907 |
| **8/31/2023** | $17520 | $25081 | $20442 |
| **9/30/2023** | $16796 | $23885 | $19605 |
| **10/31/2023** | $16071 | $23383 | $19046 |
| **11/30/2023** | $17417 | $25518 | $20712 |
| **12/31/2023** | $18562 | $26678 | $21770 |
| **1/31/2024** | $18434 | $27126 | $21953 |
| **2/29/2024** | $19241 | $28574 | $22814 |
| **3/31/2024** | $19845 | $29494 | $23510 |
| **4/30/2024** | $18888 | $28289 | $22649 |
| **5/31/2024** | $19399 | $29692 | $23601 |
| **6/30/2024** | $19526 | $30757 | $24010 |
| **7/31/2024** | $20186 | $31132 | $24529 |
| **8/31/2024** | $20717 | $31887 | $25106 |
| **9/30/2024** | $21049 | $32568 | $25550 |
| **10/31/2024** | $20794 | $32272 | $25079 |
| **11/30/2024** | $22305 | $34167 | $26217 |
| **12/31/2024** | $21417 | $33352 | $25495 |
| **1/31/2025** | $22346 | $34281 | $26352 |
| **2/28/2025** | $22052 | $33834 | $26171 |
| **3/31/2025** | $21145 | $31928 | $25134 |
| **4/30/2025** | $21304 | $31711 | $25310 |
| **5/31/2025** | $22482 | $33707 | $26663 |
| **6/30/2025** | $23299 | $35421 | $27742 |
| **7/31/2025** | $23412 | $36216 | $28068 |
| **8/31/2025** | $24072 | $36950 | $28825 |
| **9/30/2025** | $24535 | $38299 | $29653 |
| **10/31/2025** | $24604 | $39196 | $30163 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DZE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 18.32% | 11.34% | 9.42% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |
| Transamerica Asset Allocation Long Horizon Blended Benchmark<sup>Footnote Reference(b)</sup> | 20.27% | 14.52% | 11.67% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Asset Allocation Long Horizon Blended Benchmark consists of the following: 66% Russell 3000<sup>®</sup> Index, 24% MSCI World Index ex-U.S., 4% Bloomberg US Aggregate Bond Index, 2% Bloomberg US Treasury Inflation Protected Securities Index, 2% ICE BofAML High Yield Master II Index, and 2% ICE BofAML U.S. 3-Month Treasury Bill Index. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $62038482 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 166% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $74665 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 66.1% |
| International Equity Funds | 24.5 |
| U.S. Fixed Income Funds | 9.3 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

Transamerica Asset Allocation Long Horizon

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica International Equity, Class I3 | 24.5% |
| Transamerica Large Growth, Class I3 | 23.4 |
| Transamerica Large Value Opportunities, Class I3 | 21.1 |
| Transamerica Mid Cap Growth, Class I3 | 5.7 |
| Transamerica Small Cap Value, Class I3 | 5.4 |
| Transamerica Small Cap Growth, Class I3 | 5.3 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 5.2 |
| Transamerica Core Bond, Class I3 | 3.8 |
| Transamerica Inflation Opportunities, Class I3 | 3.1 |
| Transamerica High Yield Bond, Class I3 | 1.9 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation Long Horizon

Class R4

![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation Short Horizon

# Class R

## TSHRX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation Short Horizon (the "Fund") seeks to provide a high level of income and preservation of capital. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $62 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 6.86%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Transamerica Asset Allocation Short Horizon Blended Benchmark, returned 7.59% over the same period.

* Markets continued to advance during the fiscal year ended October 31, 2025, with U.S. equities, non-U.S. equities and U.S. fixed income all producing positive returns. Mega cap technology stocks and most things related to AI continued to lead gains during the period. Smaller capitalization stocks and those not related to technology achieved more muted gains during the period.

* The Fund normally invests approximately 10% in equity funds and 90% in fixed income funds and is rebalanced periodically to maintain the overall target allocations.

* The Fund's best-performing holding during the fiscal year, with a 3% target weight, was Transamerica Large Growth, which returned 43.26%, fueled by gains in AI-related stocks and the technology sector more broadly. The Fund's top performing fixed income fund, with a target weight of 10% and a 7.75% return, was Transamerica High Yield Bond. Fixed income investors embraced risk by bidding up lower quality bonds during the fiscal year. 

* Given the strong performance of risk assets during the fiscal year, Transamerica Government Money Market, with a return of 4.14% and a target allocation of 0.2%, was the weakest performing holding overall during the fiscal year. Despite being the weakest performing equity holding, Transamerica Small Cap Growth produced positive returns during the fiscal year; with a target allocation of 1%, the Fund returned 3.51% during the period.

* The views expressed reflect the opinions of Transamerica Asset Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation Short Horizon

# Class R

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g52h92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg US Aggregate Bond Index** | **Transamerica Asset Allocation Short Horizon Blended Benchmark** |
| **5/19/2017** | $10000 | $10000 | $10000 |
| **6/30/2017** | $10030 | $10029 | $10045 |
| **7/31/2017** | $10020 | $10019 | $10033 |
| **8/31/2017** | $10081 | $10062 | $10096 |
| **9/30/2017** | $10131 | $10152 | $10159 |
| **10/31/2017** | $10172 | $10110 | $10188 |
| **11/30/2017** | $10193 | $10097 | $10205 |
| **12/31/2017** | $10235 | $10143 | $10255 |
| **1/31/2018** | $10225 | $10026 | $10243 |
| **2/28/2018** | $10093 | $9931 | $10133 |
| **3/31/2018** | $10123 | $9995 | $10157 |
| **4/30/2018** | $10092 | $9920 | $10134 |
| **5/31/2018** | $10163 | $9991 | $10199 |
| **6/30/2018** | $10160 | $9979 | $10206 |
| **7/31/2018** | $10191 | $9981 | $10244 |
| **8/31/2018** | $10262 | $10046 | $10324 |
| **9/30/2018** | $10224 | $9981 | $10284 |
| **10/31/2018** | $10049 | $9902 | $10134 |
| **11/30/2018** | $10070 | $9961 | $10182 |
| **12/31/2018** | $10048 | $10144 | $10182 |
| **1/31/2019** | $10268 | $10252 | $10389 |
| **2/28/2019** | $10330 | $10246 | $10440 |
| **3/31/2019** | $10459 | $10443 | $10596 |
| **4/30/2019** | $10512 | $10445 | $10662 |
| **5/31/2019** | $10533 | $10631 | $10710 |
| **6/30/2019** | $10700 | $10764 | $10895 |
| **7/31/2019** | $10732 | $10788 | $10926 |
| **8/31/2019** | $10880 | $11067 | $11091 |
| **9/30/2019** | $10851 | $11009 | $11065 |
| **10/31/2019** | $10904 | $11042 | $11120 |
| **11/30/2019** | $10957 | $11036 | $11160 |
| **12/31/2019** | $11001 | $11028 | $11223 |
| **1/31/2020** | $11129 | $11241 | $11363 |
| **2/29/2020** | $11140 | $11443 | $11386 |
| **3/31/2020** | $10532 | $11376 | $11061 |
| **4/30/2020** | $10909 | $11578 | $11373 |
| **5/31/2020** | $11093 | $11632 | $11514 |
| **6/30/2020** | $11251 | $11705 | $11608 |
| **7/31/2020** | $11500 | $11880 | $11844 |
| **8/31/2020** | $11554 | $11784 | $11912 |
| **9/30/2020** | $11517 | $11777 | $11849 |
| **10/31/2020** | $11451 | $11725 | $11788 |
| **11/30/2020** | $11767 | $11840 | $12060 |
| **12/31/2020** | $11896 | $11856 | $12167 |
| **1/31/2021** | $11862 | $11771 | $12131 |
| **2/28/2021** | $11784 | $11601 | $12060 |
| **3/31/2021** | $11776 | $11456 | $12031 |
| **4/30/2021** | $11910 | $11547 | $12171 |
| **5/31/2021** | $11966 | $11585 | $12230 |
| **6/30/2021** | $12064 | $11666 | $12316 |
| **7/31/2021** | $12177 | $11796 | $12455 |
| **8/31/2021** | $12199 | $11774 | $12480 |
| **9/30/2021** | $12071 | $11672 | $12363 |
| **10/31/2021** | $12150 | $11669 | $12448 |
| **11/30/2021** | $12128 | $11703 | $12443 |
| **12/31/2021** | $12172 | $11673 | $12504 |
| **1/31/2022** | $11878 | $11422 | $12224 |
| **2/28/2022** | $11784 | $11295 | $12130 |
| **3/31/2022** | $11598 | $10981 | $11937 |
| **4/30/2022** | $11173 | $10564 | $11537 |
| **5/31/2022** | $11161 | $10632 | $11570 |
| **6/30/2022** | $10830 | $10465 | $11242 |
| **7/31/2022** | $11164 | $10721 | $11611 |
| **8/31/2022** | $10914 | $10418 | $11327 |
| **9/30/2022** | $10411 | $9968 | $10817 |
| **10/31/2022** | $10459 | $9839 | $10885 |
| **11/30/2022** | $10735 | $10201 | $11200 |
| **12/31/2022** | $10656 | $10155 | $11103 |
| **1/31/2023** | $10976 | $10467 | $11427 |
| **2/28/2023** | $10779 | $10196 | $11213 |
| **3/31/2023** | $10964 | $10455 | $11466 |
| **4/30/2023** | $11001 | $10519 | $11532 |
| **5/31/2023** | $10914 | $10404 | $11431 |
| **6/30/2023** | $10985 | $10367 | $11490 |
| **7/31/2023** | $11060 | $10360 | $11554 |
| **8/31/2023** | $10972 | $10294 | $11490 |
| **9/30/2023** | $10749 | $10032 | $11259 |
| **10/31/2023** | $10598 | $9874 | $11126 |
| **11/30/2023** | $11026 | $10321 | $11577 |
| **12/31/2023** | $11419 | $10716 | $11956 |
| **1/31/2024** | $11406 | $10687 | $11965 |
| **2/29/2024** | $11381 | $10536 | $11920 |
| **3/31/2024** | $11507 | $10633 | $12046 |
| **4/30/2024** | $11238 | $10364 | $11809 |
| **5/31/2024** | $11417 | $10540 | $12014 |
| **6/30/2024** | $11533 | $10640 | $12131 |
| **7/31/2024** | $11739 | $10888 | $12368 |
| **8/31/2024** | $11920 | $11045 | $12533 |
| **9/30/2024** | $12066 | $11193 | $12701 |
| **10/31/2024** | $11871 | $10915 | $12483 |
| **11/30/2024** | $12066 | $11031 | $12641 |
| **12/31/2024** | $11876 | $10850 | $12479 |
| **1/31/2025** | $12004 | $10908 | $12605 |
| **2/28/2025** | $12133 | $11148 | $12783 |
| **3/31/2025** | $12061 | $11152 | $12734 |
| **4/30/2025** | $12089 | $11196 | $12782 |
| **5/31/2025** | $12147 | $11116 | $12823 |
| **6/30/2025** | $12349 | $11286 | $13029 |
| **7/31/2025** | $12364 | $11257 | $13040 |
| **8/31/2025** | $12524 | $11391 | $13213 |
| **9/30/2025** | $12641 | $11516 | $13349 |
| **10/31/2025** | $12685 | $11587 | $13431 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DX5 | **1 Year** | **5 Years** | **Since Inception 5/19/17** |
| Class R | 6.86% | 2.07% | 2.85% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.76% |
| Transamerica Asset Allocation Short Horizon Blended Benchmark<sup>Footnote Reference(b)</sup> | 7.59% | 2.64% | 3.55% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Asset Allocation Short Horizon Blended Benchmark consists of the following: 46% Bloomberg US Aggregate Bond Index, 17% ICE BofAML 1-3 Year U.S. Treasury Index, 15% Bloomberg US Treasury Inflation Protected Securities Index, 10% ICE BofAML High Yield Master II Index, 8% Russell 3000<sup>®</sup> Index, 2% MSCI World Index ex-U.S., and 2% ICE BofAML U.S. 3-Month Treasury Bill Index. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6552359 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 407% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16228 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 89.0% |
| U.S. Equity Funds | 8.7 |
| International Equity Funds | 2.2 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

# Transamerica Asset Allocation Short Horizon

# Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 44.0% |
| Transamerica Short-Term Bond, Class I3 | 17.3 |
| Transamerica Inflation Opportunities, Class I3 | 16.8 |
| Transamerica High Yield Bond, Class I3 | 10.9 |
| Transamerica Large Growth, Class I3 | 3.4 |
| Transamerica Large Value Opportunities, Class I3 | 3.2 |
| Transamerica International Equity, Class I3 | 2.2 |
| Transamerica Small Cap Value, Class I3 | 1.1 |
| Transamerica Small Cap Growth, Class I3 | 1 |
| Transamerica Government Money Market, Class I3, 3.58% | 0.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation Short Horizon

# Class R
![Image](g19932g37h72.jpg)

Annual Shareholder Report

# Transamerica Asset Allocation Short Horizon

# Class R4

## TSHFX
October 31, 2025

## Fund Overview
Transamerica Asset Allocation Short Horizon (the "Fund") seeks to provide a high level of income and preservation of capital. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $36 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R4 shares at NAV returned 7.15%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Transamerica Asset Allocation Short Horizon Blended Benchmark, returned 7.59% over the same period.

* Markets continued to advance during the fiscal year ended October 31, 2025, with U.S. equities, non-U.S. equities and U.S. fixed income all producing positive returns. Mega cap technology stocks and most things related to AI continued to lead gains during the period. Smaller capitalization stocks and those not related to technology achieved more muted gains during the period.

* The Fund normally invests approximately 10% in equity funds and 90% in fixed income funds and is rebalanced periodically to maintain the overall target allocations.

* The Fund's best-performing holding during the fiscal year, with a 3% target weight, was Transamerica Large Growth, which returned 43.26%, fueled by gains in AI-related stocks and the technology sector more broadly. The Fund's top performing fixed income fund, with a target weight of 10% and a 7.75% return, was Transamerica High Yield Bond. Fixed income investors embraced risk by bidding up lower quality bonds during the fiscal year. 

* Given the strong performance of risk assets during the fiscal year, Transamerica Government Money Market, with a return of 4.14% and a target allocation of 0.2%, was the weakest performing holding overall during the fiscal year. Despite being the weakest performing equity holding, Transamerica Small Cap Growth produced positive returns during the fiscal year; with a target allocation of 1%, the Fund returned 3.51% during the period.

* The views expressed reflect the opinions of Transamerica Asset Management, Inc. as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica Asset Allocation Short Horizon

# Class R4

## Fund Overview

#### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g19932g78t31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg US Aggregate Bond Index** | **Transamerica Asset Allocation Short Horizon Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9973 | $9974 | $9961 |
| **12/31/2015** | $9877 | $9941 | $9887 |
| **1/31/2016** | $9859 | $10078 | $9908 |
| **2/29/2016** | $9886 | $10150 | $9961 |
| **3/31/2016** | $10083 | $10243 | $10146 |
| **4/30/2016** | $10148 | $10282 | $10223 |
| **5/31/2016** | $10157 | $10285 | $10231 |
| **6/30/2016** | $10265 | $10469 | $10365 |
| **7/31/2016** | $10395 | $10536 | $10476 |
| **8/31/2016** | $10414 | $10524 | $10487 |
| **9/30/2016** | $10440 | $10517 | $10506 |
| **10/31/2016** | $10384 | $10437 | $10442 |
| **11/30/2016** | $10271 | $10190 | $10321 |
| **12/31/2016** | $10320 | $10205 | $10370 |
| **1/31/2017** | $10395 | $10225 | $10431 |
| **2/28/2017** | $10490 | $10293 | $10522 |
| **3/31/2017** | $10487 | $10288 | $10523 |
| **4/30/2017** | $10563 | $10367 | $10598 |
| **5/31/2017** | $10623 | $10447 | $10663 |
| **6/30/2017** | $10615 | $10437 | $10650 |
| **7/31/2017** | $10690 | $10481 | $10717 |
| **8/31/2017** | $10743 | $10575 | $10784 |
| **10/31/2017** | $10783 | $10531 | $10815 |
| **11/30/2017** | $10804 | $10518 | $10832 |
| **12/31/2017** | $10857 | $10566 | $10886 |
| **1/31/2018** | $10846 | $10444 | $10873 |
| **2/28/2018** | $10706 | $10345 | $10756 |
| **3/31/2018** | $10733 | $10412 | $10781 |
| **4/30/2018** | $10712 | $10334 | $10757 |
| **5/31/2018** | $10787 | $10408 | $10826 |
| **6/30/2018** | $10785 | $10395 | $10834 |
| **7/31/2018** | $10818 | $10398 | $10874 |
| **8/31/2018** | $10894 | $10464 | $10959 |
| **9/30/2018** | $10849 | $10397 | $10916 |
| **10/31/2018** | $10674 | $10315 | $10757 |
| **11/30/2018** | $10696 | $10377 | $10809 |
| **12/31/2018** | $10681 | $10567 | $10809 |
| **1/31/2019** | $10914 | $10679 | $11028 |
| **2/28/2019** | $10980 | $10673 | $11082 |
| **3/31/2019** | $11125 | $10878 | $11248 |
| **4/30/2019** | $11180 | $10881 | $11317 |
| **5/31/2019** | $11203 | $11074 | $11369 |
| **6/30/2019** | $11388 | $11213 | $11565 |
| **7/31/2019** | $11422 | $11238 | $11598 |
| **8/31/2019** | $11579 | $11529 | $11774 |
| **9/30/2019** | $11555 | $11468 | $11746 |
| **10/31/2019** | $11612 | $11502 | $11804 |
| **11/30/2019** | $11679 | $11496 | $11846 |
| **12/31/2019** | $11721 | $11488 | $11913 |
| **1/31/2020** | $11870 | $11709 | $12062 |
| **2/29/2020** | $11870 | $11920 | $12086 |
| **3/31/2020** | $11230 | $11850 | $11741 |
| **4/30/2020** | $11632 | $12061 | $12073 |
| **5/31/2020** | $11839 | $12117 | $12223 |
| **6/30/2020** | $12004 | $12193 | $12322 |
| **7/31/2020** | $12270 | $12375 | $12573 |
| **8/31/2020** | $12327 | $12275 | $12644 |
| **9/30/2020** | $12284 | $12269 | $12578 |
| **10/31/2020** | $12226 | $12214 | $12513 |
| **11/30/2020** | $12574 | $12334 | $12802 |
| **12/31/2020** | $12708 | $12351 | $12915 |
| **1/31/2021** | $12672 | $12262 | $12877 |
| **2/28/2021** | $12600 | $12085 | $12802 |
| **3/31/2021** | $12576 | $11934 | $12771 |
| **4/30/2021** | $12731 | $12028 | $12920 |
| **5/31/2021** | $12803 | $12068 | $12982 |
| **6/30/2021** | $12904 | $12152 | $13073 |
| **7/31/2021** | $13024 | $12288 | $13221 |
| **8/31/2021** | $13048 | $12265 | $13247 |
| **9/30/2021** | $12920 | $12159 | $13123 |
| **10/31/2021** | $13005 | $12155 | $13213 |
| **11/30/2021** | $12980 | $12191 | $13208 |
| **12/31/2021** | $13037 | $12160 | $13273 |
| **1/31/2022** | $12722 | $11898 | $12976 |
| **2/28/2022** | $12621 | $11765 | $12876 |
| **3/31/2022** | $12417 | $11439 | $12671 |
| **4/30/2022** | $11974 | $11005 | $12247 |
| **5/31/2022** | $11961 | $11075 | $12281 |
| **6/30/2022** | $11602 | $10902 | $11933 |
| **7/31/2022** | $11972 | $11168 | $12325 |
| **8/31/2022** | $11704 | $10853 | $12024 |
| **9/30/2022** | $11173 | $10384 | $11482 |
| **10/31/2022** | $11225 | $10249 | $11555 |
| **11/30/2022** | $11521 | $10626 | $11889 |
| **12/31/2022** | $11431 | $10578 | $11786 |
| **1/31/2023** | $11787 | $10904 | $12130 |
| **2/28/2023** | $11576 | $10622 | $11902 |
| **3/31/2023** | $11768 | $10891 | $12171 |
| **4/30/2023** | $11821 | $10957 | $12242 |
| **5/31/2023** | $11728 | $10838 | $12134 |
| **6/30/2023** | $11798 | $10799 | $12197 |
| **7/31/2023** | $11892 | $10792 | $12264 |
| **8/31/2023** | $11798 | $10723 | $12196 |
| **9/30/2023** | $11565 | $10451 | $11952 |
| **10/31/2023** | $11403 | $10286 | $11810 |
| **11/30/2023** | $11863 | $10751 | $12290 |
| **12/31/2023** | $12280 | $11163 | $12691 |
| **1/31/2024** | $12266 | $11132 | $12700 |
| **2/29/2024** | $12253 | $10975 | $12653 |
| **3/31/2024** | $12394 | $11076 | $12787 |
| **4/30/2024** | $12105 | $10797 | $12536 |
| **5/31/2024** | $12298 | $10980 | $12753 |
| **6/30/2024** | $12421 | $11084 | $12877 |
| **7/31/2024** | $12642 | $11342 | $13128 |
| **8/31/2024** | $12835 | $11505 | $13304 |
| **9/30/2024** | $12996 | $11660 | $13482 |
| **10/31/2024** | $12801 | $11370 | $13251 |
| **11/30/2024** | $13010 | $11491 | $13419 |
| **12/31/2024** | $12812 | $11303 | $13247 |
| **1/31/2025** | $12952 | $11362 | $13381 |
| **2/28/2025** | $13107 | $11612 | $13569 |
| **3/31/2025** | $13020 | $11617 | $13517 |
| **4/30/2025** | $13051 | $11663 | $13568 |
| **5/31/2025** | $13129 | $11579 | $13612 |
| **6/30/2025** | $13342 | $11757 | $13830 |
| **7/31/2025** | $13358 | $11726 | $13842 |
| **8/31/2025** | $13531 | $11866 | $14026 |
| **9/30/2025** | $13667 | $11996 | $14170 |
| **10/31/2025** | $13715 | $12071 | $14257 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DXE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 7.15% | 2.33% | 3.21% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |
| Transamerica Asset Allocation Short Horizon Blended Benchmark<sup>Footnote Reference(b)</sup> | 7.59% | 2.64% | 3.61% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Asset Allocation Short Horizon Blended Benchmark consists of the following: 46% Bloomberg US Aggregate Bond Index, 17% ICE BofAML 1-3 Year U.S. Treasury Index, 15% Bloomberg US Treasury Inflation Protected Securities Index, 10% ICE BofAML High Yield Master II Index, 8% Russell 3000<sup>®</sup> Index, 2% MSCI World Index ex-U.S., and 2% ICE BofAML U.S. 3-Month Treasury Bill Index. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6552359 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 407% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16228 |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 89.0% |
| U.S. Equity Funds | 8.7 |
| International Equity Funds | 2.2 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

# Transamerica Asset Allocation Short Horizon

# Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 44.0% |
| Transamerica Short-Term Bond, Class I3 | 17.3 |
| Transamerica Inflation Opportunities, Class I3 | 16.8 |
| Transamerica High Yield Bond, Class I3 | 10.9 |
| Transamerica Large Growth, Class I3 | 3.4 |
| Transamerica Large Value Opportunities, Class I3 | 3.2 |
| Transamerica International Equity, Class I3 | 2.2 |
| Transamerica Small Cap Value, Class I3 | 1.1 |
| Transamerica Small Cap Growth, Class I3 | 1 |
| Transamerica Government Money Market, Class I3, 3.58% | 0.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by 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, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g19932g37b85.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 Asset Allocation Short Horizon

# Class R4

------

(b) Not Applicable

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

---

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The registrant's code of ethics is reasonably designed as described in Item 2(b) of Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The registrant has filed this code of ethics as an exhibit hereto pursuant to Item 19(a)(1) of Form N-CSR.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Experts.**  |

---

The registrant's Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are "audit committee financial experts," as such term is defined in Item 3 of Form N-CSR. Ms. Bane, and Mr. Waechter are "independent" under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as "audit committee financial experts" pursuant to Item 3 of Form N-CSR does not (i) deem either of them an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, (ii) impose upon either of them any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon them as a member of the registrant's audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the registrant's audit committee or Board of Trustees.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services**  |

---

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended 10/31<br> (in thousands) | Fiscal Year Ended 10/31<br> (in thousands) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |
| (a) <u>Audit Fees</u> | $1106 | $1295 |
| (b) <u>Audit Related Fees</u><sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;&nbsp;$99 |
| (c) <u>Tax Fees</u><sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$152 | &nbsp;&nbsp;&nbsp;&nbsp;$19 |
| (d) <u>All Other Fees</u><sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

<sup>(1)</sup> Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements including review of documents and issuances of consents related to Securities and Exchange Commission Form N-1A filing of the funds comprising the registrant. 

<sup>(2)</sup> Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the registrant. 

<sup>(3)</sup> All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company and N-14 merger items.

------

---

| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>. Generally, the registrant's Audit Committee must pre-approve (i) all audit and non-audit services performed for the registrant by the independent accountant and (ii) all non-audit services performed by the registrant's independent accountant for the registrant's investment adviser, and certain of the adviser's affiliates that provide ongoing services to the registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the registrant.  |

---

The Audit Committee may delegate pre-approval authority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the registrant will be subject to the pre-approval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant pre-approval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the registrant's treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions' rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2025 and 2024 was zero.  |

---

(f) Not Applicable.

(g) Not Applicable.

(h) The registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the registrant's Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.**  |

---

(a) Not Applicable.

(b) Not Applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.**  |

---

(a) The Schedules of Investments are included within the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable to the registrant.

------

---

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

---

(a) ------

![](g67628imgd927cf3f1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Asset Allocation - Conservative Portfolio**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img27a0b1e12.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_SOI-RunningFooter-184_1) | 2 |
| [Statement of Assets and Liabilities](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_FS-RunningFooter-184_1) | 6 |
| [Statement of Operations](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_FS-RunningFooter-184_2) | 7 |
| [Statement of Changes in Net Assets](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_FS-RunningFooter-184_3) | 8 |
| [Financial Highlights](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_FIHI-RunningFooter-184_1) | 10 |
| [Notes to Financial Statements](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_NTF-RunningFooter-184_1) | 13 |
| **[Report of Independent Registered Public Accounting Firm](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_AUD-RunningFooter-184_1)** | 25 |
| **[Supplemental Information](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_STI-RunningFooter-184_1)** | 26 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_DWA-RunningFooter-184_1)**<br> **[Companies](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_DWA-RunningFooter-184_1)**<br>| 27 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_PD-RunningFooter-184_1)** | 28 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_REMU-RunningFooter-184_1)**<br> **[Companies](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_REMU-RunningFooter-184_1)**<br>| 29 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9d1825e3-85dd-44d2-8c38-1d7e968d4650_AIAC-RunningFooter-184_1)** | 30 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 98.7%**  | **INVESTMENT COMPANIES - 98.7%**  | **INVESTMENT COMPANIES - 98.7%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust, Class I2 <sup>(A)(B)(C)(D)</sup> <br>| 1340 | $1695 |
| **International Equity Funds - 10.1%**  | **International Equity Funds - 10.1%**  | **International Equity Funds - 10.1%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(B)</sup> <br>| 290696 | 3136615 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class R6 <sup>(B)</sup> <br>| 219335 | 2379787 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(B)</sup> <br>| 1044357 | 26620651 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(B)</sup> <br>| 971438 | 7004067 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class R6 <sup>(B)</sup> <br>| 420967 | 3052009 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(B)</sup> <br>| 159983 | 2862095 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(B)</sup> <br>| 1536533 | 22540946 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class R6 <sup>(B)</sup> <br>| 235864 | 3460125 |
|  |  | 71056295 |
| **International Fixed Income Funds - 2.4%**  | **International Fixed Income Funds - 2.4%**  | **International Fixed Income Funds - 2.4%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Debt, <br> Class I2 <sup>(B)</sup> <br>| 1292975 | 12528929 |
| &nbsp;&nbsp; Transamerica Emerging Markets Debt, <br> Class R6 <sup>(B)</sup> <br>| 462464 | 4495153 |
|  |  | 17024082 |
| **U.S. Equity Funds - 27.4%**  | **U.S. Equity Funds - 27.4%**  | **U.S. Equity Funds - 27.4%**  |
| Transamerica Capital Growth, Class I2 <sup>(B)</sup> <br>| 420430 | 6403145 |
| Transamerica Capital Growth, Class R6 <sup>(B)</sup> <br>| 66022 | 1005512 |
| Transamerica Large Cap Value, Class I2 <sup>(B)</sup> <br>| 4321307 | 73030099 |
| Transamerica Large Cap Value, Class R6 <sup>(B)</sup> <br>| 331042 | 5597918 |
| Transamerica Mid Cap Growth, Class I2 <sup>(B)</sup> <br>| 189220 | 2128727 |
| Transamerica Mid Cap Growth, Class R6 <sup>(B)</sup> <br>| 334179 | 3752831 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 223360 | 2526198 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class R6 <sup>(B)</sup> <br>| 96771 | 1108024 |
| Transamerica Small Cap Growth, Class I2 <sup>(B)</sup> <br>| 351595 | 2165823 |
| &nbsp;&nbsp; Transamerica Small Cap Growth, <br> Class R6 <sup>(B)</sup> <br>| 249523 | 1537061 |
| Transamerica Small Cap Value, Class I2 <sup>(B)</sup> <br>| 380680 | 1956697 |
| Transamerica Small Cap Value, Class R6 <sup>(B)</sup> <br>| 316104 | 1650064 |
| &nbsp;&nbsp; Transamerica Sustainable Equity Income, <br> Class I2 <sup>(B)</sup> <br>| 604117 | 5141032 |
| Transamerica US Growth, Class I2 <sup>(B)</sup> <br>| 2285255 | 83640341 |
| Transamerica US Growth, Class R6 <sup>(B)</sup> <br>| 40034 | 1464843 |
|  |  | 193108315 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 58.1%**  | **U.S. Fixed Income Funds - 58.1%**  | **U.S. Fixed Income Funds - 58.1%**  |
| Transamerica Bond, Class I2 <sup>(B)</sup> <br>| 9138163 | $74841556 |
| Transamerica Bond, Class R6 <sup>(B)</sup> <br>| 3410966 | 27901705 |
| Transamerica Core Bond, Class I2 <sup>(B)</sup> <br>| 29979072 | 261117719 |
| Transamerica Floating Rate, Class I2 <sup>(B)</sup> <br>| 569246 | 5054906 |
| Transamerica High Yield Bond, Class I2 <sup>(B)</sup> <br>| 35488 | 293131 |
| Transamerica High Yield Bond, Class R6 <sup>(B)</sup> <br>| 403271 | 3326986 |
| &nbsp;&nbsp; Transamerica Inflation Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 2343417 | 23246693 |
| Transamerica Long Credit, Class I2 <sup>(B)</sup> <br>| 1430975 | 13751664 |
| Transamerica Short-Term Bond, Class I2 <sup>(B)</sup> <br>| 666 | 6601 |
|  |  | 409540961 |
| **U.S. Mixed Allocation Fund - 0.7%**  | **U.S. Mixed Allocation Fund - 0.7%**  | **U.S. Mixed Allocation Fund - 0.7%**  |
| &nbsp;&nbsp; Transamerica Energy Infrastructure, <br> Class I2 <sup>(B)</sup> <br>| 553899 | 4713679 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $619,017,821)**<br>|  | 695445027 |
| **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  |
| **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  |
| Alerian MLP ETF <sup>(E)</sup> <br>| 5000 | 233200 |
| Health Care Select Sector SPDR Fund <sup>(F)</sup> <br>| 9367 | 1351190 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $1,516,238)**<br>|  | 1584390 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(G)</sup>, dated 10/31/2025, to be <br> repurchased at $7,154,711 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $7,296,985.<br>| $7153817 | 7153817 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $7,153,817)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $7,153,817)** | 7153817 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $627,687,876)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $627,687,876)** | 704183234 |
| **Net Other Assets (Liabilities) - 0.1%** | **Net Other Assets (Liabilities) - 0.1%** | 399687 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$704582921** |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation - Conservative Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Notes | 372 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; $41660347 | &nbsp;&nbsp;&nbsp; $41913937 | &nbsp;&nbsp;&nbsp; $253590 | &nbsp;&nbsp;&nbsp; $— |
| EURO STOXX 50<sup>®</sup> Index | 20 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 1254769 | &nbsp;&nbsp;&nbsp; 1306875 | &nbsp;&nbsp;&nbsp; 52106 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 2 | &nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp; 403678 | &nbsp;&nbsp;&nbsp; 432678 | &nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$334696** | &nbsp;&nbsp;&nbsp; **$—** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $695443332 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $695443332 |
| Exchange-Traded Funds | 1584390 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1584390 |
| Repurchase Agreement |  | &nbsp;&nbsp; 7153817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7153817 |
| **Total** | **$697027722** | &nbsp;&nbsp; **$7153817** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$704181539** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 1695 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $704183234 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(I)</sup> <br>| $334696 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $334696 |
| **Total Other Financial Instruments** | **$334696** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$334696** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. The Fund's transactions and* *earnings from these underlying funds are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<sup>(a)</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**October 31,** <br>**2025**<br>| **Shares as of** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond, <br> Class I2<br>| $71304250 | $14206216 | $(12000000)<br>| $(1007918)<br>| $2339008 | $74841556 | 9138163 | $3306216 | $— |
| Transamerica Bond, <br> Class R6<br>|  | 47463564 | (18500000)<br>| (1905844)<br>| 843985 | 27901705 | 3410966 | 499012 |  |
| Transamerica Capital <br> Growth, Class I2<br>| 5421057 |  | (1700000)<br>| 615727 | 2066361 | 6403145 | 420430 |  |  |
| Transamerica Capital <br> Growth, Class R6<br>|  | 2540838 | (2500000)<br>| 604702 | 359972 | 1005512 | 66022 |  |  |
| Transamerica Core Bond, <br> Class I2<br>| 166657218 | 99264306 | (9000000)<br>| (721980)<br>| 4918175 | 261117719 | 29979072 | 8764305 |  |
| Transamerica Emerging <br> Markets Debt, Class I2<br>| 14317418 | 1352234 | (3500000)<br>| (142743)<br>| 502020 | 12528929 | 1292975 | 852234 |  |
| Transamerica Emerging <br> Markets Debt, Class R6<br>|  | 10516804 | (6000000)<br>| (333795)<br>| 312144 | 4495153 | 462464 | 174713 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 1346832 | 1001993 |  |  | 787790 | 3136615 | 290696 | 1993 |  |
| Transamerica Emerging <br> Markets Equity, Class R6<br>|  | 1932589 |  |  | 447198 | 2379787 | 219335 |  |  |
| Transamerica Energy <br> Infrastructure, Class I2<br>| 4477254 | 614079 | (600000)<br>| 434735 | (212389)<br>| 4713679 | 553899 | 72306 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 2806378 | 2338865 |  |  | (90337)<br>| 5054906 | 569246 | 338865 |  |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<sup>(a)</sup><br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **October 31,**<br> **2025**<br>| **Shares as of**<br> **October 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Global <br> Allocation Liquidating <br> Trust, Class I2<br>| $1610 | $— | $— | $— | $85 | $1695 | 1340 | $— | $— |
| Transamerica High Yield <br> Bond, Class I2<br>| 4237519 | 2167549 | (6000000)<br>| (94961)<br>| (16976)<br>| 293131 | 35488 | 167549 |  |
| Transamerica High Yield <br> Bond, Class R6<br>|  | 14774401 | (11000000)<br>| (479691)<br>| 32276 | 3326986 | 403271 | 93754 |  |
| Transamerica Inflation <br> Opportunities, Class I2<br>| 14740952 | 8213063 |  |  | 292678 | 23246693 | 2343417 | 713063 |  |
| Transamerica International <br> Equity, Class I2<br>| 16297458 | 14985413 | (8300000)<br>| 2297452 | 1340328 | 26620651 | 1044357 | 432463 | 52951 |
| Transamerica International <br> Focus, Class I2<br>| 7410444 | 1255213 | (1000000)<br>| (205261)<br>| (456329)<br>| 7004067 | 971438 | 115811 | 1139402 |
| Transamerica International <br> Focus, Class R6<br>|  | 2762077 |  |  | 289932 | 3052009 | 420967 |  |  |
| Transamerica International <br> Small Cap Value, Class I2<br>| 1275715 | 1072383 |  |  | 513997 | 2862095 | 159983 | 54367 | 18016 |
| Transamerica International <br> Stock, Class I2<br>| 17101369 | 3005594 | (1500000)<br>| 216395 | 3717588 | 22540946 | 1536533 | 487396 | 518198 |
| Transamerica International <br> Stock, Class R6<br>|  | 4255192 | (2000000)<br>| 432284 | 772649 | 3460125 | 235864 |  |  |
| Transamerica Large Cap <br> Value, Class I2<br>| 42214486 | 25847134 | (3300000)<br>| 495766 | 7772713 | 73030099 | 4321307 | 843146 | 503988 |
| Transamerica Large Cap <br> Value, Class R6<br>|  | 8132135 | (4000000)<br>| 641613 | 824170 | 5597918 | 331042 | 41659 |  |
| Transamerica Long Credit, <br> Class I2<br>| 13688093 | 5219060 | (5000000)<br>| (311850)<br>| 156361 | 13751664 | 1430975 | 718917 | 143 |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 2386653 | 75892 | (600000)<br>| 136603 | 129579 | 2128727 | 189220 |  | 75892 |
| Transamerica Mid Cap <br> Growth, Class R6<br>|  | 3336814 |  |  | 416017 | 3752831 | 334179 |  | 1269 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 1299703 | 3119956 | (2000000)<br>| 41220 | 65319 | 2526198 | 223360 | 19740 | 100217 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class R6<br>|  | 3681264 | (2500000)<br>| (143882)<br>| 70642 | 1108024 | 96771 |  |  |
| Transamerica Short-Term <br> Bond, Class I2<br>| 6248 | 282 |  |  | 71 | 6601 | 666 | 282 |  |
| Transamerica Small Cap <br> Growth, Class I2<br>| 2092487 | 244156 |  |  | (170820)<br>| 2165823 | 351595 |  | 244156 |
| Transamerica Small Cap <br> Growth, Class R6<br>|  | 1589839 |  |  | (52778)<br>| 1537061 | 249523 |  |  |
| Transamerica Small Cap <br> Value, Class I2<br>| 2231808 | 413182 | (400000)<br>| (22386)<br>| (265907)<br>| 1956697 | 380680 | 34932 | 378251 |
| Transamerica Small Cap <br> Value, Class R6<br>|  | 1591055 |  |  | 59009 | 1650064 | 316104 |  |  |
| Transamerica Sustainable <br> Equity Income, Class I2<br>| 4757439 | 398214 |  |  | (14621)<br>| 5141032 | 604117 | 77115 | 321099 |
| Transamerica US Growth, <br> Class I2<br>| 44205050 | 39511343 | (10900000)<br>| 417235 | 10406713 | 83640341 | 2285255 | 71598 | 5939745 |
| Transamerica US Growth, <br> Class R6<br>|  | 5157810 | (5000000)<br>| 911339 | 395694 | 1464843 | 40034 |  |  |
| **Total** | **$440277441** | **$332040509** | **$(117300000)**<br>| **$1874760** | **$38552317** | **$695445027** | **64710754** | **$17881436** | **$9293327** |
| <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(D)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust, <br> Class I2<br>| 07/31/2014 | &nbsp;&nbsp; $13784 | &nbsp;&nbsp; $1695 | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *The shareholder reports for Alerian ETFs can be found at the following location: http://www.alpsfunds.com/exchange-traded-funds/amlp.*

<sup>(F)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(I)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

*STOXX* *Deutsche Börse Group & SIX Group Index* <br> *TOPIX* *Tokyo Price Index*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $619,017,821) | $695445027 |
| Unaffiliated investments, at value (cost $1,516,238) | 1584390 |
| Repurchase agreement, at value (cost $7,153,817) | 7153817 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 881896 |
| Receivables and other assets: |  |
| Net income from securities lending | 179 |
| Shares of beneficial interest sold  | 75827 |
| Dividends from affiliated investments | 1415789 |
| Interest | 298 |
| Due from investment manager | 25593 |
| Total assets | 706582816 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 1416212 |
| Shares of beneficial interest redeemed | 283589 |
| Distribution and service fees | 156168 |
| Transfer agent fees | 80099 |
| Trustee and CCO fees | 239 |
| Audit and tax fees  | 14685 |
| Custody fees | 1866 |
| Legal fees | 6683 |
| Printing and shareholder reports fees | 6063 |
| Other accrued expenses | 18034 |
| Variation margin payable on futures contracts | 16257 |
| Total liabilities | 1999895 |
| **Net assets**  | $704582921 |
| **Net assets consist of:** |  |
| Paid-in capital | $627741892 |
| Total distributable earnings (accumulated losses) | 76841029 |
| **Net assets** | $704582921 |
| **Net assets by class:** |  |
| Class A | $250466203 |
| Class C | 15275242 |
| Class I | 16636056 |
| Class R | 529703 |
| Class R3 | 421675717 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 21672760 |
| Class C | 1338623 |
| Class I | 1427576 |
| Class R | 45136 |
| Class R3 | 36490254 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $11.56 |
| Class C | 11.41 |
| Class I | 11.65 |
| Class R | 11.74 |
| Class R3 | 11.56 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $12.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, R and R3 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $17881436 |
| Dividend income from unaffiliated investments | 34475 |
| Interest income from unaffiliated investments | 175458 |
| Total investment income  | 18091369 |
| **Expenses:** |  |
| Investment management fees | 571999 |
| Distribution and service fees: |  |
| Class A | 684974 |
| Class C | 156243 |
| Class R | 2466 |
| Class R3 | 640886 |
| Transfer agent fees: |  |
| Class A | 243511 |
| Class C | 17705 |
| Class I | 13905 |
| Class R | 325 |
| Class R3 | 403758 |
| Trustee and CCO fees | 24036 |
| Audit and tax fees | 36167 |
| Custody fees | 7634 |
| Legal fees | 76496 |
| Printing and shareholder reports fees | 40698 |
| Registration fees | 80689 |
| Other | 39530 |
| Total expenses before waiver and/or reimbursement and recapture | 3041022 |
| Expenses waived and/or reimbursed: |  |
| Class I | (12682)<br>|
| Class R3 | (552057)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 2306 |
| Net expenses | 2478589 |
| **Net investment income (loss)** | 15612780 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 1874760 |
| Unaffiliated investments  | 3734053 |
| Capital gain distributions received from affiliated investment companies  | 9293327 |
| Futures contracts | 1651101 |
| Net realized gain (loss) | 16553241 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 35663836 |
| Unaffiliated investments  | 23497 |
| Futures contracts | 399868 |
| Translation of assets and liabilities denominated in foreign currencies | (7244)<br>|
| Net change in unrealized appreciation (depreciation) | 36079957 |
| Net realized and change in unrealized gain (loss) | 52633198 |
| **Net increase (decrease) in net assets resulting from operations** | $68245978 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $15612780 | &nbsp;&nbsp;&nbsp;&nbsp; $13454102 |
| Net realized gain (loss) | 16553241 | &nbsp;&nbsp;&nbsp;&nbsp; 10213527 |
| Net change in unrealized appreciation (depreciation) | 36079957 | &nbsp;&nbsp;&nbsp;&nbsp; 51255692 |
| Net increase (decrease) in net assets resulting from operations | 68245978 | &nbsp;&nbsp;&nbsp;&nbsp; 74923321 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (6291063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12441474)<br>|
| Class C | (278903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (407098)<br>|
| Class I | (366230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (378651)<br>|
| Class R | (11211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11831)<br>|
| Class R3 | (8151492)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17018)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (15098899)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13256072)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 8671046 | &nbsp;&nbsp;&nbsp;&nbsp; 8763723 |
| Class C | 2315898 | &nbsp;&nbsp;&nbsp;&nbsp; 1363314 |
| Class I | 6576396 | &nbsp;&nbsp;&nbsp;&nbsp; 2895277 |
| Class R | 17427 | &nbsp;&nbsp;&nbsp;&nbsp; 17954 |
| Class R3 | 217755798 | &nbsp;&nbsp;&nbsp;&nbsp; 1317010 |
|  | 235336565 | &nbsp;&nbsp;&nbsp;&nbsp; 14357278 |
| Issued from fund acquisition: |  |  |
| Class R3 | 198667178 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 198667178 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 5935480 | &nbsp;&nbsp;&nbsp;&nbsp; 11979809 |
| Class C | 276745 | &nbsp;&nbsp;&nbsp;&nbsp; 404090 |
| Class I | 360689 | &nbsp;&nbsp;&nbsp;&nbsp; 375675 |
| Class R | 11211 | &nbsp;&nbsp;&nbsp;&nbsp; 11831 |
| Class R3 | 8151492 | &nbsp;&nbsp;&nbsp;&nbsp; 17018 |
|  | 14735617 | &nbsp;&nbsp;&nbsp;&nbsp; 12788423 |
| Cost of shares redeemed: |  |  |
| Class A | (201762816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68923912)<br>|
| Class C | (2806033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4386336)<br>|
| Class I | (4142065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3651869)<br>|
| Class R | (8859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23807)<br>|
| Class R3 | (32227346)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (780658)<br>|
|  | (240947119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77766582)<br>|
| Automatic conversions: |  |  |
| Class A | 2497338 | &nbsp;&nbsp;&nbsp;&nbsp; 4355993 |
| Class C | (2497338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4355993)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 207792241 | &nbsp;&nbsp;&nbsp;&nbsp; (50620881)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1496 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 264 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 624 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2384 |
| **Net increase (decrease) in net assets** | 260939320 | &nbsp;&nbsp;&nbsp;&nbsp; 11048752 |
| **Net assets:** |  |  |
| Beginning of year | 443643601 | &nbsp;&nbsp;&nbsp;&nbsp; 432594849 |
| End of year | $704582921 | &nbsp;&nbsp;&nbsp;&nbsp; $443643601 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation - Conservative Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 796825 | &nbsp;&nbsp;&nbsp;&nbsp; 845857 |
| Class C | 215307 | &nbsp;&nbsp;&nbsp;&nbsp; 132542 |
| Class I | 587111 | &nbsp;&nbsp;&nbsp;&nbsp; 277228 |
| Class R | 1576 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 |
| Class R3 | 20385811 | &nbsp;&nbsp;&nbsp;&nbsp; 126542 |
|  | 21986630 | &nbsp;&nbsp;&nbsp;&nbsp; 1383870 |
| Shares issued on fund acquisition: |  |  |
| Class R3 | 18204468 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 18204468 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares reinvested: |  |  |
| Class A | 547017 | &nbsp;&nbsp;&nbsp;&nbsp; 1154167 |
| Class C | 25879 | &nbsp;&nbsp;&nbsp;&nbsp; 39492 |
| Class I | 32878 | &nbsp;&nbsp;&nbsp;&nbsp; 35917 |
| Class R | 1017 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| Class R3 | 744247 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
|  | 1351038 | &nbsp;&nbsp;&nbsp;&nbsp; 1232328 |
| Shares redeemed: |  |  |
| Class A | (18811630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6707204)<br>|
| Class C | (259219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434956)<br>|
| Class I | (375003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (355106)<br>|
| Class R | (785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2294)<br>|
| Class R3 | (2938050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76551)<br>|
|  | (22384687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7576111)<br>|
| Automatic conversions: |  |  |
| Class A | 229276 | &nbsp;&nbsp;&nbsp;&nbsp; 427067 |
| Class C | (232254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (432398)<br>|
|  | (2978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5331)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (17238512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4280113)<br>|
| Class C | (250287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (695320)<br>|
| Class I | 244986 | &nbsp;&nbsp;&nbsp;&nbsp; (41961)<br>|
| Class R | 1808 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| Class R3 | 36396476 | &nbsp;&nbsp;&nbsp;&nbsp; 51621 |
|  | 19154471 | &nbsp;&nbsp;&nbsp;&nbsp; (4965244)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.61 | $9.25 | $9.22 | $12.13 | $11.04 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.30 | 0.31 | 0.20 | 0.29 | 0.27 |
| Net realized and unrealized gain (loss) | 0.92 | 1.36 | 0.04 | (2.30)<br>| 1.33 |
| Total investment operations | 1.22 | 1.67 | 0.24 | (2.01)<br>| 1.60 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.31)<br>| (0.21)<br>| (0.29)<br>| (0.27)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.31)<br>| (0.21)<br>| (0.90)<br>| (0.51)<br>|
| **Net asset value, end of year** | $11.56 | $10.61 | $9.25 | $9.22 | $12.13 |
| **Total return** <sup>(E)</sup> <br>| 11.72<br> %<br>| 18.11 %<sup>(C)</sup><br>| 2.60<br> %<br>| (17.75 )%<sup>(D)</sup><br>| 14.80<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $250466 | $412873 | $399522 | $460692 | $637631 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.47<br> %<br>| 0.48 %<sup>(G)</sup><br>| 0.47 %<sup>(G)</sup><br>| 0.45<br> %<br>|
| Net investment income (loss) to average net assets | 2.70<br> %<br>| 2.99<br> %<br>| 2.09<br> %<br>| 2.76<br> %<br>| 2.32<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.49 | $9.14 | $9.11 | $11.99 | $10.91 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.21 | 0.23 | 0.12 | 0.21 | 0.23 |
| Net realized and unrealized gain (loss) | 0.90 | 1.34 | 0.04 | (2.27)<br>| 1.27 |
| Total investment operations | 1.11 | 1.57 | 0.16 | (2.06)<br>| 1.50 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.22)<br>| (0.13)<br>| (0.21)<br>| (0.18)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.19)<br>| (0.22)<br>| (0.13)<br>| (0.82)<br>| (0.42)<br>|
| **Net asset value, end of year** | $11.41 | $10.49 | $9.14 | $9.11 | $11.99 |
| **Total return** <sup>(E)</sup> <br>| 10.74<br> %<br>| 17.24 %<sup>(C)</sup><br>| 1.77<br> %<br>| (18.38 )%<sup>(D)</sup><br>| 13.98<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15275 | $16661 | $20880 | $29806 | $50580 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.27<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.27<br> %<br>| 1.28<br> %<br>| 1.27<br> %<br>| 1.26 %<sup>(G)</sup><br>| 1.23<br> %<br>|
| Net investment income (loss) to average net assets | 1.98<br> %<br>| 2.22<br> %<br>| 1.30<br> %<br>| 2.07<br> %<br>| 1.96<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.69 | $9.31 | $9.27 | $12.18 | $11.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.34 | 0.34 | 0.23 | 0.33 | 0.30 |
| Net realized and unrealized gain (loss) | 0.92 | 1.37 | 0.05 | (2.32)<br>| 1.34 |
| Total investment operations | 1.26 | 1.71 | 0.28 | (1.99)<br>| 1.64 |
| **Contributions from affiliate** |  |  |  | 0.03 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.30)<br>| (0.33)<br>| (0.24)<br>| (0.34)<br>| (0.30)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.30)<br>| (0.33)<br>| (0.24)<br>| (0.95)<br>| (0.54)<br>|
| **Net asset value, end of year** | $11.65 | $10.69 | $9.31 | $9.27 | $12.18 |
| **Total return** | 12.04<br> %<br>| 18.46<br> %<br>| 2.93<br> %<br>| (17.25 )%<sup>(B)</sup><br>| 15.07<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $16636 | $12647 | $11401 | $13009 | $19731 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.26<br> %<br>| 0.26<br> %<br>| 0.26<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.17 %<sup>(D)</sup><br>| 0.16 %<sup>(D)</sup><br>| 0.16 %<sup>(D)</sup><br>| 0.16 %<sup>(E)</sup><br>| 0.15 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.06<br> %<br>| 3.31<br> %<br>| 2.42<br> %<br>| 3.17<br> %<br>| 2.55<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.29%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.78 | $9.38 | $9.34 | $12.27 | $11.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.28 | 0.29 | 0.18 | 0.28 | 0.25 |
| Net realized and unrealized gain (loss) | 0.93 | 1.38 | 0.05 | (2.34)<br>| 1.34 |
| Total investment operations | 1.21 | 1.67 | 0.23 | (2.06)<br>| 1.59 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(B)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.25)<br>| (0.28)<br>| (0.19)<br>| (0.26)<br>| (0.24)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>|
| Total dividends and/or distributions to shareholders | (0.25)<br>| (0.28)<br>| (0.19)<br>| (0.87)<br>| (0.48)<br>|
| **Net asset value, end of year** | $11.74 | $10.78 | $9.38 | $9.34 | $12.27 |
| **Total return** | 11.43<br> %<br>| 17.98 %<sup>(B)</sup><br>| 2.38<br> %<br>| (17.97)%<br>| 14.50<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $530 | $467 | $401 | $547 | $916 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.73<br> %<br>| 0.75<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.73<br> %<br>| 0.75 %<sup>(D)</sup><br>| 0.72<br> %<br>| 0.71<br> %<br>|
| Net investment income (loss) to average net assets | 2.52<br> %<br>| 2.73<br> %<br>| 1.83<br> %<br>| 2.67<br> %<br>| 2.09<br> %<br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.14%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $10.62 | $9.26 | $9.24 | $10.66 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.32 | 0.31 | 0.22 | 0.11 |
| Net realized and unrealized gain (loss) | 0.92 | 1.37 | 0.03 | (1.45)<br>|
| Total investment operations | 1.24 | 1.68 | 0.25 | (1.34)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.30)<br>| (0.32)<br>| (0.23)<br>| (0.08)<br>|
| **Net asset value, end of year** | $11.56 | $10.62 | $9.26 | $9.24 |
| **Total return** | 11.90<br> %<br>| 18.25<br> %<br>| 2.66<br> %<br>| (12.57 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $421676 | $996 | $391 | $63 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.55 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.91<br> %<br>| 3.00<br> %<br>| 2.24<br> %<br>| 1.78 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 36<br> %<br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation - Conservative Portfolio (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class R and Class R3.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

The Fund, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page at <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION**

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

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all

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**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2025, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $253590 | $— | $81106 | $— | $— | $334696 |
| **Total** | **$253590** | **$—** | **$81106** | **$—** | **$—** | **$334696** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $495060 | $— | $1156041 | $— | $— | $1651101 |
| **Total** | **$495060** | **$—** | **$1156041** | **$—** | **$—** | **$1651101** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $506660 | $— | $(106792)<br>| $— | $— | $399868 |
| **Total** | **$506660** | **$—** | **$(106792)**<br>| **$—** | **$—** | **$399868** |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $35796696 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying funds risk:** Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying Funds in which the Fund invests. The Fund has material ownership interests in the Underlying Funds.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $352291 | 0.05<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Asset Allocation - Conservative Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| Effective June 21, 2025 |  |
| First $1 billion | 0.1000<br> % <br>|
| Over $1 billion up to $2.5 billion | 0.0975 |
| Over $2.5 billion up to $4 billion | 0.0900 |
| Over $4 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |
| Prior to June 21, 2025 |  |
| First $1 billion | 0.1040 |
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.52<br> % <br>| March 1, 2027 |
| Class C | 1.31 | March 1, 2027 |
| Class I | 0.30 | March 1, 2027 |
| Class R | 0.77 | March 1, 2027 |
| Class R3 | 0.35 | March 1, 2027 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $551492 | $551492 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R3 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $61806 | &nbsp;&nbsp;&nbsp;&nbsp; $851 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 622 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $289976 | &nbsp;&nbsp; $25618 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $198877792 | &nbsp;&nbsp; $207538996 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and mark-to-market on futures contracts. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to capital loss carryfowards from the target fund in a current year merger and wash sales attributable to a current year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $5027163 | &nbsp;&nbsp;&nbsp;&nbsp; $(5027163)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $633761959 | &nbsp;&nbsp; $78742632 | &nbsp;&nbsp; $(8292358)<br>| &nbsp;&nbsp; $70450274 |

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains, which are subject to annual usage limitations resulting from the merger, are as follows:

---

| | |
|:---|:---|
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $159 | &nbsp;&nbsp;&nbsp;&nbsp; $482061 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $11,086,564.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $15098899 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13256072 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $1882678 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5001329 | &nbsp;&nbsp; $(482220)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70439242 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. REORGANIZATION**

Following the close of business on June 20, 2025, Transamerica Asset Allocation - Conservative Portfolio acquired all of the assets and liabilities of each of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Conservative Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Transamerica Asset Allocation - Conservative Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income following the close of business on June 20, 2025. The cost basis of the investments received from Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income were carried forward to align ongoing reporting of Transamerica Asset Allocation - Conservative Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Conservative Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7815323 | Class R3 | &nbsp;&nbsp; 15626301 | Class R3 | &nbsp;&nbsp; 18204468 | &nbsp;&nbsp; $198667178 | 0.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,136,714 from ClearTrack*<sup>®</sup> *2025 and 12,067,754 from* *ClearTrack*<sup>®</sup> *Retirement Income). The 0.78 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2025's specific ratio is 0.79 and ClearTrack*<sup>®</sup> *Retirement* *Income's ratio is 0.77.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Conservative Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $449767 | &nbsp;&nbsp; $2438714 | &nbsp;&nbsp; $66970577 | &nbsp;&nbsp; $131696601 | &nbsp;&nbsp; $487224781 | &nbsp;&nbsp; $685891959 |

---

Assuming the reorganization had been completed on November 1, 2024, the beginning of the fiscal reporting period of Transamerica Asset Allocation - Conservative Portfolio, the proforma results of operations for the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| Net investment income (loss)  | $18928255 |
| Net realized and change in unrealized gain (loss) on investments  | 58539047 |
| Net increase (decrease) in net assets resulting from operations  | 77467302 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. REORGANIZATION (continued)**

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income that have been included in Transamerica Asset Allocation - Conservative Portfolio's Statement of Operations following the close of business on June 20, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Asset Allocation - Conservative Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Asset Allocation - Conservative Portfolio (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img92b4794d3.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $2,217,218 of qualified dividend income.

For corporate shareholders, 7% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $945770 | $98217 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Asset Allocation - Conservative Portfolio** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Asset Allocation - Conservative Portfolio** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Asset Allocation - Conservative Portfolio** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Asset Allocation - Conservative Portfolio** 

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

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Asset Allocation – Conservative Portfolio (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Asset Allocation - Conservative Portfolio** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1-, 5- and 10-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above the benchmark that TAM utilizes to measure performance of the Fund for the past 1- and 5-year periods and below the benchmark for the past 3- and 10-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on August 28, 2020 pursuant to its current investment strategies and benchmarks.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee and actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Asset Allocation - Conservative Portfolio** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

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![](g67628imgf52789d04.gif)

![](g67628img7fba993a5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 AA CONS PORT 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgac77aa2a6.gif)

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![](g67628img78a0b88e1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Asset Allocation - Growth Portfolio**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgdc2312702.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_6d620d65-09a9-4637-b29d-ae4353870667_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_6d620d65-09a9-4637-b29d-ae4353870667_SOI-RunningFooter-187_1) | 2 |
| [Statement of Assets and Liabilities](#xx_6d620d65-09a9-4637-b29d-ae4353870667_FS-RunningFooter-187_1) | 5 |
| [Statement of Operations](#xx_6d620d65-09a9-4637-b29d-ae4353870667_FS-RunningFooter-187_2) | 6 |
| [Statement of Changes in Net Assets](#xx_6d620d65-09a9-4637-b29d-ae4353870667_FS-RunningFooter-187_3) | 7 |
| [Financial Highlights](#xx_6d620d65-09a9-4637-b29d-ae4353870667_FIHI-RunningFooter-187_1) | 9 |
| [Notes to Financial Statements](#xx_6d620d65-09a9-4637-b29d-ae4353870667_NTF-RunningFooter-187_1) | 12 |
| **[Report of Independent Registered Public Accounting Firm](#xx_6d620d65-09a9-4637-b29d-ae4353870667_AUD-RunningFooter-187_1)** | 23 |
| **[Supplemental Information](#xx_6d620d65-09a9-4637-b29d-ae4353870667_STI-RunningFooter-187_1)** | 24 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_6d620d65-09a9-4637-b29d-ae4353870667_DWA-RunningFooter-187_1)**<br> **[Companies](#xx_6d620d65-09a9-4637-b29d-ae4353870667_DWA-RunningFooter-187_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_6d620d65-09a9-4637-b29d-ae4353870667_PD-RunningFooter-187_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_6d620d65-09a9-4637-b29d-ae4353870667_REMU-RunningFooter-187_1)**<br> **[Companies](#xx_6d620d65-09a9-4637-b29d-ae4353870667_REMU-RunningFooter-187_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_6d620d65-09a9-4637-b29d-ae4353870667_AIAC-RunningFooter-187_1)** | 28 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation - Growth Portfolio**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 99.1%**  | **INVESTMENT COMPANIES - 99.1%**  | **INVESTMENT COMPANIES - 99.1%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust, Class I2 <sup>(A)(B)(C)(D)</sup> <br>| 874 | $1106 |
| **International Equity Funds - 26.7%**  | **International Equity Funds - 26.7%**  | **International Equity Funds - 26.7%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(B)</sup> <br>| 1924013 | 20760096 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class R6 <sup>(B)</sup> <br>| 150538 | 1633343 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(B)</sup> <br>| 5675732 | 144674402 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(B)</sup> <br>| 5169677 | 37273368 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class R6 <sup>(B)</sup> <br>| 114378 | 829241 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(B)</sup> <br>| 730380 | 13066490 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(B)</sup> <br>| 8597981 | 126132387 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class R6 <sup>(B)</sup> <br>| 9295 | 136360 |
|  |  | 344505687 |
| **U.S. Equity Funds - 71.0%**  | **U.S. Equity Funds - 71.0%**  | **U.S. Equity Funds - 71.0%**  |
| Transamerica Capital Growth, Class I2 <sup>(A)(B)</sup> <br>| 1819549 | 27711736 |
| Transamerica Capital Growth, Class R6 <sup>(A)(B)</sup> <br>| 31527 | 480158 |
| Transamerica Large Cap Value, Class I2 <sup>(B)</sup> <br>| 21713155 | 366952326 |
| Transamerica Large Cap Value, Class R6 <sup>(B)</sup> <br>| 263932 | 4463081 |
| Transamerica Mid Cap Growth, Class I2 <sup>(B)</sup> <br>| 1703458 | 19163898 |
| Transamerica Mid Cap Growth, Class R6 <sup>(B)</sup> <br>| 134748 | 1513223 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 1235460 | 13973051 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class R6 <sup>(B)</sup> <br>| 292100 | 3344541 |
| Transamerica Small Cap Growth, Class I2 <sup>(B)</sup> <br>| 1954197 | 12037851 |
| &nbsp;&nbsp; Transamerica Small Cap Growth, <br> Class R6 <sup>(B)</sup> <br>| 235605 | 1451325 |
| Transamerica Small Cap Value, Class I2 <sup>(B)</sup> <br>| 2393112 | 12300597 |
| Transamerica Small Cap Value, Class R6 <sup>(B)</sup> <br>| 300829 | 1570329 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
| &nbsp;&nbsp; Transamerica Sustainable Equity Income, <br> Class I2 <sup>(B)</sup> <br>| 4341464 | $36945859 |
| Transamerica US Growth, Class I2 <sup>(B)</sup> <br>| 11278289 | 412785392 |
| Transamerica US Growth, Class R6 <sup>(B)</sup> <br>| 12873 | 471012 |
|  |  | 915164379 |
| **U.S. Mixed Allocation Fund - 1.4%**  | **U.S. Mixed Allocation Fund - 1.4%**  | **U.S. Mixed Allocation Fund - 1.4%**  |
| &nbsp;&nbsp; Transamerica Energy Infrastructure, <br> Class I2 <sup>(B)</sup> <br>| 2048489 | 17432643 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $854,016,227)**<br>|  | 1277103815 |
| **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  |
| **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  |
| Alerian MLP ETF <sup>(E)</sup> <br>| 9720 | 453340 |
| Health Care Select Sector SPDR Fund <sup>(F)</sup> <br>| 14524 | 2095087 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $2,442,315)**<br>|  | 2548427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  | **REPURCHASE AGREEMENT - 0.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(G)</sup>, dated 10/31/2025, to be <br> repurchased at $6,943,742 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $7,081,900.<br>| $6942875 | 6942875 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,942,875)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,942,875)** | 6942875 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $863,401,417)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $863,401,417)** | 1286595117 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 2741347 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1289336464** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| EURO STOXX 50<sup>®</sup> Index | 44 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; $2760398 | &nbsp;&nbsp;&nbsp; $2875124 | &nbsp;&nbsp;&nbsp; $114726 | &nbsp;&nbsp;&nbsp; $— |
| S&P 500<sup>®</sup> E-Mini Index | 135 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 44878690 | &nbsp;&nbsp;&nbsp; 46399500 | &nbsp;&nbsp;&nbsp; 1520810 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 3 | &nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp; 605517 | &nbsp;&nbsp;&nbsp; 649017 | &nbsp;&nbsp;&nbsp; 43500 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$1679036** | &nbsp;&nbsp;&nbsp; **$—** |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation - Growth Portfolio**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $1277102709 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1277102709 |
| Exchange-Traded Funds | 2548427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2548427 |
| Repurchase Agreement |  | &nbsp;&nbsp; 6942875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6942875 |
| **Total** | **$1279651136** | &nbsp;&nbsp; **$6942875** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1286594011** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 1106 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $1286595117 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(I)</sup> <br>| $1679036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1679036 |
| **Total Other Financial Instruments** | **$1679036** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1679036** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. The Fund's transactions and* *earnings from these underlying funds are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<sup>(a)</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**October 31,** <br>**2025**<br>| **Shares as of** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond, <br> Class R6<br>| $— | $3671667 | $(3552391)<br>| $(119276)<br>| $— | $— |  | $1315 | $— |
| Transamerica Capital <br> Growth, Class I2<br>| 23847106 |  | (8000000)<br>| 1457852 | 10406778 | 27711736 | 1819549 |  |  |
| Transamerica Capital <br> Growth, Class R6<br>|  | 1849191 | (2950000)<br>| 1408029 | 172938 | 480158 | 31527 |  |  |
| Transamerica Emerging <br> Markets Debt, Class R6<br>|  | 1202316 | (1178513)<br>| (23803)<br>|  |  |  | 15046 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 25593863 | 37870 | (10000000)<br>| (1988537)<br>| 7116900 | 20760096 | 1924013 | 37869 |  |
| Transamerica Emerging <br> Markets Equity, Class R6<br>|  | 2427695 | (1100000)<br>| (120224)<br>| 425872 | 1633343 | 150538 |  |  |
| Transamerica Energy <br> Infrastructure, Class I2<br>| 16297181 | 398984 |  |  | 736478 | 17432643 | 2048489 | 383820 |  |
| Transamerica Global <br> Allocation Liquidating <br> Trust, Class I2<br>| 1051 |  |  |  | 55 | 1106 | 874 |  |  |
| Transamerica High Yield <br> Bond, Class R6<br>|  | 1669010 | (1659028)<br>| (9982)<br>|  |  |  | 960 |  |
| Transamerica International <br> Equity, Class I2<br>| 92321738 | 31749769 | (1000000)<br>| 108628 | 21494267 | 144674402 | 5675732 | 2449811 | 299959 |
| Transamerica International <br> Focus, Class I2<br>| 42006903 | 6187035 | (8000000)<br>| 633246 | (3553816)<br>| 37273368 | 5169677 | 570843 | 5616192 |
| Transamerica International <br> Focus, Class R6<br>|  | 3405790 | (2500000)<br>| (154842)<br>| 78293 | 829241 | 114378 |  |  |
| Transamerica International <br> Small Cap Value, Class I2<br>| 7416361 | 3420796 |  |  | 2229333 | 13066490 | 730380 | 316061 | 104736 |
| Transamerica International <br> Stock, Class I2<br>| 104404955 | 9139216 | (8500000)<br>| 493697 | 20594519 | 126132387 | 8597981 | 2975584 | 3163632 |
| Transamerica International <br> Stock, Class R6<br>|  | 5094070 | (6000000)<br>| 1011708 | 30582 | 136360 | 9295 |  |  |
| Transamerica Large Cap <br> Value, Class I2<br>| 283933591 | 62225957 | (20000000)<br>| (1601269)<br>| 42394047 | 366952326 | 21713155 | 5191506 | 3534451 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<sup>(a)</sup><br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **October 31,**<br> **2025**<br>| **Shares as of**<br> **October 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Large Cap <br> Value, Class R6<br>| $— | $7912695 | $(5000000)<br>| $782073 | $768313 | $4463081 | 263932 | $47754 | $— |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 16427321 | 683218 |  |  | 2053359 | 19163898 | 1703458 |  | 683218 |
| Transamerica Mid Cap <br> Growth, Class R6<br>|  | 3480910 | (2000000)<br>| (124053)<br>| 156366 | 1513223 | 134748 |  | 1176 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 13137662 | 1212543 |  |  | (377154)<br>| 13973051 | 1235460 | 199531 | 1013012 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class R6<br>|  | 3591528 |  |  | (246987)<br>| 3344541 | 292100 |  |  |
| Transamerica Small Cap <br> Growth, Class I2<br>| 7071677 | 5825135 |  |  | (858961)<br>| 12037851 | 1954197 |  | 825135 |
| Transamerica Small Cap <br> Growth, Class R6<br>|  | 1735933 |  |  | (284608)<br>| 1451325 | 235605 |  |  |
| Transamerica Small Cap <br> Value, Class I2<br>| 7839820 | 5739264 |  |  | (1278487)<br>| 12300597 | 2393112 | 147043 | 1592221 |
| Transamerica Small Cap <br> Value, Class R6<br>|  | 1654606 |  |  | (84277)<br>| 1570329 | 300829 |  |  |
| Transamerica Sustainable <br> Equity Income, Class I2<br>| 33226135 | 3793599 |  |  | (73875)<br>| 36945859 | 4341464 | 551029 | 2242570 |
| Transamerica US Growth, <br> Class I2<br>| 292629356 | 95878383 | (21000000)<br>| (732234)<br>| 46009887 | 412785392 | 11278289 | 504748 | 41873635 |
| Transamerica US Growth, <br> Class R6<br>|  | 4419850 | (5800000)<br>| 1714860 | 136302 | 471012 | 12873 |  |  |
| **Total** | **$966154720** | **$268407030** | **$(108239932)**<br>| **$2735873** | **$148046124** | **$1277103815** | **72131655** | **$13392920** | **$60949937** |
| <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(D)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust, <br> Class I2<br>| 07/31/2014 | &nbsp;&nbsp; $8994 | &nbsp;&nbsp; $1106 | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *The shareholder reports for Alerian ETFs can be found at the following location: http://www.alpsfunds.com/exchange-traded-funds/amlp.*

<sup>(F)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(I)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

*STOXX* *Deutsche Börse Group & SIX Group Index* <br> *TOPIX* *Tokyo Price Index*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $854,016,227) | $1277103815 |
| Unaffiliated investments, at value (cost $2,442,315) | 2548427 |
| Repurchase agreement, at value (cost $6,942,875) | 6942875 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 3397156 |
| Receivables and other assets: |  |
| Net income from securities lending | 250 |
| Shares of beneficial interest sold  | 283207 |
| Interest | 289 |
| Variation margin receivable on futures contracts | 113384 |
| Total assets | 1290389403 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 552123 |
| Investment management fees | 34071 |
| Distribution and service fees | 289049 |
| Transfer agent fees | 112820 |
| Trustee and CCO fees | 434 |
| Audit and tax fees  | 15992 |
| Custody fees | 2748 |
| Legal fees | 13371 |
| Printing and shareholder reports fees | 14006 |
| Other accrued expenses | 18325 |
| Total liabilities | 1052939 |
| **Net assets**  | $1289336464 |
| **Net assets consist of:** |  |
| Paid-in capital | $798863151 |
| Total distributable earnings (accumulated losses) | 490473313 |
| **Net assets** | $1289336464 |
| **Net assets by class:** |  |
| Class A | $931558367 |
| Class C | 44091004 |
| Class I | 50280074 |
| Class R | 807069 |
| Class R3 | 262599950 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 52258600 |
| Class C | 2585317 |
| Class I | 2808598 |
| Class R | 45646 |
| Class R3 | 14767259 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $17.83 |
| Class C | 17.05 |
| Class I | 17.90 |
| Class R | 17.68 |
| Class R3 | 17.78 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $18.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, R and R3 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $13392920 |
| Dividend income from unaffiliated investments | 62911 |
| Interest income from unaffiliated investments | 285687 |
| Total investment income  | 13741518 |
| **Expenses:** |  |
| Investment management fees | 1143071 |
| Distribution and service fees: |  |
| Class A | 2182294 |
| Class C | 437512 |
| Class R | 3678 |
| Class R3 | 404539 |
| Transfer agent fees: |  |
| Class A | 777615 |
| Class C | 70496 |
| Class I | 43359 |
| Class R | 618 |
| Class R3 | 254859 |
| Trustee and CCO fees | 48079 |
| Audit and tax fees | 40585 |
| Custody fees | 13326 |
| Legal fees | 118569 |
| Printing and shareholder reports fees | 76012 |
| Registration fees | 89051 |
| Other | 55552 |
| Total expenses before waiver and/or reimbursement and recapture | 5759215 |
| Expenses waived and/or reimbursed: |  |
| Class I | (39563)<br>|
| Class R3 | (426444)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 1400 |
| Net expenses | 5294608 |
| **Net investment income (loss)** | 8446910 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 2735873 |
| Unaffiliated investments  | 7402704 |
| Capital gain distributions received from affiliated investment companies  | 60949937 |
| Futures contracts | 5451503 |
| Net realized gain (loss) | 76540017 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 140551519 |
| Unaffiliated investments  | 23100 |
| Futures contracts | 1284152 |
| Translation of assets and liabilities denominated in foreign currencies | (18013)<br>|
| Net change in unrealized appreciation (depreciation) | 141840758 |
| Net realized and change in unrealized gain (loss) | 218380775 |
| **Net increase (decrease) in net assets resulting from operations** | $226827685 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $8446910 | &nbsp;&nbsp;&nbsp;&nbsp; $9746310 |
| Net realized gain (loss) | 76540017 | &nbsp;&nbsp;&nbsp;&nbsp; 46043388 |
| Net change in unrealized appreciation (depreciation) | 141840758 | &nbsp;&nbsp;&nbsp;&nbsp; 200095873 |
| Net increase (decrease) in net assets resulting from operations | 226827685 | &nbsp;&nbsp;&nbsp;&nbsp; 255885571 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (41643286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22806662)<br>|
| Class C | (1970333)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1019798)<br>|
| Class I | (2057764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (980611)<br>|
| Class R | (33562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16247)<br>|
| Class R3 | (7464646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50029)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (53169591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24873347)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 24626588 | &nbsp;&nbsp;&nbsp;&nbsp; 21700569 |
| Class C | 5073763 | &nbsp;&nbsp;&nbsp;&nbsp; 6175838 |
| Class I | 13380465 | &nbsp;&nbsp;&nbsp;&nbsp; 14047279 |
| Class R | 84749 | &nbsp;&nbsp;&nbsp;&nbsp; 28095 |
| Class R3 | 144390727 | &nbsp;&nbsp;&nbsp;&nbsp; 1817839 |
|  | 187556292 | &nbsp;&nbsp;&nbsp;&nbsp; 43769620 |
| Issued from fund acquisition: |  |  |
| Class R3 | 96235991 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 96235991 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 40003669 | &nbsp;&nbsp;&nbsp;&nbsp; 21909568 |
| Class C | 1969527 | &nbsp;&nbsp;&nbsp;&nbsp; 1019185 |
| Class I | 2020993 | &nbsp;&nbsp;&nbsp;&nbsp; 957890 |
| Class R | 33562 | &nbsp;&nbsp;&nbsp;&nbsp; 16247 |
| Class R3 | 7464646 | &nbsp;&nbsp;&nbsp;&nbsp; 50029 |
|  | 51492397 | &nbsp;&nbsp;&nbsp;&nbsp; 23952919 |
| Cost of shares redeemed: |  |  |
| Class A | (158682959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (125451752)<br>|
| Class C | (7390590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10777587)<br>|
| Class I | (11901087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12794663)<br>|
| Class R | (117363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107156)<br>|
| Class R3 | (19517995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (424744)<br>|
|  | (197609994)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149555902)<br>|
| Automatic conversions: |  |  |
| Class A | 8483164 | &nbsp;&nbsp;&nbsp;&nbsp; 11357645 |
| Class C | (8483164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11357645)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 137674686 | &nbsp;&nbsp;&nbsp;&nbsp; (81833363)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 3606 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 930 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 708 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5244 |
| **Net increase (decrease) in net assets** | 311332780 | &nbsp;&nbsp;&nbsp;&nbsp; 149184105 |
| **Net assets:** |  |  |
| Beginning of year | 978003684 | &nbsp;&nbsp;&nbsp;&nbsp; 828819579 |
| End of year | $1289336464 | &nbsp;&nbsp;&nbsp;&nbsp; $978003684 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1566136 | &nbsp;&nbsp;&nbsp;&nbsp; 1520224 |
| Class C | 334557 | &nbsp;&nbsp;&nbsp;&nbsp; 448282 |
| Class I | 820391 | &nbsp;&nbsp;&nbsp;&nbsp; 934454 |
| Class R | 5480 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 |
| Class R3 | 9151753 | &nbsp;&nbsp;&nbsp;&nbsp; 123260 |
|  | 11878317 | &nbsp;&nbsp;&nbsp;&nbsp; 3028174 |
| Shares issued on fund acquisition: |  |  |
| Class R3 | 6119119 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 6119119 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares reinvested: |  |  |
| Class A | 2672256 | &nbsp;&nbsp;&nbsp;&nbsp; 1637486 |
| Class C | 136583 | &nbsp;&nbsp;&nbsp;&nbsp; 78884 |
| Class I | 134823 | &nbsp;&nbsp;&nbsp;&nbsp; 71538 |
| Class R | 2255 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| Class R3 | 500647 | &nbsp;&nbsp;&nbsp;&nbsp; 3745 |
|  | 3446564 | &nbsp;&nbsp;&nbsp;&nbsp; 1792875 |
| Shares redeemed: |  |  |
| Class A | (10011330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8746651)<br>|
| Class C | (491834)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (785316)<br>|
| Class I | (753252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (877481)<br>|
| Class R | (7370)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7374)<br>|
| Class R3 | (1229226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29454)<br>|
|  | (12493012)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10446276)<br>|
| Automatic conversions: |  |  |
| Class A | 535107 | &nbsp;&nbsp;&nbsp;&nbsp; 798587 |
| Class C | (557452)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (830646)<br>|
|  | (22345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32059)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (5237831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4790354)<br>|
| Class C | (578146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1088796)<br>|
| Class I | 201962 | &nbsp;&nbsp;&nbsp;&nbsp; 128511 |
| Class R | 365 | &nbsp;&nbsp;&nbsp;&nbsp; (4198)<br>|
| Class R3 | 14542293 | &nbsp;&nbsp;&nbsp;&nbsp; 97551 |
|  | 8928643 | &nbsp;&nbsp;&nbsp;&nbsp; (5657286)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.42 | $12.01 | $12.09 | $16.86 | $12.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.12 | 0.15 | 0.06 | 0.46 | 0.06 |
| Net realized and unrealized gain (loss) | 3.06 | 3.63 | 0.86 | (3.95)<br>| 4.86 |
| Total investment operations | 3.18 | 3.78 | 0.92 | (3.49)<br>| 4.92 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.17)<br>| (0.06)<br>| (0.47)<br>| (0.10)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.77)<br>| (0.37)<br>| (1.00)<br>| (1.28)<br>| (0.59)<br>|
| **Net asset value, end of year** | $17.83 | $15.42 | $12.01 | $12.09 | $16.86 |
| **Total return** <sup>(E)</sup> <br>| 21.58<br> %<br>| 31.97 %<sup>(C)</sup><br>| 7.98<br> %<br>| (22.39 )%<sup>(D)</sup><br>| 40.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $931558 | $886737 | $747924 | $760822 | $1072922 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.48<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.48<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.48<br> %<br>| 0.50 %<sup>(G)</sup><br>| 0.49<br> %<br>| 0.48<br> %<br>|
| Net investment income (loss) to average net assets | 0.74<br> %<br>| 1.05<br> %<br>| 0.51<br> %<br>| 3.37<br> %<br>| 0.41<br> %<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $14.78 | $11.51 | $11.66 | $16.27 | $12.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.00 <br><sup>(B)</sup><br>| 0.04 | (0.03)<br>| 0.39 | (0.03)<br>|
| Net realized and unrealized gain (loss) | 2.92 | 3.48 | 0.82 | (3.89)<br>| 4.68 |
| Total investment operations | 2.92 | 3.52 | 0.79 | (3.50)<br>| 4.65 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.05)<br>|  | (0.31)<br>|  |
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.65)<br>| (0.25)<br>| (0.94)<br>| (1.12)<br>| (0.49)<br>|
| **Net asset value, end of year** | $17.05 | $14.78 | $11.51 | $11.66 | $16.27 |
| **Total return** <sup>(E)</sup> <br>| 20.54<br> %<br>| 30.92 %<sup>(C)</sup><br>| 7.07<br> %<br>| (23.00 )%<sup>(D)</sup><br>| 39.09<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $44091 | $46767 | $48950 | $64542 | $116319 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.30<br> %<br>| 1.31<br> %<br>| 1.33<br> %<br>| 1.30<br> %<br>| 1.26<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.30<br> %<br>| 1.31<br> %<br>| 1.33 %<sup>(G)</sup><br>| 1.29<br> %<br>| 1.26<br> %<br>|
| Net investment income (loss) to average net assets | (0.02)%<br>| 0.31<br> %<br>| (0.25)%<br>| 2.89<br> %<br>| (0.23)%<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.48 | $12.04 | $12.11 | $16.88 | $12.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.19 | 0.11 | 0.50 | 0.12 |
| Net realized and unrealized gain (loss) | 3.06 | 3.66 | 0.85 | (3.95)<br>| 4.86 |
| Total investment operations | 3.23 | 3.85 | 0.96 | (3.45)<br>| 4.98 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.21)<br>| (0.09)<br>| (0.53)<br>| (0.14)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.81)<br>| (0.41)<br>| (1.03)<br>| (1.34)<br>| (0.63)<br>|
| **Net asset value, end of year** | $17.90 | $15.48 | $12.04 | $12.11 | $16.88 |
| **Total return** | 21.89<br> %<br>| 32.47<br> %<br>| 8.37<br> %<br>| (22.01 )%<sup>(B)</sup><br>| 40.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $50280 | $40340 | $29828 | $30933 | $42252 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.25<br> %<br>| 0.24<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.15 %<sup>(D)</sup><br>| 0.15 %<sup>(D)</sup><br>| 0.15 %<sup>(D)</sup><br>| 0.15 %<sup>(E)</sup><br>| 0.15 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.06<br> %<br>| 1.35<br> %<br>| 0.86<br> %<br>| 3.65<br> %<br>| 0.77<br> %<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.14%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.31 | $11.90 | $11.96 | $16.70 | $12.41 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.08 | 0.12 | 0.04 | 0.47 | 0.04 |
| Net realized and unrealized gain (loss) | 3.03 | 3.61 | 0.85 | (3.98)<br>| 4.81 |
| Total investment operations | 3.11 | 3.73 | 0.89 | (3.51)<br>| 4.85 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(B)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.09)<br>| (0.13)<br>| (0.01)<br>| (0.42)<br>| (0.07)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.74)<br>| (0.33)<br>| (0.95)<br>| (1.23)<br>| (0.56)<br>|
| **Net asset value, end of year** | $17.68 | $15.31 | $11.90 | $11.96 | $16.70 |
| **Total return** | 21.20<br> %<br>| 31.84 %<sup>(B)</sup><br>| 7.76<br> %<br>| (22.64)%<br>| 39.84<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $807 | $693 | $589 | $750 | $1519 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.73<br> %<br>| 0.75<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.73<br> %<br>| 0.75 %<sup>(D)</sup><br>| 0.73<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) to average net assets | 0.49<br> %<br>| 0.81<br> %<br>| 0.29<br> %<br>| 3.43<br> %<br>| 0.26<br> %<br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.10%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $15.41 | $12.00 | $12.10 | $13.86 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.15 | 0.13 | 0.02 | 0.02 |
| Net realized and unrealized gain (loss) | 3.05 | 3.68 | 0.91 | (1.78)<br>|
| Total investment operations | 3.20 | 3.81 | 0.93 | (1.76)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.18)<br>| (0.20)<br>| (0.09)<br>|  |
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>|  |
| Total dividends and/or distributions to shareholders | (0.83)<br>| (0.40)<br>| (1.03)<br>|  |
| **Net asset value, end of year** | $17.78 | $15.41 | $12.00 | $12.10 |
| **Total return** | 21.76<br> %<br>| 32.22<br> %<br>| 8.05<br> %<br>| (12.70 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $262600 | $3467 | $1529 | $186 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.29<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 0.95<br> %<br>| 0.92<br> %<br>| 0.16<br> %<br>| 0.24 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 14<br> %<br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation - Growth Portfolio (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class R and Class R3.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

The Fund, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page at <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION**

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

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2025, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $— | $— | $1679036 | $— | $— | $1679036 |
| **Total** | **$—** | **$—** | **$1679036** | **$—** | **$—** | **$1679036** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $— | $— | $5451503 | $— | $— | $5451503 |
| **Total** | **$—** | **$—** | **$5451503** | **$—** | **$—** | **$5451503** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $— | $— | $1284152 | $— | $— | $1284152 |
| **Total** | **$—** | **$—** | **$1284152** | **$—** | **$—** | **$1284152** |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation - Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $42031569 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying funds risk:** Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation - Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying Funds in which the Fund invests. The Fund has material ownership interests in the Underlying Funds.

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| Effective June 21, 2025 |  |
| First $1 billion | 0.1000<br> % <br>|
| Over $1 billion up to $2.5 billion | 0.0975 |
| Over $2.5 billion up to $4 billion | 0.0900 |
| Over $4 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |
| Prior to June 21, 2025 |  |
| First $1 billion | 0.1040 |
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Asset Allocation - Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective June 21, 2025 |  |  |
| Class A | 0.55<br> % <br>| March 1, 2027 |
| Class C | 1.35 | March 1, 2027 |
| Class I | 0.30 | March 1, 2027 |
| Class R | 0.78 | March 1, 2027 |
| Class R3 | 0.24 | March 1, 2027 |
| Prior to June 21, 2025 |  |  |
| Class A | 0.55 |  |
| Class C | 1.35 |  |
| Class I | 0.30 |  |
| Class R | 0.78 |  |
| Class R3 | 0.35 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R3 | $1047 | $4772 | $426444 | $432263 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R3 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Asset Allocation - Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $335650 | &nbsp;&nbsp;&nbsp;&nbsp; $2510 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 10087 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $888919 | &nbsp;&nbsp; $76937 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $153299314 | &nbsp;&nbsp; $160127608 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and mark-to-market on futures contracts. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation - Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

The primary permanent differences are due to capital loss carryfowards from the target fund in a current year merger and wash sales attributable to a current year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $3189284 | &nbsp;&nbsp;&nbsp;&nbsp; $(3189284)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $871069796 | &nbsp;&nbsp; $420228366 | &nbsp;&nbsp; $(4659545)<br>| &nbsp;&nbsp; $415568821 |

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains, which are subject to annual usage limitations resulting from the merger, are as follows:

---

| | |
|:---|:---|
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1318861 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $1,265,912.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $11078834 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $42090757 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11398987 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13474360 | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $3599199 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72638721 | &nbsp;&nbsp; $(1318861)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $415554254 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Asset Allocation - Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. REORGANIZATION**

Following the close of business on June 20, 2025, Transamerica Asset Allocation - Growth Portfolio acquired all of the assets and liabilities of each of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Growth Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Transamerica Asset Allocation - Growth Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 following the close of business on June 20, 2025. The cost basis of the investments received from Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 were carried forward to align ongoing reporting of Transamerica Asset Allocation - Growth Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7529359 | Class R3 | &nbsp;&nbsp; 5973697 | Class R3 | &nbsp;&nbsp; 6119119 | &nbsp;&nbsp; $96235991 | 0.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (3,405,745 from ClearTrack*<sup>®</sup> *2045 and 2,713,374 from* *ClearTrack*<sup>®</sup> *2050). The 0.45 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2045's specific ratio is 0.45 and ClearTrack*<sup>®</sup> *2050's ratio is 0.45.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Growth Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation - Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $4020950 | &nbsp;&nbsp; $3473655 | &nbsp;&nbsp; $53562496 | &nbsp;&nbsp; $42673495 | &nbsp;&nbsp; $1079833626 | &nbsp;&nbsp; $1176069617 |

---

Assuming the reorganization had been completed on November 1, 2024, the beginning of the fiscal reporting period of Transamerica Asset Allocation - Growth Portfolio, the proforma results of operations for the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| Net investment income (loss)  | $9915471 |
| Net realized and change in unrealized gain (loss) on investments  | 223450439 |
| Net increase (decrease) in net assets resulting from operations  | 233365910 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 that have been included in Transamerica Asset Allocation - Growth Portfolio's Statement of Operations following the close of business on June 20, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Asset Allocation - Growth Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Asset Allocation - Growth Portfolio (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628imgac4a03c53.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $11,078,834 of qualified dividend income.

For corporate shareholders, 53% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made a long-term capital gain designation of $42,090,757 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $5575879 | $593216 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Asset Allocation - Growth Portfolio** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Asset Allocation - Growth Portfolio** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Asset Allocation - Growth Portfolio** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Asset Allocation - Growth Portfolio** 

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

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Asset Allocation – Growth Portfolio (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Asset Allocation - Growth Portfolio** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and in line with the median for the past 10-year period. The Board also noted that the performance of Class I Shares of the Fund was below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on August 28, 2020 pursuant to its current investment strategies and benchmark.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee and actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Asset Allocation - Growth Portfolio** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

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![](g67628imgb6dd15644.gif)

![](g67628img9a4642d95.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 AA GROWTH PORT 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img8b012e646.gif)

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![](g67628img36cfe0ad1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Asset Allocation - Moderate Growth Portfolio**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgf795241e2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_SOI-RunningFooter-186_1) | 2 |
| [Statement of Assets and Liabilities](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_FS-RunningFooter-186_1) | 6 |
| [Statement of Operations](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_FS-RunningFooter-186_2) | 7 |
| [Statement of Changes in Net Assets](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_FS-RunningFooter-186_3) | 8 |
| [Financial Highlights](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_FIHI-RunningFooter-186_1) | 10 |
| [Notes to Financial Statements](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_NTF-RunningFooter-186_1) | 13 |
| **[Report of Independent Registered Public Accounting Firm](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_AUD-RunningFooter-186_1)** | 26 |
| **[Supplemental Information](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_STI-RunningFooter-186_1)** | 27 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_DWA-RunningFooter-186_1)**<br> **[Companies](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_DWA-RunningFooter-186_1)**<br>| 28 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_PD-RunningFooter-186_1)** | 29 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_REMU-RunningFooter-186_1)**<br> **[Companies](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_REMU-RunningFooter-186_1)**<br>| 30 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_f8d10c9b-3040-4fe5-ada6-942c33871948_AIAC-RunningFooter-186_1)** | 31 |

---

***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**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 98.2%**  | **INVESTMENT COMPANIES - 98.2%**  | **INVESTMENT COMPANIES - 98.2%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust, Class I2 <sup>(A)(B)(C)(D)</sup> <br>| 5843 | $7392 |
| **International Equity Funds - 20.5%**  | **International Equity Funds - 20.5%**  | **International Equity Funds - 20.5%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(B)</sup> <br>| 4352675 | 46965367 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class R6 <sup>(B)</sup> <br>| 315913 | 3427658 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(B)</sup> <br>| 4702862 | 119875958 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(B)</sup> <br>| 5908230 | 42598335 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class R6 <sup>(B)</sup> <br>| 56803 | 411823 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(B)</sup> <br>| 400625 | 7167170 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(B)</sup> <br>| 8220477 | 120594402 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class R6 <sup>(B)</sup> <br>| 431948 | 6336668 |
|  |  | 347377381 |
| **International Fixed Income Funds - 2.5%**  | **International Fixed Income Funds - 2.5%**  | **International Fixed Income Funds - 2.5%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Debt, <br> Class I2 <sup>(B)</sup> <br>| 3859641 | 37399919 |
| &nbsp;&nbsp; Transamerica Emerging Markets Debt, <br> Class R6 <sup>(B)</sup> <br>| 527999 | 5132155 |
|  |  | 42532074 |
| **U.S. Equity Funds - 52.4%**  | **U.S. Equity Funds - 52.4%**  | **U.S. Equity Funds - 52.4%**  |
| Transamerica Capital Growth, Class I2 <sup>(A)(B)</sup> <br>| 2236368 | 34059883 |
| Transamerica Capital Growth, Class R6 <sup>(A)(B)</sup> <br>| 43415 | 661208 |
| Transamerica Large Cap Value, Class I2 <sup>(B)</sup> <br>| 21815761 | 368686363 |
| Transamerica Large Cap Value, Class R6 <sup>(B)</sup> <br>| 39940 | 675378 |
| Transamerica Mid Cap Growth, Class I2 <sup>(B)</sup> <br>| 1437472 | 16171557 |
| Transamerica Mid Cap Growth, Class R6 <sup>(B)</sup> <br>| 305588 | 3431755 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 929826 | 10516328 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class R6 <sup>(B)</sup> <br>| 30297 | 346906 |
| Transamerica Small Cap Growth, Class I2 <sup>(B)</sup> <br>| 1238402 | 7628559 |
| &nbsp;&nbsp; Transamerica Small Cap Growth, <br> Class R6 <sup>(B)</sup> <br>| 330862 | 2038111 |
| Transamerica Small Cap Value, Class I2 <sup>(B)</sup> <br>| 1515805 | 7791240 |
| Transamerica Small Cap Value, Class R6 <sup>(B)</sup> <br>| 286794 | 1497063 |
| &nbsp;&nbsp; Transamerica Sustainable Equity Income, <br> Class I2 <sup>(B)</sup> <br>| 4558346 | 38791523 |
| Transamerica US Growth, Class I2 <sup>(B)</sup> <br>| 10774191 | 394335394 |
| Transamerica US Growth, Class R6 <sup>(B)</sup> <br>| 13786 | 504440 |
|  |  | 887135708 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 21.8%**  | **U.S. Fixed Income Funds - 21.8%**  | **U.S. Fixed Income Funds - 21.8%**  |
| Transamerica Bond, Class I2 <sup>(B)</sup> <br>| 7462565 | $61118406 |
| Transamerica Bond, Class R6 <sup>(B)</sup> <br>| 712655 | 5829518 |
| Transamerica Core Bond, Class I2 <sup>(B)</sup> <br>| 21507312 | 187328686 |
| Transamerica Floating Rate, Class I2 <sup>(B)</sup> <br>| 1614819 | 14339597 |
| Transamerica High Yield Bond, Class I2 <sup>(B)</sup> <br>| 109681 | 905962 |
| Transamerica High Yield Bond, Class R6 <sup>(B)</sup> <br>| 853919 | 7044830 |
| &nbsp;&nbsp; Transamerica Inflation Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 5855302 | 58084596 |
| Transamerica Long Credit, Class I2 <sup>(B)</sup> <br>| 3522529 | 33851506 |
| Transamerica Short-Term Bond, Class I2 <sup>(B)</sup> <br>| 2435 | 24127 |
|  |  | 368527228 |
| **U.S. Mixed Allocation Fund - 1.0%**  | **U.S. Mixed Allocation Fund - 1.0%**  | **U.S. Mixed Allocation Fund - 1.0%**  |
| &nbsp;&nbsp; Transamerica Energy Infrastructure, <br> Class I2 <sup>(B)</sup> <br>| 2015743 | 17153971 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $1,202,197,850)**<br>|  | 1662733754 |
| **EXCHANGE-TRADED FUNDS - 0.4%**  | **EXCHANGE-TRADED FUNDS - 0.4%**  | **EXCHANGE-TRADED FUNDS - 0.4%**  |
| **U.S. Equity Funds - 0.4%**  | **U.S. Equity Funds - 0.4%**  | **U.S. Equity Funds - 0.4%**  |
| Alerian MLP ETF <sup>(E)</sup> <br>| 15241 | 710840 |
| Health Care Select Sector SPDR Fund <sup>(F)</sup> <br>| 39528 | 5701914 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $6,159,205)**<br>|  | 6412754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.4%**  | **REPURCHASE AGREEMENT - 1.4%**  | **REPURCHASE AGREEMENT - 1.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(G)</sup>, dated 10/31/2025, to be <br> repurchased at $24,194,247 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $24,675,115.<br>| $24191223 | 24191223 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,191,223)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,191,223)** | 24191223 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,232,548,278)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,232,548,278)** | 1693337731 |
| **Net Other Assets (Liabilities) - 0.0%\*** | **Net Other Assets (Liabilities) - 0.0%\*** | 644108 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1693981839** |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Notes | 775 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; $86863590 | &nbsp;&nbsp;&nbsp; $87320703 | &nbsp;&nbsp;&nbsp; $457113 | &nbsp;&nbsp;&nbsp; $— |
| EURO STOXX 50<sup>®</sup> Index | 58 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 3638682 | &nbsp;&nbsp;&nbsp; 3789936 | &nbsp;&nbsp;&nbsp; 151254 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 8 | &nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp; 1614712 | &nbsp;&nbsp;&nbsp; 1730712 | &nbsp;&nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$724367** | &nbsp;&nbsp;&nbsp; **$—** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $1662726362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1662726362 |
| Exchange-Traded Funds | 6412754 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6412754 |
| Repurchase Agreement |  | &nbsp;&nbsp; 24191223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24191223 |
| **Total** | **$1669139116** | &nbsp;&nbsp; **$24191223** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1693330339** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 7392 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $1693337731 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(I)</sup> <br>| $724367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $724367 |
| **Total Other Financial Instruments** | **$724367** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$724367** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. The Fund's transactions and* *earnings from these underlying funds are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<sup>(a)</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**October 31,** <br>**2025**<br>| **Shares as of** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond, <br> Class I2<br>| $77319871 | $11022913 | $(28000000)<br>| $(2859071)<br>| $3634693 | $61118406 | 7462565 | $2822913 | $— |
| Transamerica Bond, <br> Class R6<br>|  | 18407694 | (12000000)<br>| (746888)<br>| 168712 | 5829518 | 712655 | 103238 |  |
| Transamerica Capital <br> Growth, Class I2<br>| 32507071 |  | (14000000)<br>| 2648510 | 12904302 | 34059883 | 2236368 |  |  |
| Transamerica Capital <br> Growth, Class R6<br>|  | 2731207 | (4000000)<br>| 1665698 | 264303 | 661208 | 43415 |  |  |
| Transamerica Core Bond, <br> Class I2<br>| 179117166 | 57771075 | (52000000)<br>| (6077842)<br>| 8518287 | 187328686 | 21507312 | 7171412 |  |
| Transamerica Emerging <br> Markets Debt, Class I2<br>| 51850132 | 2843964 | (18000000)<br>| (690076)<br>| 1395899 | 37399919 | 3859641 | 2843964 |  |
| Transamerica Emerging <br> Markets Debt, Class R6<br>|  | 5105860 |  |  | 26295 | 5132155 | 527999 | 113800 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 26171471 | 9038725 |  |  | 11755171 | 46965367 | 4352675 | 38725 |  |
| Transamerica Emerging <br> Markets Equity, Class R6<br>|  | 2900803 |  |  | 526855 | 3427658 | 315913 |  |  |
| Transamerica Energy <br> Infrastructure, Class I2<br>| 16036660 | 393208 |  |  | 724103 | 17153971 | 2015743 | 340516 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 8122162 | 6475183 |  |  | (257748)<br>| 14339597 | 1614819 | 975182 |  |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<sup>(a)</sup><br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **October 31,**<br> **2025**<br>| **Shares as of**<br> **October 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Global <br> Allocation Liquidating <br> Trust, Class I2<br>| $7024 | $— | $— | $— | $368 | $7392 | 5843 | $— | $— |
| Transamerica High Yield <br> Bond, Class I2<br>| 14237171 | 454153 | (13400000)<br>| (319959)<br>| (65403)<br>| 905962 | 109681 | 454153 |  |
| Transamerica High Yield <br> Bond, Class R6<br>|  | 7254574 |  |  | (209744)<br>| 7044830 | 853919 | 173276 |  |
| Transamerica Inflation <br> Opportunities, Class I2<br>| 50926081 | 7376526 | (1000000)<br>| (18893)<br>| 800882 | 58084596 | 5855302 | 2076526 |  |
| Transamerica International <br> Equity, Class I2<br>| 91614147 | 22728695 | (13000000)<br>| 3038083 | 15495033 | 119875958 | 4702862 | 2431035 | 297660 |
| Transamerica International <br> Focus, Class I2<br>| 45421599 | 7693711 | (6500000)<br>| (1153499)<br>| (2863476)<br>| 42598335 | 5908230 | 709855 | 6983856 |
| Transamerica International <br> Focus, Class R6<br>|  | 4611988 | (4100000)<br>| (139596)<br>| 39431 | 411823 | 56803 |  |  |
| Transamerica International <br> Small Cap Value, Class I2<br>| 7661731 | 434719 | (2000000)<br>| 488347 | 582373 | 7167170 | 400625 | 326518 | 108201 |
| Transamerica International <br> Stock, Class I2<br>| 112611347 | 6621768 | (19500000)<br>| 2853038 | 18008249 | 120594402 | 8220477 | 3209469 | 3412299 |
| Transamerica International <br> Stock, Class R6<br>|  | 6982937 | (2500000)<br>| 512934 | 1340797 | 6336668 | 431948 |  |  |
| Transamerica Large Cap <br> Value, Class I2<br>| 297184396 | 42795942 | (13500000)<br>| 1889210 | 40316815 | 368686363 | 21815761 | 5210473 | 3585469 |
| Transamerica Large Cap <br> Value, Class R6<br>|  | 10554288 | (11500000)<br>| 1507620 | 113470 | 675378 | 39940 | 36596 |  |
| Transamerica Long Credit, <br> Class I2<br>| 44741648 | 8002155 | (18000000)<br>| (1355337)<br>| 463040 | 33851506 | 3522529 | 2001687 | 468 |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 13862282 | 576536 |  |  | 1732739 | 16171557 | 1437472 |  | 576536 |
| Transamerica Mid Cap <br> Growth, Class R6<br>|  | 4251128 | (1000000)<br>| (249589)<br>| 430216 | 3431755 | 305588 |  | 1495 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 6855143 | 3632697 |  |  | 28488 | 10516328 | 929826 | 104114 | 528583 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class R6<br>|  | 4489033 | (3900000)<br>| (264244)<br>| 22117 | 346906 | 30297 |  |  |
| Transamerica Short-Term <br> Bond, Class I2<br>| 22837 | 1029 |  |  | 261 | 24127 | 2435 | 1029 |  |
| Transamerica Small Cap <br> Growth, Class I2<br>| 9176448 | 1070723 | (2000000)<br>| (755690)<br>| 137078 | 7628559 | 1238402 |  | 1070723 |
| Transamerica Small Cap <br> Growth, Class R6<br>|  | 2364969 |  |  | (326858)<br>| 2038111 | 330862 |  |  |
| Transamerica Small Cap <br> Value, Class I2<br>| 7415930 | 1645225 |  |  | (1269915)<br>| 7791240 | 1515805 | 139093 | 1506132 |
| Transamerica Small Cap <br> Value, Class R6<br>|  | 2265047 | (700000)<br>| (118343)<br>| 50359 | 1497063 | 286794 |  |  |
| Transamerica Sustainable <br> Equity Income, Class I2<br>| 36871733 | 3077475 | (1000000)<br>| 73648 | (231333)<br>| 38791523 | 4558346 | 588848 | 2488627 |
| Transamerica US Growth, <br> Class I2<br>| 304249657 | 88061037 | (43500000)<br>| 5165682 | 40359018 | 394335394 | 10774191 | 512879 | 42548159 |
| Transamerica US Growth, <br> Class R6<br>|  | 6071114 | (7500000)<br>| 1766650 | 166676 | 504440 | 13786 |  |  |
| **Total** | **$1433983707** | **$359708101** | **$(292600000)**<br>| **$6860393** | **$154781553** | **$1662733754** | **117996829** | **$32385301** | **$63108208** |
| <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(D)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust, <br> Class I2<br>| 07/31/2014 | &nbsp;&nbsp; $60118 | &nbsp;&nbsp; $7392 | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *The shareholder reports for Alerian ETFs can be found at the following location: http://www.alpsfunds.com/exchange-traded-funds/amlp.*

<sup>(F)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(I)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

*STOXX* *Deutsche Börse Group & SIX Group Index* <br> *TOPIX* *Tokyo Price Index*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $1,202,197,850) | $1662733754 |
| Unaffiliated investments, at value (cost $6,159,205) | 6412754 |
| Repurchase agreement, at value (cost $24,191,223) | 24191223 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 1957913 |
| Receivables and other assets: |  |
| Net income from securities lending | 429 |
| Shares of beneficial interest sold  | 184634 |
| Dividends from affiliated investments | 1185440 |
| Interest | 1008 |
| Total assets | 1696667155 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 1185102 |
| Shares of beneficial interest redeemed | 785991 |
| Investment management fees | 74416 |
| Distribution and service fees | 380165 |
| Transfer agent fees | 141497 |
| Trustee and CCO fees | 573 |
| Audit and tax fees  | 17123 |
| Custody fees | 3452 |
| Legal fees | 18269 |
| Printing and shareholder reports fees | 20364 |
| Other accrued expenses | 23385 |
| Variation margin payable on futures contracts | 34979 |
| Total liabilities | 2685316 |
| **Net assets**  | $1693981839 |
| **Net assets consist of:** |  |
| Paid-in capital | $1162527223 |
| Total distributable earnings (accumulated losses) | 531454616 |
| **Net assets** | $1693981839 |
| **Net assets by class:** |  |
| Class A | $1275051098 |
| Class C | 54101027 |
| Class I | 62631591 |
| Class R | 1517334 |
| Class R3 | 300680789 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 85624547 |
| Class C | 3560042 |
| Class I | 4191707 |
| Class R | 102018 |
| Class R3 | 20234035 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $14.89 |
| Class C | 15.20 |
| Class I | 14.94 |
| Class R | 14.87 |
| Class R3 | 14.86 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $15.76 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, R and R3 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $32385301 |
| Dividend income from unaffiliated investments | 119706 |
| Interest income from unaffiliated investments | 422338 |
| Total investment income  | 32927345 |
| **Expenses:** |  |
| Investment management fees | 1526663 |
| Distribution and service fees: |  |
| Class A | 3098733 |
| Class C | 563077 |
| Class R | 8126 |
| Class R3 | 401666 |
| Transfer agent fees: |  |
| Class A | 1030993 |
| Class C | 80292 |
| Class I | 58298 |
| Class R | 964 |
| Class R3 | 253050 |
| Trustee and CCO fees | 65056 |
| Audit and tax fees | 46326 |
| Custody fees | 17443 |
| Legal fees | 146800 |
| Printing and shareholder reports fees | 102163 |
| Registration fees | 91152 |
| Other | 77117 |
| Total expenses before waiver and/or reimbursement and recapture | 7567919 |
| Expenses waived and/or reimbursed: |  |
| Class I | (53199)<br>|
| Class R3 | (366799)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 1530 |
| Net expenses | 7149451 |
| **Net investment income (loss)** | 25777894 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 6860393 |
| Unaffiliated investments  | 8956653 |
| Capital gain distributions received from affiliated investment companies  | 63108208 |
| Futures contracts | 3849072 |
| Net realized gain (loss) | 82774326 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 146695705 |
| Unaffiliated investments  | 120461 |
| Futures contracts | 909284 |
| Translation of assets and liabilities denominated in foreign currencies | (14576)<br>|
| Net change in unrealized appreciation (depreciation) | 147710874 |
| Net realized and change in unrealized gain (loss) | 230485200 |
| **Net increase (decrease) in net assets resulting from operations** | $256263094 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $25777894 | &nbsp;&nbsp;&nbsp;&nbsp; $27656744 |
| Net realized gain (loss) | 82774326 | &nbsp;&nbsp;&nbsp;&nbsp; 63206459 |
| Net change in unrealized appreciation (depreciation) | 147710874 | &nbsp;&nbsp;&nbsp;&nbsp; 237075095 |
| Net increase (decrease) in net assets resulting from operations | 256263094 | &nbsp;&nbsp;&nbsp;&nbsp; 327938298 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (73525354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43035308)<br>|
| Class C | (3004832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1628856)<br>|
| Class I | (3257266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1793206)<br>|
| Class R | (96134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42192)<br>|
| Class R3 | (7119734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (87003320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46535077)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 20218272 | &nbsp;&nbsp;&nbsp;&nbsp; 20818250 |
| Class C | 5653670 | &nbsp;&nbsp;&nbsp;&nbsp; 5581140 |
| Class I | 18636004 | &nbsp;&nbsp;&nbsp;&nbsp; 9950504 |
| Class R | 33083 | &nbsp;&nbsp;&nbsp;&nbsp; 203818 |
| Class R3 | 117678406 | &nbsp;&nbsp;&nbsp;&nbsp; 2123542 |
|  | 162219435 | &nbsp;&nbsp;&nbsp;&nbsp; 38677254 |
| Issued from fund acquisition: |  |  |
| Class R3 | 161177710 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 161177710 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 70026457 | &nbsp;&nbsp;&nbsp;&nbsp; 41035631 |
| Class C | 2998421 | &nbsp;&nbsp;&nbsp;&nbsp; 1622347 |
| Class I | 3215678 | &nbsp;&nbsp;&nbsp;&nbsp; 1770149 |
| Class R | 95152 | &nbsp;&nbsp;&nbsp;&nbsp; 41727 |
| Class R3 | 7119734 | &nbsp;&nbsp;&nbsp;&nbsp; 35515 |
|  | 83455442 | &nbsp;&nbsp;&nbsp;&nbsp; 44505369 |
| Cost of shares redeemed: |  |  |
| Class A | (286810213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (192859323)<br>|
| Class C | (9124407)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12048284)<br>|
| Class I | (17887673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16931259)<br>|
| Class R | (387257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121055)<br>|
| Class R3 | (15093749)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (715235)<br>|
|  | (329303299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (222675156)<br>|
| Automatic conversions: |  |  |
| Class A | 12036720 | &nbsp;&nbsp;&nbsp;&nbsp; 17204880 |
| Class C | (12036720)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17204880)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 77549288 | &nbsp;&nbsp;&nbsp;&nbsp; (139492533)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 2804 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1722 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 1592 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6118 |
| **Net increase (decrease) in net assets** | 246809062 | &nbsp;&nbsp;&nbsp;&nbsp; 141916806 |
| **Net assets:** |  |  |
| Beginning of year | 1447172777 | &nbsp;&nbsp;&nbsp;&nbsp; 1305255971 |
| End of year | $1693981839 | &nbsp;&nbsp;&nbsp;&nbsp; $1447172777 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1511274 | &nbsp;&nbsp;&nbsp;&nbsp; 1653032 |
| Class C | 407947 | &nbsp;&nbsp;&nbsp;&nbsp; 431809 |
| Class I | 1379248 | &nbsp;&nbsp;&nbsp;&nbsp; 772611 |
| Class R | 2446 | &nbsp;&nbsp;&nbsp;&nbsp; 15340 |
| Class R3 | 8617100 | &nbsp;&nbsp;&nbsp;&nbsp; 165738 |
|  | 11918015 | &nbsp;&nbsp;&nbsp;&nbsp; 3038530 |
| Shares issued on fund acquisition: |  |  |
| Class R3 | 11990070 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 11990070 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares reinvested: |  |  |
| Class A | 5466545 | &nbsp;&nbsp;&nbsp;&nbsp; 3408275 |
| Class C | 227844 | &nbsp;&nbsp;&nbsp;&nbsp; 131471 |
| Class I | 250833 | &nbsp;&nbsp;&nbsp;&nbsp; 147022 |
| Class R | 7422 | &nbsp;&nbsp;&nbsp;&nbsp; 3466 |
| Class R3 | 557536 | &nbsp;&nbsp;&nbsp;&nbsp; 2952 |
|  | 6510180 | &nbsp;&nbsp;&nbsp;&nbsp; 3693186 |
| Shares redeemed: |  |  |
| Class A | (21137697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15202164)<br>|
| Class C | (659958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (933981)<br>|
| Class I | (1313089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1333298)<br>|
| Class R | (27513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9538)<br>|
| Class R3 | (1107947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56636)<br>|
|  | (24246204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17535617)<br>|
| Automatic conversions: |  |  |
| Class A | 893867 | &nbsp;&nbsp;&nbsp;&nbsp; 1371393 |
| Class C | (873493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1344118)<br>|
|  | 20374 | &nbsp;&nbsp;&nbsp;&nbsp; 27275 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (13266011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8769464)<br>|
| Class C | (897660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1714819)<br>|
| Class I | 316992 | &nbsp;&nbsp;&nbsp;&nbsp; (413665)<br>|
| Class R | (17645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9268 |
| Class R3 | 20056759 | &nbsp;&nbsp;&nbsp;&nbsp; 112054 |
|  | 6192435 | &nbsp;&nbsp;&nbsp;&nbsp; (10776626)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.45 | $11.02 | $10.84 | $14.72 | $11.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.23 | 0.25 | 0.14 | 0.37 | 0.17 |
| Net realized and unrealized gain (loss) | 2.03 | 2.59 | 0.43 | (3.12)<br>| 3.21 |
| Total investment operations | 2.26 | 2.84 | 0.57 | (2.75)<br>| 3.38 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.25)<br>| (0.22)<br>| (0.12)<br>| (0.38)<br>| (0.15)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.82)<br>| (0.41)<br>| (0.39)<br>| (1.13)<br>| (0.53)<br>|
| **Net asset value, end of year** | $14.89 | $13.45 | $11.02 | $10.84 | $14.72 |
| **Total return** <sup>(E)</sup> <br>| 17.81<br> %<br>| 26.18 %<sup>(C)</sup><br>| 5.33<br> %<br>| (20.18 )%<sup>(D)</sup><br>| 29.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1275051 | $1329914 | $1186870 | $1256097 | $1756950 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.47<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.47<br> %<br>| 0.47<br> %<br>| 0.48 %<sup>(G)</sup><br>| 0.47 %<sup>(G)</sup><br>| 0.46<br> %<br>|
| Net investment income (loss) to average net assets | 1.71<br> %<br>| 1.93<br> %<br>| 1.24<br> %<br>| 3.05<br> %<br>| 1.19<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.69 | $11.19 | $10.98 | $14.85 | $11.96 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.13 | 0.15 | 0.05 | 0.31 | 0.09 |
| Net realized and unrealized gain (loss) | 2.08 | 2.64 | 0.44 | (3.22)<br>| 3.21 |
| Total investment operations | 2.21 | 2.79 | 0.49 | (2.91)<br>| 3.30 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.10)<br>| (0.01)<br>| (0.22)<br>| (0.03)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.70)<br>| (0.29)<br>| (0.28)<br>| (0.97)<br>| (0.41)<br>|
| **Net asset value, end of year** | $15.20 | $13.69 | $11.19 | $10.98 | $14.85 |
| **Total return** <sup>(E)</sup> <br>| 16.91<br> %<br>| 25.16 %<sup>(C)</sup><br>| 4.51<br> %<br>| (20.81 )%<sup>(D)</sup><br>| 28.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $54101 | $61020 | $69100 | $94276 | $166140 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.29 %<sup>(G)</sup><br>| 1.26<br> %<br>| 1.24<br> %<br>|
| Net investment income (loss) to average net assets | 0.96<br> %<br>| 1.17<br> %<br>| 0.45<br> %<br>| 2.47<br> %<br>| 0.66<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.48 | $11.04 | $10.85 | $14.73 | $11.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.27 | 0.29 | 0.18 | 0.42 | 0.21 |
| Net realized and unrealized gain (loss) | 2.05 | 2.59 | 0.43 | (3.14)<br>| 3.21 |
| Total investment operations | 2.32 | 2.88 | 0.61 | (2.72)<br>| 3.42 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.25)<br>| (0.15)<br>| (0.43)<br>| (0.18)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.86)<br>| (0.44)<br>| (0.42)<br>| (1.18)<br>| (0.56)<br>|
| **Net asset value, end of year** | $14.94 | $13.48 | $11.04 | $10.85 | $14.73 |
| **Total return** | 18.24<br> %<br>| 26.52<br> %<br>| 5.69<br> %<br>| (19.78 )%<sup>(B)</sup><br>| 29.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $62632 | $52245 | $47351 | $50808 | $73488 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.15 %<sup>(D)</sup><br>| 0.14 %<sup>(D)</sup><br>| 0.14 %<sup>(D)</sup><br>| 0.14 %<sup>(D)(E)</sup><br>| 0.14 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.00<br> %<br>| 2.26<br> %<br>| 1.57<br> %<br>| 3.40<br> %<br>| 1.52<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.16%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.44 | $11.01 | $10.82 | $14.68 | $11.84 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.21 | 0.21 | 0.11 | 0.34 | 0.14 |
| Net realized and unrealized gain (loss) | 2.02 | 2.59 | 0.43 | (3.12)<br>| 3.19 |
| Total investment operations | 2.23 | 2.80 | 0.54 | (2.78)<br>| 3.33 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(B)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.19)<br>| (0.08)<br>| (0.33)<br>| (0.11)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>|
| Total dividends and/or distributions to shareholders | (0.80)<br>| (0.38)<br>| (0.35)<br>| (1.08)<br>| (0.49)<br>|
| **Net asset value, end of year** | $14.87 | $13.44 | $11.01 | $10.82 | $14.68 |
| **Total return** | 17.56<br> %<br>| 25.92 %<sup>(B)</sup><br>| 5.08<br> %<br>| (20.34)%<br>| 28.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1517 | $1609 | $1215 | $1236 | $1781 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.70<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.70<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | 1.51<br> %<br>| 1.67<br> %<br>| 0.97<br> %<br>| 2.78<br> %<br>| 1.00<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.11%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $13.46 | $11.04 | $10.85 | $12.38 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.24 | 0.24 | 0.15 | 0.07 |
| Net realized and unrealized gain (loss) | 2.03 | 2.61 | 0.44 | (1.60)<br>|
| Total investment operations | 2.27 | 2.85 | 0.59 | (1.53)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.30)<br>| (0.24)<br>| (0.13)<br>|  |
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>|  |
| Total dividends and/or distributions to shareholders | (0.87)<br>| (0.43)<br>| (0.40)<br>|  |
| **Net asset value, end of year** | $14.86 | $13.46 | $11.04 | $10.85 |
| **Total return** | 17.93<br> %<br>| 26.29<br> %<br>| 5.50<br> %<br>| (12.36 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $300681 | $2385 | $720 | $215 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.54 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.32<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.77<br> %<br>| 1.85<br> %<br>| 1.36<br> %<br>| 0.93 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 13<br> %<br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class R and Class R3.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

The Fund, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page at <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION**

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

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2025, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $457113 | $— | $267254 | $— | $— | $724367 |
| **Total** | **$457113** | **$—** | **$267254** | **$—** | **$—** | **$724367** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $912129 | $— | $2936943 | $— | $— | $3849072 |
| **Total** | **$912129** | **$—** | **$2936943** | **$—** | **$—** | **$3849072** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $1282979 | $— | $(373695)<br>| $— | $— | $909284 |
| **Total** | **$1282979** | **$—** | **$(373695)**<br>| **$—** | **$—** | **$909284** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $85505388 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying funds risk:** Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying Funds in which the Fund invests. The Fund has material ownership interests in the Underlying Funds.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1863380 | 0.11<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| Effective June 21, 2025 |  |
| First $1 billion | 0.1000<br> % <br>|
| Over $1 billion up to $2.5 billion | 0.0975 |
| Over $2.5 billion up to $4 billion | 0.0900 |
| Over $4 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |
| Prior to June 21, 2025 |  |
| First $1 billion | 0.1040 |
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective June 21, 2025 |  |  |
| Class A | 0.52<br> % <br>| March 1, 2027 |
| Class C | 1.32 | March 1, 2027 |
| Class I | 0.29 | March 1, 2027 |
| Class R | 0.76 | March 1, 2027 |
| Class R3 | 0.30 | March 1, 2027 |
| Prior to June 21, 2025 |  |  |
| Class A | 0.52 |  |
| Class C | 1.32 |  |
| Class I | 0.29 |  |
| Class R | 0.76 |  |
| Class R3 | 0.35 |  |
| Prior to March 1, 2025 |  |  |
| Class A | 0.52 |  |
| Class C | 1.32 |  |
| Class I | 0.29 |  |
| Class R | 0.78 |  |
| Class R3 | 0.35 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $2491 | $366799 | $369290 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R3 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $327669 | &nbsp;&nbsp;&nbsp;&nbsp; $3239 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 5092 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1161042 | &nbsp;&nbsp; $99672 |

---

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $191035041 | &nbsp;&nbsp; $373992598 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and mark-to-market on futures contracts. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to capital loss carryfowards from the target fund in a current year merger and wash sales attributable to a current year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $4214900 | &nbsp;&nbsp;&nbsp;&nbsp; $(4214900)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1256520608 | &nbsp;&nbsp; $446724858 | &nbsp;&nbsp; $(9791736)<br>| &nbsp;&nbsp; $436933122 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains, which are subject to annual usage limitations resulting from the merger, are as follows:

---

| | |
|:---|:---|
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1096957 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $2,120,171.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $30532800 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $56470520 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $24720701 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21814376 | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $19258059 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76388450 | &nbsp;&nbsp; $(1096957)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $436905064 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. REORGANIZATION**

Following the close of business on June 20, 2025, Transamerica Asset Allocation - Moderate Growth Portfolio acquired all of the assets and liabilities of each of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Moderate Growth Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Transamerica Asset Allocation - Moderate Growth Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup>2040 following the close of business on June 20, 2025. The cost basis of the investments received from

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12. REORGANIZATION (continued)**

Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 were carried forward to align ongoing reporting of Transamerica Asset Allocation - Moderate Growth Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Moderate Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 10720762 | Class R3 | &nbsp;&nbsp; 10286128 | Class R3 | &nbsp;&nbsp; 11990070 | &nbsp;&nbsp; $161177710 | 0.57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,123,829 from ClearTrack*<sup>®</sup> *2035 and 5,866,241 from* *ClearTrack*<sup>®</sup> *2040). The 0.57 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2035's specific ratio is 0.57 and ClearTrack*<sup>®</sup> *2040's ratio is 0.57.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Moderate Growth Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Moderate Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $3198090 | &nbsp;&nbsp; $4887758 | &nbsp;&nbsp; $82320184 | &nbsp;&nbsp; $78857526 | &nbsp;&nbsp; $1430184217 | &nbsp;&nbsp; $1591361927 |

---

Assuming the reorganization had been completed on November 1, 2024, the beginning of the fiscal reporting period of Transamerica Asset Allocation - Moderate Growth Portfolio, the proforma results of operations for the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| Net investment income (loss)  | $28374175 |
| Net realized and change in unrealized gain (loss) on investments  | 237844006 |
| Net increase (decrease) in net assets resulting from operations  | 266218181 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 that have been included in Transamerica Asset Allocation - Moderate Growth Portfolio's Statement of Operations following the close of business on June 20, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Asset Allocation - Moderate Growth Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img749508943.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $13,325,054 of qualified dividend income.

For corporate shareholders, 23% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made a long-term capital gain designation of $56,470,520 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $5836164 | $629397 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Asset Allocation - Moderate Growth Portfolio** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Asset Allocation - Moderate Growth Portfolio** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Asset Allocation - Moderate Growth Portfolio** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Asset Allocation - Moderate Growth Portfolio** 

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

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Asset Allocation – Moderate Growth Portfolio (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

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**Transamerica Asset Allocation - Moderate Growth Portfolio** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3- and 10- year periods. The Board also noted that the performance of Class I Shares of the Fund was above the benchmark that TAM utilizes to measure performance of the Fund for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on August 28, 2020 pursuant to its current investment strategies and benchmarks.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

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**Transamerica Asset Allocation - Moderate Growth Portfolio** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

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![](g67628img003f884a4.gif)

![](g67628imgee6e3da55.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 AA MOD GROWTH PORT 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgffa6431f6.gif)

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![](g67628imgd64a99651.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Asset Allocation - Moderate Portfolio**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img796964e02.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_03bead9e-52cd-4530-99a1-9117e313868e_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_03bead9e-52cd-4530-99a1-9117e313868e_SOI-RunningFooter-185_1) | 2 |
| [Statement of Assets and Liabilities](#xx_03bead9e-52cd-4530-99a1-9117e313868e_FS-RunningFooter-185_1) | 6 |
| [Statement of Operations](#xx_03bead9e-52cd-4530-99a1-9117e313868e_FS-RunningFooter-185_2) | 7 |
| [Statement of Changes in Net Assets](#xx_03bead9e-52cd-4530-99a1-9117e313868e_FS-RunningFooter-185_3) | 8 |
| [Financial Highlights](#xx_03bead9e-52cd-4530-99a1-9117e313868e_FIHI-RunningFooter-185_1) | 10 |
| [Notes to Financial Statements](#xx_03bead9e-52cd-4530-99a1-9117e313868e_NTF-RunningFooter-185_1) | 13 |
| **[Report of Independent Registered Public Accounting Firm](#xx_03bead9e-52cd-4530-99a1-9117e313868e_AUD-RunningFooter-185_1)** | 24 |
| **[Supplemental Information](#xx_03bead9e-52cd-4530-99a1-9117e313868e_STI-RunningFooter-185_1)** | 25 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_03bead9e-52cd-4530-99a1-9117e313868e_DWA-RunningFooter-185_1)**<br> **[Companies](#xx_03bead9e-52cd-4530-99a1-9117e313868e_DWA-RunningFooter-185_1)**<br>| 26 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_03bead9e-52cd-4530-99a1-9117e313868e_PD-RunningFooter-185_1)** | 27 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_03bead9e-52cd-4530-99a1-9117e313868e_REMU-RunningFooter-185_1)**<br> **[Companies](#xx_03bead9e-52cd-4530-99a1-9117e313868e_REMU-RunningFooter-185_1)**<br>| 28 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_03bead9e-52cd-4530-99a1-9117e313868e_AIAC-RunningFooter-185_1)** | 29 |

---

***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**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 98.6%**  | **INVESTMENT COMPANIES - 98.6%**  | **INVESTMENT COMPANIES - 98.6%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust, Class I2 <sup>(A)(B)(C)(D)</sup> <br>| 3627 | $4588 |
| **International Equity Funds - 14.1%**  | **International Equity Funds - 14.1%**  | **International Equity Funds - 14.1%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(B)</sup> <br>| 1665701 | 17972910 |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class R6 <sup>(B)</sup> <br>| 23645 | 256547 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(B)</sup> <br>| 2315511 | 59022386 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class I2 <sup>(B)</sup> <br>| 2462089 | 17751661 |
| &nbsp;&nbsp; Transamerica International Focus, <br> Class R6 <sup>(B)</sup> <br>| 32186 | 233349 |
| &nbsp;&nbsp; Transamerica International Small Cap Value, <br> Class I2 <sup>(B)</sup> <br>| 289867 | 5185728 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(B)</sup> <br>| 3975056 | 58314077 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class R6 <sup>(B)</sup> <br>| 15406 | 226001 |
|  |  | 158962659 |
| **International Fixed Income Funds - 2.7%**  | **International Fixed Income Funds - 2.7%**  | **International Fixed Income Funds - 2.7%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Debt, <br> Class I2 <sup>(B)</sup> <br>| 2824587 | 27370251 |
| &nbsp;&nbsp; Transamerica Emerging Markets Debt, <br> Class R6 <sup>(B)</sup> <br>| 347703 | 3379669 |
|  |  | 30749920 |
| **U.S. Equity Funds - 38.6%**  | **U.S. Equity Funds - 38.6%**  | **U.S. Equity Funds - 38.6%**  |
| Transamerica Capital Growth, Class I2 <sup>(A)(B)</sup> <br>| 1190927 | 18137825 |
| Transamerica Capital Growth, Class R6 <sup>(A)(B)</sup> <br>| 16509 | 251431 |
| Transamerica Large Cap Value, Class I2 <sup>(B)</sup> <br>| 10888835 | 184021304 |
| Transamerica Large Cap Value, Class R6 <sup>(B)</sup> <br>| 15347 | 259516 |
| Transamerica Mid Cap Growth, Class I2 <sup>(B)</sup> <br>| 690377 | 7766741 |
| Transamerica Mid Cap Growth, Class R6 <sup>(B)</sup> <br>| 17519 | 196742 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 621065 | 7024250 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class R6 <sup>(B)</sup> <br>| 23883 | 273457 |
| Transamerica Small Cap Growth, Class I2 <sup>(B)</sup> <br>| 639708 | 3940604 |
| &nbsp;&nbsp; Transamerica Small Cap Growth, <br> Class R6 <sup>(B)</sup> <br>| 54672 | 336777 |
| Transamerica Small Cap Value, Class I2 <sup>(B)</sup> <br>| 866453 | 4453570 |
| Transamerica Small Cap Value, Class R6 <sup>(B)</sup> <br>| 59834 | 312333 |
| &nbsp;&nbsp; Transamerica Sustainable Equity Income, <br> Class I2 <sup>(B)</sup> <br>| 1869320 | 15907914 |
| Transamerica US Growth, Class I2 <sup>(B)</sup> <br>| 5269480 | 192862949 |
| Transamerica US Growth, Class R6 <sup>(B)</sup> <br>| 6703 | 245254 |
|  |  | 435990667 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 42.3%**  | **U.S. Fixed Income Funds - 42.3%**  | **U.S. Fixed Income Funds - 42.3%**  |
| Transamerica Bond, Class I2 <sup>(B)</sup> <br>| 12822025 | $105012380 |
| Transamerica Bond, Class R6 <sup>(B)</sup> <br>| 647824 | 5299201 |
| Transamerica Core Bond, Class I2 <sup>(B)</sup> <br>| 33118156 | 288459140 |
| Transamerica Floating Rate, Class I2 <sup>(B)</sup> <br>| 1211115 | 10754703 |
| Transamerica High Yield Bond, Class I2 <sup>(B)</sup> <br>| 79004 | 652570 |
| Transamerica High Yield Bond, Class R6 <sup>(B)</sup> <br>| 652247 | 5381040 |
| &nbsp;&nbsp; Transamerica Inflation Opportunities, <br> Class I2 <sup>(B)</sup> <br>| 3979934 | 39480949 |
| Transamerica Long Credit, Class I2 <sup>(B)</sup> <br>| 2385853 | 22928044 |
| Transamerica Short-Term Bond, Class I2 <sup>(B)</sup> <br>| 967 | 9585 |
|  |  | 477977612 |
| **U.S. Mixed Allocation Fund - 0.9%**  | **U.S. Mixed Allocation Fund - 0.9%**  | **U.S. Mixed Allocation Fund - 0.9%**  |
| &nbsp;&nbsp; Transamerica Energy Infrastructure, <br> Class I2 <sup>(B)</sup> <br>| 1179821 | 10040276 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $908,982,895)**<br>|  | 1113725722 |
| **EXCHANGE-TRADED FUNDS - 0.3%**  | **EXCHANGE-TRADED FUNDS - 0.3%**  | **EXCHANGE-TRADED FUNDS - 0.3%**  |
| **U.S. Equity Funds - 0.3%**  | **U.S. Equity Funds - 0.3%**  | **U.S. Equity Funds - 0.3%**  |
| Alerian MLP ETF <sup>(E)</sup> <br>| 9487 | 442474 |
| Health Care Select Sector SPDR Fund <sup>(F)</sup> <br>| 19571 | 2823117 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $3,131,738)**<br>|  | 3265591 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.1%**  | **REPURCHASE AGREEMENT - 1.1%**  | **REPURCHASE AGREEMENT - 1.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(G)</sup>, dated 10/31/2025, to be <br> repurchased at $11,923,777 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $12,160,856.<br>| $11922287 | 11922287 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $11,922,287)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $11,922,287)** | 11922287 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $924,036,920)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $924,036,920)** | 1128913600 |
| **Net Other Assets (Liabilities) - 0.0%\*** | **Net Other Assets (Liabilities) - 0.0%\*** | 544984 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1129458584** |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Notes | 551 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; $61706578 | &nbsp;&nbsp;&nbsp; $62082203 | &nbsp;&nbsp;&nbsp; $375625 | &nbsp;&nbsp;&nbsp; $— |
| EURO STOXX 50<sup>®</sup> Index | 41 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 2572195 | &nbsp;&nbsp;&nbsp; 2679093 | &nbsp;&nbsp;&nbsp; 106898 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 4 | &nbsp;&nbsp;&nbsp; 12/11/2025 | &nbsp;&nbsp;&nbsp; 807356 | &nbsp;&nbsp;&nbsp; 865356 | &nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$540523** | &nbsp;&nbsp;&nbsp; **$—** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $1113721134 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1113721134 |
| Exchange-Traded Funds | 3265591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3265591 |
| Repurchase Agreement |  | &nbsp;&nbsp; 11922287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11922287 |
| **Total** | **$1116986725** | &nbsp;&nbsp; **$11922287** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1128909012** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 4588 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $1128913600 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(I)</sup> <br>| $540523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $540523 |
| **Total Other Financial Instruments** | **$540523** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$540523** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. The Fund's transactions and* *earnings from these underlying funds are as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<sup>(a)</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**October 31,** <br>**2025**<br>| **Shares as of** <br>**October 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond, <br> Class I2<br>| $97053290 | $25589431 | $(19500000)<br>| $(2154588)<br>| $4024247 | $105012380 | 12822025 | $4589549 | $— |
| Transamerica Bond, <br> Class R6<br>|  | 15798215 | (10000000)<br>| (656697)<br>| 157683 | 5299201 | 647824 | 108137 |  |
| Transamerica Capital <br> Growth, Class I2<br>| 15881356 |  | (5500000)<br>| 1099192 | 6657277 | 18137825 | 1190927 |  |  |
| Transamerica Capital <br> Growth, Class R6<br>|  | 1122461 | (1600000)<br>| 628926 | 100044 | 251431 | 16509 |  |  |
| Transamerica Core Bond, <br> Class I2<br>| 227115127 | 71562481 | (15000000)<br>| (763530)<br>| 5545062 | 288459140 | 33118156 | 11162481 |  |
| Transamerica Emerging <br> Markets Debt, Class I2<br>| 30717417 | 3856374 | (8000000)<br>| (314110)<br>| 1110570 | 27370251 | 2824587 | 1856374 |  |
| Transamerica Emerging <br> Markets Debt, Class R6<br>|  | 3357268 |  |  | 22401 | 3379669 | 347703 | 74941 |  |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 9458623 | 4013996 |  |  | 4500291 | 17972910 | 1665701 | 13996 |  |
| Transamerica Emerging <br> Markets Equity, Class R6<br>|  | 925975 | (900000)<br>| 163820 | 66752 | 256547 | 23645 |  |  |
| Transamerica Energy <br> Infrastructure, Class I2<br>| 8915014 | 732617 |  |  | 392645 | 10040276 | 1179821 | 190766 |  |
| Transamerica Floating Rate, <br> Class I2<br>| 5234010 | 5713698 |  |  | (193005)<br>| 10754703 | 1211115 | 713698 |  |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<sup>(a)</sup><br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **October 31,**<br> **2025**<br>| **Shares as of**<br> **October 31,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Global <br> Allocation Liquidating <br> Trust, Class I2<br>| $4360 | $— | $— | $— | $228 | $4588 | 3627 | $— | $— |
| Transamerica High Yield <br> Bond, Class I2<br>| 8430557 | 5351332 | (12900000)<br>| (198096)<br>| (31223)<br>| 652570 | 79004 | 351332 |  |
| Transamerica High Yield <br> Bond, Class R6<br>|  | 5563489 |  |  | (182449)<br>| 5381040 | 652247 | 132353 |  |
| Transamerica Inflation <br> Opportunities, Class I2<br>| 30287995 | 8599365 |  |  | 593589 | 39480949 | 3979934 | 1399365 |  |
| Transamerica International <br> Equity, Class I2<br>| 38957962 | 30160349 | (21000000)<br>| 5978108 | 4925967 | 59022386 | 2315511 | 1033772 | 126577 |
| Transamerica International <br> Focus, Class I2<br>| 18246510 | 3090674 | (2000000)<br>| (376459)<br>| (1209064)<br>| 17751661 | 2462089 | 285158 | 2805516 |
| Transamerica International <br> Focus, Class R6<br>|  | 1544969 | (1400000)<br>| 66038 | 22342 | 233349 | 32186 |  |  |
| Transamerica International <br> Small Cap Value, Class I2<br>| 3137241 | 1178004 |  |  | 870483 | 5185728 | 289867 | 133699 | 44305 |
| Transamerica International <br> Stock, Class I2<br>| 50513191 | 7970274 | (11400000)<br>| 2202406 | 9028206 | 58314077 | 3975056 | 1439646 | 1530628 |
| Transamerica International <br> Stock, Class R6<br>|  | 2360607 | (2650000)<br>| 463846 | 51548 | 226001 | 15406 |  |  |
| Transamerica Large Cap <br> Value, Class I2<br>| 125218103 | 50422625 | (13400000)<br>| 1432675 | 20347901 | 184021304 | 10888835 | 2428740 | 1493883 |
| Transamerica Large Cap <br> Value, Class R6<br>|  | 3958725 | (4300000)<br>| 553660 | 47131 | 259516 | 15347 | 13833 |  |
| Transamerica Long Credit, <br> Class I2<br>| 26546665 | 7350609 | (10500000)<br>| (645478)<br>| 176248 | 22928044 | 2385853 | 1350331 | 278 |
| Transamerica Mid Cap <br> Growth, Class I2<br>| 5544578 | 1431039 |  |  | 791124 | 7766741 | 690377 |  | 231039 |
| Transamerica Mid Cap <br> Growth, Class R6<br>|  | 1481185 | (1550000)<br>| 216328 | 49229 | 196742 | 17519 |  | 252 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class I2<br>| 2475466 | 7228474 | (3000000)<br>| 64417 | 255893 | 7024250 | 621065 | 37597 | 190877 |
| Transamerica Mid Cap <br> Value Opportunities, <br> Class R6<br>|  | 1759701 | (1400000)<br>| (103678)<br>| 17434 | 273457 | 23883 |  |  |
| Transamerica Short-Term <br> Bond, Class I2<br>| 9072 | 409 |  |  | 104 | 9585 | 967 | 409 |  |
| Transamerica Small Cap <br> Growth, Class I2<br>| 4420934 | 444227 | (700000)<br>| (98717)<br>| (125840)<br>| 3940604 | 639708 |  | 444227 |
| Transamerica Small Cap <br> Growth, Class R6<br>|  | 964705 | (500000)<br>| (96463)<br>| (31465)<br>| 336777 | 54672 |  |  |
| Transamerica Small Cap <br> Value, Class I2<br>| 4239038 | 940431 |  |  | (725899)<br>| 4453570 | 866453 | 79507 | 860924 |
| Transamerica Small Cap <br> Value, Class R6<br>|  | 955213 | (600000)<br>| (59999)<br>| 17119 | 312333 | 59834 |  |  |
| Transamerica Sustainable <br> Equity Income, Class I2<br>| 13223962 | 2626254 |  |  | 57698 | 15907914 | 1869320 | 233714 | 892540 |
| Transamerica US Growth, <br> Class I2<br>| 125878688 | 67629552 | (24900000)<br>| 3531107 | 20723602 | 192862949 | 5269480 | 209977 | 17419575 |
| Transamerica US Growth, <br> Class R6<br>|  | 2271112 | (2700000)<br>| 593105 | 81037 | 245254 | 6703 |  |  |
| **Total** | **$851509159** | **$347955840** | **$(175400000)**<br>| **$11525813** | **$78134910** | **$1113725722** | **92262956** | **$27839375** | **$26040621** |
| <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. | <sup>(a)</sup> Purchases at cost may include activity from the reorganization that occurred on June 20, 2025. |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(D)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust, <br> Class I2<br>| 07/31/2014 | &nbsp;&nbsp; $37318 | &nbsp;&nbsp; $4588 | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *The shareholder reports for Alerian ETFs can be found at the following location: http://www.alpsfunds.com/exchange-traded-funds/amlp.*

<sup>(F)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(I)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

*STOXX* *Deutsche Börse Group & SIX Group Index* <br> *TOPIX* *Tokyo Price Index*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $908,982,895) | $1113725722 |
| Unaffiliated investments, at value (cost $3,131,738) | 3265591 |
| Repurchase agreement, at value (cost $11,922,287) | 11922287 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 1370243 |
| Receivables and other assets: |  |
| Net income from securities lending | 150 |
| Shares of beneficial interest sold  | 16167 |
| Dividends from affiliated investments | 1628220 |
| Interest | 497 |
| Total assets | 1131928877 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 1628102 |
| Shares of beneficial interest redeemed | 373822 |
| Investment management fees | 16371 |
| Distribution and service fees | 251316 |
| Transfer agent fees | 110652 |
| Trustee and CCO fees | 383 |
| Audit and tax fees  | 15767 |
| Custody fees | 2377 |
| Legal fees | 12409 |
| Printing and shareholder reports fees | 12044 |
| Registration fees | 806 |
| Other accrued expenses | 19378 |
| Variation margin payable on futures contracts | 26866 |
| Total liabilities | 2470293 |
| **Net assets**  | $1129458584 |
| **Net assets consist of:** |  |
| Paid-in capital | $878931009 |
| Total distributable earnings (accumulated losses) | 250527575 |
| **Net assets** | $1129458584 |
| **Net assets by class:** |  |
| Class A | $637883395 |
| Class C | 27442779 |
| Class I | 30825781 |
| Class R | 3393043 |
| Class R3 | 429913586 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 48717690 |
| Class C | 2060668 |
| Class I | 2346982 |
| Class R | 260865 |
| Class R3 | 32883760 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $13.09 |
| Class C | 13.32 |
| Class I | 13.13 |
| Class R | 13.01 |
| Class R3 | 13.07 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $13.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, R and R3 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $27839375 |
| Dividend income from unaffiliated investments | 68145 |
| Interest income from unaffiliated investments | 328983 |
| Total investment income  | 28236503 |
| **Expenses:** |  |
| Investment management fees | 1050797 |
| Distribution and service fees: |  |
| Class A | 1622697 |
| Class C | 296339 |
| Class R | 18298 |
| Class R3 | 791660 |
| Transfer agent fees: |  |
| Class A | 549077 |
| Class C | 41852 |
| Class I | 29657 |
| Class R | 1977 |
| Class R3 | 498746 |
| Trustee and CCO fees | 43624 |
| Audit and tax fees | 41237 |
| Custody fees | 12161 |
| Legal fees | 112696 |
| Printing and shareholder reports fees | 66705 |
| Registration fees | 87845 |
| Other | 55795 |
| Total expenses before waiver and/or reimbursement and recapture | 5321163 |
| Expenses waived and/or reimbursed: |  |
| Class I | (27068)<br>|
| Class R3 | (639708)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 3063 |
| Net expenses | 4657450 |
| **Net investment income (loss)** | 23579053 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 11525813 |
| Unaffiliated investments  | 3505330 |
| Capital gain distributions received from affiliated investment companies  | 26040621 |
| Futures contracts | 3099317 |
| Net realized gain (loss) | 44171081 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 75376934 |
| Unaffiliated investments  | 49675 |
| Futures contracts | 647952 |
| Translation of assets and liabilities denominated in foreign currencies | (14432)<br>|
| Net change in unrealized appreciation (depreciation) | 76060129 |
| Net realized and change in unrealized gain (loss) | 120231210 |
| **Net increase (decrease) in net assets resulting from operations** | $143810263 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $23579053 | &nbsp;&nbsp;&nbsp;&nbsp; $21834230 |
| Net realized gain (loss) | 44171081 | &nbsp;&nbsp;&nbsp;&nbsp; 29457175 |
| Net change in unrealized appreciation (depreciation) | 76060129 | &nbsp;&nbsp;&nbsp;&nbsp; 117584265 |
| Net increase (decrease) in net assets resulting from operations | 143810263 | &nbsp;&nbsp;&nbsp;&nbsp; 168875670 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (29801903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28599435)<br>|
| Class C | (1206551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1069570)<br>|
| Class I | (1392037)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1052647)<br>|
| Class R | (174173)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58032)<br>|
| Class R3 | (17329738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24428)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (49904402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30804112)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 12796590 | &nbsp;&nbsp;&nbsp;&nbsp; 14173816 |
| Class C | 2927923 | &nbsp;&nbsp;&nbsp;&nbsp; 2706354 |
| Class I | 8312586 | &nbsp;&nbsp;&nbsp;&nbsp; 5318567 |
| Class R | 521279 | &nbsp;&nbsp;&nbsp;&nbsp; 1742028 |
| Class R3 | 341871511 | &nbsp;&nbsp;&nbsp;&nbsp; 1022108 |
|  | 366429889 | &nbsp;&nbsp;&nbsp;&nbsp; 24962873 |
| Issued from fund acquisition: |  |  |
| Class R3 | 79914218 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 79914218 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 28164144 | &nbsp;&nbsp;&nbsp;&nbsp; 27262657 |
| Class C | 1203372 | &nbsp;&nbsp;&nbsp;&nbsp; 1067785 |
| Class I | 1318400 | &nbsp;&nbsp;&nbsp;&nbsp; 998679 |
| Class R | 171449 | &nbsp;&nbsp;&nbsp;&nbsp; 56305 |
| Class R3 | 17329738 | &nbsp;&nbsp;&nbsp;&nbsp; 24428 |
|  | 48187103 | &nbsp;&nbsp;&nbsp;&nbsp; 29409854 |
| Cost of shares redeemed: |  |  |
| Class A | (260433908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130943837)<br>|
| Class C | (5209514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7081591)<br>|
| Class I | (9037889)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9745919)<br>|
| Class R | (1216267)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (297462)<br>|
| Class R3 | (42298808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (602836)<br>|
|  | (318196386)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (148671645)<br>|
| Automatic conversions: |  |  |
| Class A | 7232354 | &nbsp;&nbsp;&nbsp;&nbsp; 11430726 |
| Class C | (7232354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11430726)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 176334824 | &nbsp;&nbsp;&nbsp;&nbsp; (94298918)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 2024 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 834 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 1410 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4268 |
| **Net increase (decrease) in net assets** | 270240685 | &nbsp;&nbsp;&nbsp;&nbsp; 43776908 |
| **Net assets:** |  |  |
| Beginning of year | 859217899 | &nbsp;&nbsp;&nbsp;&nbsp; 815440991 |
| End of year | $1129458584 | &nbsp;&nbsp;&nbsp;&nbsp; $859217899 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1062691 | &nbsp;&nbsp;&nbsp;&nbsp; 1248281 |
| Class C | 238143 | &nbsp;&nbsp;&nbsp;&nbsp; 232752 |
| Class I | 681208 | &nbsp;&nbsp;&nbsp;&nbsp; 463059 |
| Class R | 43196 | &nbsp;&nbsp;&nbsp;&nbsp; 149804 |
| Class R3 | 28156696 | &nbsp;&nbsp;&nbsp;&nbsp; 89252 |
|  | 30181934 | &nbsp;&nbsp;&nbsp;&nbsp; 2183148 |
| Shares issued on fund acquisition: |  |  |
| Class R3 | 6642359 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 6642359 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares reinvested: |  |  |
| Class A | 2440567 | &nbsp;&nbsp;&nbsp;&nbsp; 2476172 |
| Class C | 101894 | &nbsp;&nbsp;&nbsp;&nbsp; 94914 |
| Class I | 114246 | &nbsp;&nbsp;&nbsp;&nbsp; 90707 |
| Class R | 14935 | &nbsp;&nbsp;&nbsp;&nbsp; 5128 |
| Class R3 | 1505625 | &nbsp;&nbsp;&nbsp;&nbsp; 2217 |
|  | 4177267 | &nbsp;&nbsp;&nbsp;&nbsp; 2669138 |
| Shares redeemed: |  |  |
| Class A | (21506938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11432983)<br>|
| Class C | (423330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (611756)<br>|
| Class I | (744174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (848610)<br>|
| Class R | (98324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26729)<br>|
| Class R3 | (3507445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52236)<br>|
|  | (26280211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12972314)<br>|
| Automatic conversions: |  |  |
| Class A | 601654 | &nbsp;&nbsp;&nbsp;&nbsp; 1003334 |
| Class C | (589957)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (986024)<br>|
|  | 11697 | &nbsp;&nbsp;&nbsp;&nbsp; 17310 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (17402026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6705196)<br>|
| Class C | (673250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1270114)<br>|
| Class I | 51280 | &nbsp;&nbsp;&nbsp;&nbsp; (294844)<br>|
| Class R | (40193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 128203 |
| Class R3 | 32797235 | &nbsp;&nbsp;&nbsp;&nbsp; 39233 |
|  | 14733046 | &nbsp;&nbsp;&nbsp;&nbsp; (8102718)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.00 | $10.23 | $10.01 | $13.31 | $11.48 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.27 | 0.29 | 0.18 | 0.32 | 0.22 |
| Net realized and unrealized gain (loss) | 1.39 | 1.88 | 0.20 | (2.62)<br>| 2.11 |
| Total investment operations | 1.66 | 2.17 | 0.38 | (2.30)<br>| 2.33 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.25)<br>| (0.16)<br>| (0.32)<br>| (0.20)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.40)<br>| (0.16)<br>| (1.00)<br>| (0.50)<br>|
| **Net asset value, end of year** | $13.09 | $12.00 | $10.23 | $10.01 | $13.31 |
| **Total return** <sup>(E)</sup> <br>| 14.50<br> %<br>| 21.58 %<sup>(C)</sup><br>| 3.78<br> %<br>| (18.65 )%<sup>(D)</sup><br>| 20.68<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $637883 | $793634 | $745159 | $821113 | $1171334 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.44<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.47<br> %<br>| 0.48 %<sup>(G)</sup><br>| 0.47 %<sup>(G)</sup><br>| 0.44<br> %<br>|
| Net investment income (loss) to average net assets | 2.23<br> %<br>| 2.52<br> %<br>| 1.75<br> %<br>| 2.86<br> %<br>| 1.76<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.18 | $10.36 | $10.11 | $13.38 | $11.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.20 | 0.10 | 0.25 | 0.17 |
| Net realized and unrealized gain (loss) | 1.42 | 1.91 | 0.20 | (2.66)<br>| 2.07 |
| Total investment operations | 1.60 | 2.11 | 0.30 | (2.41)<br>| 2.24 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.14)<br>| (0.05)<br>| (0.18)<br>| (0.08)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.46)<br>| (0.29)<br>| (0.05)<br>| (0.86)<br>| (0.38)<br>|
| **Net asset value, end of year** | $13.32 | $12.18 | $10.36 | $10.11 | $13.38 |
| **Total return** <sup>(E)</sup> <br>| 13.64<br> %<br>| 20.57 %<sup>(C)</sup><br>| 2.97<br> %<br>| (19.23 )%<sup>(D)</sup><br>| 19.75<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $27443 | $33310 | $41482 | $59744 | $104930 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.28<br> %<br>| 1.28<br> %<br>| 1.28 %<sup>(G)</sup><br>| 1.25<br> %<br>| 1.23<br> %<br>|
| Net investment income (loss) to average net assets | 1.48<br> %<br>| 1.75<br> %<br>| 0.95<br> %<br>| 2.20<br> %<br>| 1.30<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.04 | $10.25 | $10.02 | $13.32 | $11.48 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.31 | 0.32 | 0.22 | 0.35 | 0.27 |
| Net realized and unrealized gain (loss) | 1.39 | 1.90 | 0.19 | (2.61)<br>| 2.10 |
| Total investment operations | 1.70 | 2.22 | 0.41 | (2.26)<br>| 2.37 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.28)<br>| (0.18)<br>| (0.38)<br>| (0.23)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.43)<br>| (0.18)<br>| (1.06)<br>| (0.53)<br>|
| **Net asset value, end of year** | $13.13 | $12.04 | $10.25 | $10.02 | $13.32 |
| **Total return** | 14.82<br> %<br>| 22.02<br> %<br>| 4.12<br> %<br>| (18.24 )%<sup>(B)</sup><br>| 21.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $30826 | $27636 | $26556 | $33414 | $47079 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>| 0.22<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.15 %<sup>(D)</sup><br>| 0.15 %<sup>(D)</sup><br>| 0.15 %<sup>(D)</sup><br>| 0.15 %<sup>(D)(E)</sup><br>| 0.13 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.57<br> %<br>| 2.83<br> %<br>| 2.08<br> %<br>| 3.15<br> %<br>| 2.09<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.15%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are* *not subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $11.95 | $10.17 | $9.96 | $13.24 | $11.42 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.25 | 0.25 | 0.17 | 0.28 | 0.17 |
| Net realized and unrealized gain (loss) | 1.38 | 1.89 | 0.17 | (2.59)<br>| 2.11 |
| Total investment operations | 1.63 | 2.14 | 0.34 | (2.31)<br>| 2.28 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(B)</sup><br>|  | 0.00 <br><sup>(C)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.22)<br>| (0.13)<br>| (0.29)<br>| (0.16)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.37)<br>| (0.13)<br>| (0.97)<br>| (0.46)<br>|
| **Net asset value, end of year** | $13.01 | $11.95 | $10.17 | $9.96 | $13.24 |
| **Total return** | 14.29<br> %<br>| 21.42 %<sup>(B)</sup><br>| 3.47<br> %<br>| (18.78 )%<sup>(D)</sup><br>| 20.34<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $3393 | $3598 | $1759 | $2500 | $2991 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71 %<sup>(F)</sup><br>| 0.70<br> %<br>|
| Net investment income (loss) to average net assets | 2.03<br> %<br>| 2.17<br> %<br>| 1.58<br> %<br>| 2.53<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $12.02 | $10.26 | $10.02 | $11.45 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.30 | 0.29 | 0.19 | 0.09 |
| Net realized and unrealized gain (loss) | 1.37 | 1.90 | 0.20 | (1.52)<br>|
| Total investment operations | 1.67 | 2.19 | 0.39 | (1.43)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.29)<br>| (0.28)<br>| (0.15)<br>|  |
| Net realized gains | (0.33)<br>| (0.15)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.62)<br>| (0.43)<br>| (0.15)<br>|  |
| **Net asset value, end of year** | $13.07 | $12.02 | $10.26 | $10.02 |
| **Total return** | 14.62<br> %<br>| 21.70<br> %<br>| 3.95<br> %<br>| (12.49 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $429914 | $1040 | $485 | $71 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.48<br> %<br>| 2.49<br> %<br>| 1.80<br> %<br>| 1.33 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 21<br> %<br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Annualized.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation - Moderate Portfolio (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class R and Class R3.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

The Fund, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page at <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION**

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

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2025, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $375625 | $— | $164898 | $— | $— | $540523 |
| **Total** | **$375625** | **$—** | **$164898** | **$—** | **$—** | **$540523** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $938569 | $— | $2160748 | $— | $— | $3099317 |
| **Total** | **$938569** | **$—** | **$2160748** | **$—** | **$—** | **$3099317** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $873215 | $— | $(225263)<br>| $— | $— | $647952 |
| **Total** | **$873215** | **$—** | **$(225263)**<br>| **$—** | **$—** | **$647952** |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $64036935 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Underlying funds risk:** Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying Funds in which the Fund invests. The Fund has material ownership interests in the Underlying Funds.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1468296 | 0.13<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| Effective June 21, 2025 |  |
| First $1 billion | 0.1000<br> % <br>|
| Over $1 billion up to $2.5 billion | 0.0975 |
| Over $2.5 billion up to $4 billion | 0.0900 |
| Over $4 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |
| Prior to June 21, 2025 |  |
| First $1 billion | 0.1040 |
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.52<br> % <br>| March 1, 2027 |
| Class C | 1.31 | March 1, 2027 |
| Class I | 0.29 | March 1, 2027 |
| Class R | 0.76 | March 1, 2027 |
| Class R3 | 0.35 | March 1, 2027 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $638971 | $638971 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R3 | 0.25 |

---

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A, Class C and Class R certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $166312 | &nbsp;&nbsp;&nbsp;&nbsp; $1720 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 2441 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $635127 | &nbsp;&nbsp; $54234 |

---

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $254394005 | &nbsp;&nbsp; $212642191 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and mark-to-market on futures contracts. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to capital loss carryfowards from the target fund in a current year merger and wash sales attributable to a current year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $2785493 | &nbsp;&nbsp;&nbsp;&nbsp; $(2785493)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $936656828 | &nbsp;&nbsp; $201227223 | &nbsp;&nbsp; $(8912452)<br>| &nbsp;&nbsp; $192314771 |

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains, which are subject to annual usage limitations resulting from the merger, are as follows:

---

| | |
|:---|:---|
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $44522 | &nbsp;&nbsp;&nbsp;&nbsp; $238853 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $1,051,211.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $23302220 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $26602182 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19333712 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11470400 | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $19767024 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38750868 | &nbsp;&nbsp; $(283375)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $192293058 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS (continued)**

segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. REORGANIZATION**

Following the close of business on June 20, 2025, Transamerica Asset Allocation - Moderate Portfolio acquired all of the assets and liabilities of Transamerica ClearTrack<sup>®</sup> 2030 pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Moderate Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Transamerica Asset Allocation - Moderate Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2030 following the close of business on June 20, 2025. The cost basis of the investments received from Transamerica ClearTrack<sup>®</sup> 2030 was carried forward to align ongoing reporting of Transamerica Asset Allocation - Moderate Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2030 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Moderate Portfolio, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Class**<br>| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica Asset** <br> **Allocation -** <br> **Moderate Portfolio** <br>**Class**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Moderate Portfolio** <br>**Shares**<br>| &nbsp;&nbsp; **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 10165623 | Class R3 | &nbsp;&nbsp; 6642359 | $79914218 | 0.65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the Transamerica Asset Allocation - Moderate Portfolio shares issuable by the Transamerica ClearTrack*<sup>®</sup> *2030 shares* *outstanding on June 20, 2025.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2030, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Moderate Portfolio. These amounts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Unrealized Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Net Assets**<br>| **Transamerica Asset Allocation** <br> **- Moderate Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $2757976 | &nbsp;&nbsp; $79914218 | &nbsp;&nbsp; $1005357346 | &nbsp;&nbsp; $1085271564 |

---

Assuming the reorganization had been completed on November 1, 2024, the beginning of the fiscal reporting period of Transamerica Asset Allocation - Moderate Portfolio, the proforma results of operations for the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| Net investment income (loss)  | $25117324 |
| Net realized and change in unrealized gain (loss) on investments  | 123023564 |
| Net increase (decrease) in net assets resulting from operations  | 148140888 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Transamerica ClearTrack<sup>®</sup> 2030 and that have been included in Transamerica Asset Allocation - Moderate Portfolio's Statement of Operations following the close of business on June 20, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Asset Allocation - Moderate Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Asset Allocation - Moderate Portfolio (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628imgd5713c553.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $5,782,773 of qualified dividend income.

For corporate shareholders, 12% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made a long-term capital gain designation of $26,602,182 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2543823 | $269510 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Asset Allocation - Moderate Portfolio** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Asset Allocation - Moderate Portfolio** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Asset Allocation - Moderate Portfolio** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Asset Allocation - Moderate Portfolio** 

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

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Asset Allocation – Moderate Portfolio (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Asset Allocation - Moderate Portfolio** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of Class I Shares of the Fund was above with the benchmark that TAM utilizes to measure performance of the Fund for the past 1- year period and below the benchmark for the past 3-, 5- and 10- year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on August 28, 2020 pursuant to its current investment strategies and benchmarks.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Asset Allocation - Moderate Portfolio** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

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![](g67628img3fa419ed4.gif)

![](g67628imgda7ff64a5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 AA MOD PORT 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img3abc5b1b6.gif)

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![](g67628imgf0f905441.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Asset Allocation Intermediate Horizon**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img9fff934e2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_SOI-RunningFooter-182_1) | 2 |
| [Statement of Assets and Liabilities](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_FS-RunningFooter-182_1) | 3 |
| [Statement of Operations](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_FS-RunningFooter-182_2) | 4 |
| [Statement of Changes in Net Assets](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_FS-RunningFooter-182_3) | 5 |
| [Financial Highlights](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_FIHI-RunningFooter-182_1) | 6 |
| [Notes to Financial Statements](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_NTF-RunningFooter-182_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_AUD-RunningFooter-182_1)** | 15 |
| **[Supplemental Information](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_STI-RunningFooter-182_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_DWA-RunningFooter-182_1)**<br> **[Companies](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_DWA-RunningFooter-182_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_PD-RunningFooter-182_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_REMU-RunningFooter-182_1)**<br> **[Companies](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_REMU-RunningFooter-182_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3cbabd8b-e0b6-44f2-9507-f2a5bc5f7a80_AIAC-RunningFooter-182_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  |
| **International Equity Fund - 13.4%**  | **International Equity Fund - 13.4%**  | **International Equity Fund - 13.4%**  |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I3 <sup>(A)</sup> <br>| 223964 | $5755877 |
| **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  |
| &nbsp;&nbsp; Transamerica Government Money Market, <br> Class I3, 3.58% <sup>(A)(B)</sup> <br>| 81723 | 81723 |
| **U.S. Equity Funds - 40.2%**  | **U.S. Equity Funds - 40.2%**  | **U.S. Equity Funds - 40.2%**  |
| Transamerica Large Growth, Class I3 <sup>(A)</sup> <br>| 372838 | 6375524 |
| &nbsp;&nbsp; Transamerica Large Value Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 595427 | 5835190 |
| Transamerica Mid Cap Growth, Class I3 <sup>(A)</sup> <br>| 122180 | 1370864 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 109297 | 1245982 |
| Transamerica Small Cap Growth, Class I3 <sup>(A)</sup> <br>| 191615 | 1178431 |
| Transamerica Small Cap Value, Class I3 <sup>(A)</sup> <br>| 249075 | 1287716 |
|  |  | 17293707 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 46.3%**  | **U.S. Fixed Income Funds - 46.3%**  | **U.S. Fixed Income Funds - 46.3%**  |
| Transamerica Core Bond, Class I3 <sup>(A)</sup> <br>| 1095630 | $9564854 |
| Transamerica High Yield Bond, Class I3 <sup>(A)</sup> <br>| 313794 | 2588802 |
| &nbsp;&nbsp; Transamerica Inflation Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 464520 | 4612680 |
| Transamerica Short-Term Bond, Class I3 <sup>(A)</sup> <br>| 322227 | 3193269 |
|  |  | 19959605 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $39,194,142)**<br>|  | 43090912 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $39,194,142)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $39,194,142)** | 43090912 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (21946) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$43068966** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $43090912 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43090912 |
| **Total Investments** | **$43090912** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$43090912** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. Affiliated interest income,* *dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.* 

<sup>(B)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation Intermediate Horizon**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $39,194,142) | $43090912 |
| Receivables and other assets: |  |
| Affiliated investments sold | 2239 |
| Dividends from affiliated investments | 60115 |
| Total assets | 43153266 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 60144 |
| Shares of beneficial interest redeemed | 2208 |
| Investment management fees | 3662 |
| Distribution and service fees | 18285 |
| Transfer agent fees | 1 |
| Total liabilities | 84300 |
| **Net assets**  | $43068966 |
| **Net assets consist of:** |  |
| Paid-in capital | $37220020 |
| Total distributable earnings (accumulated losses) | 5848946 |
| **Net assets** | $43068966 |
| **Net assets by class:** |  |
| Class R | $42936177 |
| Class R4 | 132789 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R | 4152897 |
| Class R4 | 12842 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class R | $10.34 |
| Class R4 | 10.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class R and R4 shares represents offering price.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation Intermediate Horizon**

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**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $2173543 |
| Total investment income  | 2173543 |
| **Expenses:** |  |
| Investment management fees | 84045 |
| Distribution and service fees: |  |
| Class R | 349585 |
| Class R4 | 300 |
| Transfer agent fees: |  |
| Class R4 | 9 |
| Total expenses before waiver and/or reimbursement and recapture | 433939 |
| Expenses waived and/or reimbursed: |  |
| Class R | (13983)<br>|
| Class R4 | (38)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 5 |
| Net expenses | 419923 |
| **Net investment income (loss)** | 1753620 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 9580865 |
| Capital gain distributions received from affiliated investment companies  | 2167376 |
| Net realized gain (loss) | 11748241 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (4216644)<br>|
| Net realized and change in unrealized gain (loss) | 7531597 |
| **Net increase (decrease) in net assets resulting from operations** | $9285217 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation Intermediate Horizon**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $1753620 | &nbsp;&nbsp;&nbsp;&nbsp; $4993423 |
| Net realized gain (loss) | 11748241 | &nbsp;&nbsp;&nbsp;&nbsp; 2303348 |
| Net change in unrealized appreciation (depreciation) | (4216644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37005683 |
| Net increase (decrease) in net assets resulting from operations | 9285217 | &nbsp;&nbsp;&nbsp;&nbsp; 44302454 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R | (2565874)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4941596)<br>|
| Class R4 | (8149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65034)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2574023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5006630)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R | 573051 | &nbsp;&nbsp;&nbsp;&nbsp; 4416595 |
| Class R4 | 19835 | &nbsp;&nbsp;&nbsp;&nbsp; 126988 |
|  | 592886 | &nbsp;&nbsp;&nbsp;&nbsp; 4543583 |
| Dividends and/or distributions reinvested: |  |  |
| Class R | 2565874 | &nbsp;&nbsp;&nbsp;&nbsp; 4941596 |
| Class R4 | 8149 | &nbsp;&nbsp;&nbsp;&nbsp; 65034 |
|  | 2574023 | &nbsp;&nbsp;&nbsp;&nbsp; 5006630 |
| Cost of shares redeemed: |  |  |
| Class R | (198506070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31034713)<br>|
| Class R4 | (15495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5075795)<br>|
|  | (198521565)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36110508)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (195354656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26560295)<br>|
| **Net increase (decrease) in net assets** | (188643462)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12735529 |
| **Net assets:** |  |  |
| Beginning of year | 231712428 | &nbsp;&nbsp;&nbsp;&nbsp; 218976899 |
| End of year | $43068966 | &nbsp;&nbsp;&nbsp;&nbsp; $231712428 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R | 60168 | &nbsp;&nbsp;&nbsp;&nbsp; 475487 |
| Class R4 | 2043 | &nbsp;&nbsp;&nbsp;&nbsp; 13852 |
|  | 62211 | &nbsp;&nbsp;&nbsp;&nbsp; 489339 |
| Shares reinvested: |  |  |
| Class R | 266891 | &nbsp;&nbsp;&nbsp;&nbsp; 528065 |
| Class R4 | 847 | &nbsp;&nbsp;&nbsp;&nbsp; 7071 |
|  | 267738 | &nbsp;&nbsp;&nbsp;&nbsp; 535136 |
| Shares redeemed: |  |  |
| Class R | (19899027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3342737)<br>|
| Class R4 | (1628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (548262)<br>|
|  | (19900655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3890999)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R | (19571968)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2339185)<br>|
| Class R4 | 1262 | &nbsp;&nbsp;&nbsp;&nbsp; (527339)<br>|
|  | (19570706)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2866524)<br>|

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation Intermediate Horizon**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.76 | $8.23 | $8.87 | $11.97 | $10.66 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.25 | 0.20 | 0.17 | 0.53 | 0.28 |
| Net realized and unrealized gain (loss) | 0.94 | 1.53 | 0.03 | (2.54)<br>| 1.98 |
| Total investment operations | 1.19 | 1.73 | 0.20 | (2.01)<br>| 2.26 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.49)<br>| (0.20)<br>| (0.17)<br>| (0.54)<br>| (0.28)<br>|
| Net realized gains | (0.12)<br>|  | (0.67)<br>| (0.55)<br>| (0.67)<br>|
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.20)<br>| (0.84)<br>| (1.09)<br>| (0.95)<br>|
| **Net asset value, end of year** | $10.34 | $9.76 | $8.23 | $8.87 | $11.97 |
| **Total return** | 12.79<br> %<br>| 21.13<br> %<br>| 2.31<br> %<br>| (18.29)%<br>| 22.01<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $42936 | $231599 | $214541 | $233763 | $327930 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 2.50<br> %<br>| 2.13<br> %<br>| 1.99<br> %<br>| 5.34<br> %<br>| 2.38<br> %<br>|
| Portfolio turnover rate | 300<br> %<br>| 27<br> %<br>| 25<br> %<br>| 33<br> %<br>| 32<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.81 | $8.23 | $8.87 | $11.97 | $10.66 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.35 | 0.25 | 0.19 | 0.56 | 0.30 |
| Net realized and unrealized gain (loss) | 0.86 | 1.51 | 0.03 | (2.55)<br>| 1.99 |
| Total investment operations | 1.21 | 1.76 | 0.22 | (1.99)<br>| 2.29 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.18)<br>| (0.19)<br>| (0.56)<br>| (0.31)<br>|
| Net realized gains | (0.12)<br>|  | (0.67)<br>| (0.55)<br>| (0.67)<br>|
| Total dividends and/or distributions to shareholders | (0.68)<br>| (0.18)<br>| (0.86)<br>| (1.11)<br>| (0.98)<br>|
| **Net asset value, end of year** | $10.34 | $9.81 | $8.23 | $8.87 | $11.97 |
| **Total return** | 13.00<br> %<br>| 21.48<br> %<br>| 2.58<br> %<br>| (18.09)%<br>| 22.33<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $133 | $113 | $4436 | $5761 | $10351 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 3.55<br> %<br>| 2.68<br> %<br>| 2.24<br> %<br>| 5.59<br> %<br>| 2.58<br> %<br>|
| Portfolio turnover rate | 300<br> %<br>| 27<br> %<br>| 25<br> %<br>| 33<br> %<br>| 32<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation Intermediate Horizon (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

The Fund, a "fund of funds," seeks to achieve its investment objective by investing its assets in a combination of Transamerica Funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page at <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM is responsible for the day-to-day management of the Fund. TAM may, in the future, hire one or more sub-advisers to furnish day-to-day investment advice and recommendations with respect to the Fund.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION**

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

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**5. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions,

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

A**llocation conflicts risk:** The Investment Manager is subject to conflicts of interest in the selection and allocation of the Fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the Fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

**Underlying funds risk:** Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying Funds in which the Fund invests. The Fund has material ownership interests in the Underlying Funds.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $43068966 | 100.00<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM at an annual rate of 0.12% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class R | 0.60<br> % <br>| March 1, 2026 |
| Class R4 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R | $46745 | $46251 | $13983 | $106979 |
| Class R4 | 1499 | 723 | 38 | 2260 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $9 | &nbsp;&nbsp; $1 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $215916847 | &nbsp;&nbsp; $414362734 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $43174304 | &nbsp;&nbsp; $271728 | &nbsp;&nbsp; $(355120)<br>| &nbsp;&nbsp; $(83392)<br>|

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $2283910 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $290113 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5006630 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $68555 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5863783 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(83392)<br>|

---

**9. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Asset Allocation Intermediate Horizon

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Asset Allocation Intermediate Horizon (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img83b1ba473.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $295,184 of qualified dividend income.

For corporate shareholders, 8% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made a long-term capital gain designation of $290,113 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $127514 | $11624 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation Intermediate Horizon** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation Intermediate Horizon** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Asset Allocation Intermediate Horizon** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Asset Allocation Intermediate Horizon** 

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

**(unaudited)**

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Asset Allocation Intermediate Horizon (the "Fund").

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Management Agreement, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; and TAM's responsiveness to any questions by the Trustees.

The Board also considered the continuous and regular investment management and other services provided by TAM. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class R Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation Intermediate Horizon** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class R Shares of the Fund was below the median for its peer universe and below the benchmark that TAM utilizes to measure performance of the Fund, each for the past 1-, 3- and 5-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation - Intermediate Horizon, effective as of that date in place of its own historical performance record.

**Management Fee and Total Expense Ratio** 

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale** 

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM may not directly correlate with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and also considered the extent to which TAM shared economies of scale, if any, with the Fund through

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Asset Allocation Intermediate Horizon** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees noted that the Fund's management fee schedule does not contain breakpoints and determined that, based on all of the information provided, breakpoints were not warranted at this time. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and in light of any economies of scale experienced in the future.

**Benefits to TAM and its Affiliates from their Relationships with the Fund**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Management Agreement.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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![](g67628img9f9b6b694.gif)

![](g67628img5d79ba945.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 AA INTER HRZN 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img5b526f0a6.gif)

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![](g67628img2c5bf7331.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Asset Allocation Long Horizon**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imga2e2610c2.gif)

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**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_SOI-RunningFooter-183_1) | 2 |
| [Statement of Assets and Liabilities](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_FS-RunningFooter-183_1) | 3 |
| [Statement of Operations](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_FS-RunningFooter-183_2) | 4 |
| [Statement of Changes in Net Assets](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_FS-RunningFooter-183_3) | 5 |
| [Financial Highlights](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_FIHI-RunningFooter-183_1) | 6 |
| [Notes to Financial Statements](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_NTF-RunningFooter-183_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_AUD-RunningFooter-183_1)** | 14 |
| **[Supplemental Information](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_STI-RunningFooter-183_1)** | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_DWA-RunningFooter-183_1)**<br> **[Companies](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_DWA-RunningFooter-183_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_PD-RunningFooter-183_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_REMU-RunningFooter-183_1)**<br> **[Companies](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_REMU-RunningFooter-183_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_abecfb39-4249-4e37-b006-3cf7e577686d_AIAC-RunningFooter-183_1)** | 19 |

---

***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**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation Long Horizon**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  |
| **International Equity Fund - 24.5%**  | **International Equity Fund - 24.5%**  | **International Equity Fund - 24.5%**  |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I3 <sup>(A)</sup> <br>| 591064 | $15190344 |
| **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  |
| &nbsp;&nbsp; Transamerica Government Money Market, <br> Class I3, 3.58% <sup>(A)(B)</sup> <br>| 114133 | 114133 |
| **U.S. Equity Funds - 66.1%**  | **U.S. Equity Funds - 66.1%**  | **U.S. Equity Funds - 66.1%**  |
| Transamerica Large Growth, Class I3 <sup>(A)</sup> <br>| 849839 | 14532250 |
| &nbsp;&nbsp; Transamerica Large Value Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 1335196 | 13084921 |
| Transamerica Mid Cap Growth, Class I3 <sup>(A)</sup> <br>| 317300 | 3560111 |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 280208 | 3194365 |
| Transamerica Small Cap Growth, Class I3 <sup>(A)</sup> <br>| 537348 | 3304688 |
| Transamerica Small Cap Value, Class I3 <sup>(A)</sup> <br>| 643222 | 3325456 |
|  |  | 41001791 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 9.3%**  | **U.S. Fixed Income Funds - 9.3%**  | **U.S. Fixed Income Funds - 9.3%**  |
| Transamerica Core Bond, Class I3 <sup>(A)</sup> <br>| 269607 | $2353669 |
| Transamerica High Yield Bond, Class I3 <sup>(A)</sup> <br>| 145348 | 1199123 |
| &nbsp;&nbsp; Transamerica Inflation Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 192996 | 1916450 |
| Transamerica Short-Term Bond, Class I3 <sup>(A)</sup> <br>| 29730 | 294623 |
|  |  | 5763865 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $52,684,761)**<br>|  | 62070133 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $52,684,761)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $52,684,761)** | 62070133 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (31651) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$62038482** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $62070133 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62070133 |
| **Total Investments** | **$62070133** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$62070133** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. Affiliated interest income,* *dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.* 

<sup>(B)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation Long Horizon**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $52,684,761) | $62070133 |
| Receivables and other assets: |  |
| Affiliated investments sold | 7182 |
| Dividends from affiliated investments | 16581 |
| Total assets | 62093896 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 16639 |
| Shares of beneficial interest redeemed | 7110 |
| Investment management fees | 5294 |
| Distribution and service fees | 26367 |
| Transfer agent fees | 4 |
| Total liabilities | 55414 |
| **Net assets**  | $62038482 |
| **Net assets consist of:** |  |
| Paid-in capital | $39128822 |
| Total distributable earnings (accumulated losses) | 22909660 |
| **Net assets** | $62038482 |
| **Net assets by class:** |  |
| Class R | $61425279 |
| Class R4 | 613203 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R | 5698359 |
| Class R4 | 56769 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class R | $10.78 |
| Class R4 | 10.80 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class R and R4 shares represents offering price.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation Long Horizon**

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**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $2074501 |
| Total investment income  | 2074501 |
| **Expenses:** |  |
| Investment management fees | 89648 |
| Distribution and service fees: |  |
| Class R | 370781 |
| Class R4 | 1377 |
| Transfer agent fees: |  |
| Class R4 | 41 |
| Total expenses before waiver and/or reimbursement and recapture | 461847 |
| Expenses waived and/or reimbursed: |  |
| Class R | (14831)<br>|
| Class R4 | (160)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 8 |
| Net expenses | 446864 |
| **Net investment income (loss)** | 1627637 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 14242780 |
| Capital gain distributions received from affiliated investment companies  | 5185101 |
| Net realized gain (loss) | 19427881 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (7305980)<br>|
| Net realized and change in unrealized gain (loss) | 12121901 |
| **Net increase (decrease) in net assets resulting from operations** | $13749538 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation Long Horizon**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $1627637 | &nbsp;&nbsp;&nbsp;&nbsp; $1776780 |
| Net realized gain (loss) | 19427881 | &nbsp;&nbsp;&nbsp;&nbsp; 2017315 |
| Net change in unrealized appreciation (depreciation) | (7305980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34157841 |
| Net increase (decrease) in net assets resulting from operations | 13749538 | &nbsp;&nbsp;&nbsp;&nbsp; 37951936 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R | (3683240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3915647)<br>|
| Class R4 | (34820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105153)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (3718060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4020800)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R | 759976 | &nbsp;&nbsp;&nbsp;&nbsp; 4174003 |
| Class R4 | 50595 | &nbsp;&nbsp;&nbsp;&nbsp; 73074 |
|  | 810571 | &nbsp;&nbsp;&nbsp;&nbsp; 4247077 |
| Dividends and/or distributions reinvested: |  |  |
| Class R | 3683240 | &nbsp;&nbsp;&nbsp;&nbsp; 3915647 |
| Class R4 | 34820 | &nbsp;&nbsp;&nbsp;&nbsp; 105153 |
|  | 3718060 | &nbsp;&nbsp;&nbsp;&nbsp; 4020800 |
| Cost of shares redeemed: |  |  |
| Class R | (107145481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17246112)<br>|
| Class R4 | (27613)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6151923)<br>|
|  | (107173094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23398035)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (102644463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15130158)<br>|
| **Net increase (decrease) in net assets** | (92612985)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18800978 |
| **Net assets:** |  |  |
| Beginning of year | 154651467 | &nbsp;&nbsp;&nbsp;&nbsp; 135850489 |
| End of year | $62038482 | &nbsp;&nbsp;&nbsp;&nbsp; $154651467 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R | 77095 | &nbsp;&nbsp;&nbsp;&nbsp; 463255 |
| Class R4 | 5144 | &nbsp;&nbsp;&nbsp;&nbsp; 8153 |
|  | 82239 | &nbsp;&nbsp;&nbsp;&nbsp; 471408 |
| Shares reinvested: |  |  |
| Class R | 387831 | &nbsp;&nbsp;&nbsp;&nbsp; 444945 |
| Class R4 | 3655 | &nbsp;&nbsp;&nbsp;&nbsp; 11935 |
|  | 391486 | &nbsp;&nbsp;&nbsp;&nbsp; 456880 |
| Shares redeemed: |  |  |
| Class R | (10594542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1916040)<br>|
| Class R4 | (2907)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (681798)<br>|
|  | (10597449)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2597838)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R | (10129616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1007840)<br>|
| Class R4 | 5892 | &nbsp;&nbsp;&nbsp;&nbsp; (661710)<br>|
|  | (10123724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1669550)<br>|

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation Long Horizon**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.74 | $7.74 | $8.60 | $12.49 | $10.12 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.22 | 0.10 | 0.06 | 0.72 | 0.23 |
| Net realized and unrealized gain (loss) | 1.45 | 2.14 | 0.21 | (3.17)<br>| 3.37 |
| Total investment operations | 1.67 | 2.24 | 0.27 | (2.45)<br>| 3.60 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.11)<br>| (0.06)<br>| (0.76)<br>| (0.25)<br>|
| Net realized gains | (0.35)<br>| (0.13)<br>| (1.07)<br>| (0.68)<br>| (0.98)<br>|
| Total dividends and/or distributions to shareholders | (0.63)<br>| (0.24)<br>| (1.13)<br>| (1.44)<br>| (1.23)<br>|
| **Net asset value, end of year** | $10.78 | $9.74 | $7.74 | $8.60 | $12.49 |
| **Total return** | 18.03<br> %<br>| 29.25<br> %<br>| 3.38<br> %<br>| (22.09)%<br>| 37.55<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $61425 | $154154 | $130323 | $139118 | $201847 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 2.17<br> %<br>| 1.15<br> %<br>| 0.75<br> %<br>| 7.31<br> %<br>| 2.00<br> %<br>|
| Portfolio turnover rate | 166<br> %<br>| 23<br> %<br>| 19<br> %<br>| 30<br> %<br>| 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.77 | $7.76 | $8.62 | $12.51 | $10.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.29 | 0.21 | 0.08 | 0.71 | 0.26 |
| Net realized and unrealized gain (loss) | 1.40 | 2.04 | 0.22 | (3.14)<br>| 3.38 |
| Total investment operations | 1.69 | 2.25 | 0.30 | (2.43)<br>| 3.64 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.11)<br>| (0.09)<br>| (0.78)<br>| (0.28)<br>|
| Net realized gains | (0.35)<br>| (0.13)<br>| (1.07)<br>| (0.68)<br>| (0.98)<br>|
| Total dividends and/or distributions to shareholders | (0.66)<br>| (0.24)<br>| (1.16)<br>| (1.46)<br>| (1.26)<br>|
| **Net asset value, end of year** | $10.80 | $9.77 | $7.76 | $8.62 | $12.51 |
| **Total return** | 18.32<br> %<br>| 29.39<br> %<br>| 3.65<br> %<br>| (21.84)%<br>| 37.96<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $613 | $497 | $5527 | $5451 | $6911 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 2.91<br> %<br>| 2.34<br> %<br>| 0.98<br> %<br>| 7.21<br> %<br>| 2.21<br> %<br>|
| Portfolio turnover rate | 166<br> %<br>| 23<br> %<br>| 19<br> %<br>| 30<br> %<br>| 23<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation Long Horizon**

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**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation Long Horizon (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

The Fund, a "fund of funds," seeks to achieve its investment objective by investing its assets in a combination of Transamerica Funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page at <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM is responsible for all aspects of the day-to-day management of the Fund. TAM may in the future retain one or more sub-advisers to assist in the management of the Fund.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation Long Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION**

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

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation Long Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**5. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions,

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation Long Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

A**llocation conflicts risk:** The Investment Manager is subject to conflicts of interest in the selection and allocation of the Fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the Fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

**Underlying funds risk:** Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Asset Allocation Long Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying Funds in which the Fund invests. The Fund has material ownership interests in the Underlying Funds.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $62038482 | 100.00<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM at an annual rate of 0.12% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class R | 0.60<br> % <br>| March 1, 2026 |
| Class R4 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R | $28738 | $29784 | $14831 | $73353 |
| Class R4 | 1605 | 802 | 160 | 2567 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation Long Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $41 | &nbsp;&nbsp; $4 |

---

**7. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $125614480 | &nbsp;&nbsp; $232472135 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation Long Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $56333418 | &nbsp;&nbsp; $6436938 | &nbsp;&nbsp; $(700223)<br>| &nbsp;&nbsp; $5736715 |

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $1654375 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2063685 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1798920 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2221880 | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17172945 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5736715 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Asset Allocation Long Horizon

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Asset Allocation Long Horizon (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img3871adde3.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $716,100 of qualified dividend income.

For corporate shareholders, 25% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made a long-term capital gain designation of $2,063,685 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $319461 | $29122 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation Long Horizon** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation Long Horizon** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation Long Horizon** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Asset Allocation Long Horizon** 

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

**(unaudited)**

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Asset Allocation Long Horizon (the "Fund").

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Management Agreement, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; and TAM's responsiveness to any questions by the Trustees.

The Board also considered the continuous and regular investment management and other services provided by TAM. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class R Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Asset Allocation Long Horizon** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class R Shares of the Fund was in line with the median for its peer universe for the past 1- and 5-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class R Shares of the Fund was below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3- and 5-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation - Long Horizon, effective as of that date in place of its own historical performance record.

**Management Fee and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board noted that the Fund's contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM may not directly correlate with any economies of scale that might be realized by the Fund. The Board considered the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation Long Horizon** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's management fee schedule and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees noted that the Fund's management fee schedule does not contain breakpoints and determined that, based on all of the information provided, breakpoints were not warranted at this time. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and in light of any economies of scale experienced in the future.

**Benefits to TAM and its Affiliates from their Relationships with the Fund**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Management Agreement.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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![](g67628imgf10861e44.gif)

![](g67628img5f8970365.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 AA LONG HRZN 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img1c0515496.gif)

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![](g67628imgd8c6aa371.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Asset Allocation Short Horizon**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img2143b2712.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_SOI-RunningFooter-181_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_FS-RunningFooter-181_1) | 3 |
| [Statement of Operations](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_FS-RunningFooter-181_2) | 4 |
| [Statement of Changes in Net Assets](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_FS-RunningFooter-181_3) | 5 |
| [Financial Highlights](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_FIHI-RunningFooter-181_1) | 6 |
| [Notes to Financial Statements](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_NTF-RunningFooter-181_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_AUD-RunningFooter-181_1)** | 14 |
| **[Supplemental Information](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_STI-RunningFooter-181_1)** | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_DWA-RunningFooter-181_1)**<br> **[Companies](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_DWA-RunningFooter-181_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_PD-RunningFooter-181_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_REMU-RunningFooter-181_1)**<br> **[Companies](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_REMU-RunningFooter-181_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4aadc905-71e6-443b-9b27-301214e2d2a1_AIAC-RunningFooter-181_1)** | 19 |

---

***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**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Asset Allocation Short Horizon**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  |
| **International Equity Fund - 2.2%**  | **International Equity Fund - 2.2%**  | **International Equity Fund - 2.2%**  |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I3 <sup>(A)</sup> <br>| 5606 | $144073 |
| **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  |
| &nbsp;&nbsp; Transamerica Government Money Market, <br> Class I3, 3.58% <sup>(A)(B)</sup> <br>| 12626 | 12626 |
| **U.S. Equity Funds - 8.7%**  | **U.S. Equity Funds - 8.7%**  | **U.S. Equity Funds - 8.7%**  |
| Transamerica Large Growth, Class I3 <sup>(A)</sup> <br>| 12989 | 222110 |
| &nbsp;&nbsp; Transamerica Large Value Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 21357 | 209299 |
| Transamerica Small Cap Growth, Class I3 <sup>(A)</sup> <br>| 10887 | 66954 |
| Transamerica Small Cap Value, Class I3 <sup>(A)</sup> <br>| 13194 | 68215 |
|  |  | 566578 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 89.0%**  | **U.S. Fixed Income Funds - 89.0%**  | **U.S. Fixed Income Funds - 89.0%**  |
| Transamerica Core Bond, Class I3 <sup>(A)</sup> <br>| 330103 | $2881803 |
| Transamerica High Yield Bond, Class I3 <sup>(A)</sup> <br>| 86612 | 714546 |
| &nbsp;&nbsp; Transamerica Inflation Opportunities, <br> Class I3 <sup>(A)</sup> <br>| 110684 | 1099093 |
| Transamerica Short-Term Bond, Class I3 <sup>(A)</sup> <br>| 114735 | 1137023 |
|  |  | 5832465 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $6,362,493)**<br>|  | 6555742 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $6,362,493)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $6,362,493)** | 6555742 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (3383) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$6552359** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $6555742 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6555742 |
| **Total Investments** | **$6555742** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6555742** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. Affiliated interest income,* *dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.* 

<sup>(B)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation Short Horizon**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $6,362,493) | $6555742 |
| Receivables and other assets: |  |
| Affiliated investments sold | 27075 |
| Dividends from affiliated investments | 18593 |
| Total assets | 6601410 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 32304 |
| Shares of beneficial interest redeemed | 13354 |
| Investment management fees | 566 |
| Distribution and service fees | 2827 |
| Total liabilities | 49051 |
| **Net assets**  | $6552359 |
| **Net assets consist of:** |  |
| Paid-in capital | $15970702 |
| Total distributable earnings (accumulated losses) | (9418343)<br>|
| **Net assets** | $6552359 |
| **Net assets by class:** |  |
| Class R | $6542945 |
| Class R4 | 9414 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R | 757028 |
| Class R4 | 1096 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class R | $8.64 |
| Class R4 | 8.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class R and R4 shares represents offering price.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation Short Horizon**

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**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $644079 |
| Total investment income  | 644079 |
| **Expenses:** |  |
| Investment management fees | 19474 |
| Distribution and service fees: |  |
| Class R | 81089 |
| Class R4 | 24 |
| Total expenses before waiver and/or reimbursement and recapture | 100587 |
| Expenses waived and/or reimbursed: |  |
| Class R | (3243)<br>|
| Class R4 | (4)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 1 |
| Net expenses | 97341 |
| **Net investment income (loss)** | 546738 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (3730439)<br>|
| Capital gain distributions received from affiliated investment companies  | 80197 |
| Net realized gain (loss) | (3650242)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 3701139 |
| Net realized and change in unrealized gain (loss) | 50897 |
| **Net increase (decrease) in net assets resulting from operations** | $597635 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation Short Horizon**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $546738 | &nbsp;&nbsp;&nbsp;&nbsp; $2525836 |
| Net realized gain (loss) | (3650242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1116919)<br>|
| Net change in unrealized appreciation (depreciation) | 3701139 | &nbsp;&nbsp;&nbsp;&nbsp; 7198015 |
| Net increase (decrease) in net assets resulting from operations | 597635 | &nbsp;&nbsp;&nbsp;&nbsp; 8606932 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R | (788619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2545024)<br>|
| Class R4 | (1523)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6515)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (790142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2551539)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R | 574043 | &nbsp;&nbsp;&nbsp;&nbsp; 1142434 |
| Class R4 | 1762 | &nbsp;&nbsp;&nbsp;&nbsp; 273318 |
|  | 575805 | &nbsp;&nbsp;&nbsp;&nbsp; 1415752 |
| Dividends and/or distributions reinvested: |  |  |
| Class R | 788619 | &nbsp;&nbsp;&nbsp;&nbsp; 2545024 |
| Class R4 | 1523 | &nbsp;&nbsp;&nbsp;&nbsp; 6515 |
|  | 790142 | &nbsp;&nbsp;&nbsp;&nbsp; 2551539 |
| Cost of shares redeemed: |  |  |
| Class R | (67068322)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11699989)<br>|
| Class R4 | (5383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (669751)<br>|
|  | (67073705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12369740)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (65707758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8402449)<br>|
| **Net increase (decrease) in net assets** | (65900265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2347056)<br>|
| **Net assets:** |  |  |
| Beginning of year | 72452624 | &nbsp;&nbsp;&nbsp;&nbsp; 74799680 |
| End of year | $6552359 | &nbsp;&nbsp;&nbsp;&nbsp; $72452624 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R | 65236 | &nbsp;&nbsp;&nbsp;&nbsp; 126510 |
| Class R4 | 205 | &nbsp;&nbsp;&nbsp;&nbsp; 30301 |
|  | 65441 | &nbsp;&nbsp;&nbsp;&nbsp; 156811 |
| Shares reinvested: |  |  |
| Class R | 94304 | &nbsp;&nbsp;&nbsp;&nbsp; 281256 |
| Class R4 | 184 | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
|  | 94488 | &nbsp;&nbsp;&nbsp;&nbsp; 281981 |
| Shares redeemed: |  |  |
| Class R | (7338203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1301292)<br>|
| Class R4 | (640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74849)<br>|
|  | (7338843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1376141)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R | (7178663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (893526)<br>|
| Class R4 | (251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43823)<br>|
|  | (7178914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (937349)<br>|

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation Short Horizon**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.13 | $8.43 | $8.72 | $10.75 | $10.54 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.30 | 0.30 | 0.29 | 0.33 | 0.28 |
| Net realized and unrealized gain (loss) | 0.27 | 0.71 | (0.17)<br>| (1.76)<br>| 0.35 |
| Total investment operations | 0.57 | 1.01 | 0.12 | (1.43)<br>| 0.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (1.06)<br>| (0.31)<br>| (0.28)<br>| (0.32)<br>| (0.28)<br>|
| Net realized gains |  |  | (0.13)<br>| (0.28)<br>| (0.14)<br>|
| Total dividends and/or distributions to shareholders | (1.06)<br>| (0.31)<br>| (0.41)<br>| (0.60)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.64 | $9.13 | $8.43 | $8.72 | $10.75 |
| **Total return** | 6.86<br> %<br>| 12.01<br> %<br>| 1.33<br> %<br>| (13.92)%<br>| 6.10<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6543 | $72441 | $74419 | $82354 | $114974 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 3.37<br> %<br>| 3.34<br> %<br>| 3.29<br> %<br>| 3.37<br> %<br>| 2.63<br> %<br>|
| Portfolio turnover rate | 407<br> %<br>| 24<br> %<br>| 33<br> %<br>| 29<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.18 | $8.43 | $8.72 | $10.75 | $10.54 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.31 | 0.31 | 0.35 | 0.31 |
| Net realized and unrealized gain (loss) | 0.23 | 0.72 | (0.17)<br>| (1.75)<br>| 0.35 |
| Total investment operations | 0.59 | 1.03 | 0.14 | (1.40)<br>| 0.66 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (1.18)<br>| (0.28)<br>| (0.30)<br>| (0.35)<br>| (0.31)<br>|
| Net realized gains |  |  | (0.13)<br>| (0.28)<br>| (0.14)<br>|
| Total dividends and/or distributions to shareholders | (1.18)<br>| (0.28)<br>| (0.43)<br>| (0.63)<br>| (0.45)<br>|
| **Net asset value, end of year** | $8.59 | $9.18 | $8.43 | $8.72 | $10.75 |
| **Total return** | 7.15<br> %<br>| 12.26<br> %<br>| 1.59<br> %<br>| (13.69)%<br>| 6.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9 | $12 | $381 | $450 | $565 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 4.20<br> %<br>| 3.45<br> %<br>| 3.55<br> %<br>| 3.62<br> %<br>| 2.86<br> %<br>|
| Portfolio turnover rate | 407<br> %<br>| 24<br> %<br>| 33<br> %<br>| 29<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation Short Horizon (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

The Fund, a "fund of funds," seeks to achieve its investment objective by investing its assets in a combination of Transamerica Funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page at <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

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

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM is responsible for the day-to-day management of the Fund. TAM may, in the future, hire one or more sub-advisers to furnish day-to-day investment advice and recommendations with respect to the Fund.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation Short Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

**3. INVESTMENT VALUATION**

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

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**5. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

A**llocation conflicts risk:** The Investment Manager is subject to conflicts of interest in the selection and allocation of the Fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the Fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

**Underlying funds risk:** Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying Funds in which the Fund invests. The Fund has material ownership interests in the Underlying Funds.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $6552359 | 100.00<br> % <br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM at an annual rate of 0.12% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class R | 0.60<br> % <br>| March 1, 2026 |
| Class R4 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R | $16050 | $15102 | $3243 | $34395 |
| Class R4 | 115 | 59 | 4 | 178 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

For the year ended October 31, 2025, there were no transfer agent fees paid or due to TFS.

**7. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $68678335 | &nbsp;&nbsp; $135307718 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $7116654 | &nbsp;&nbsp; $(525707)<br>| &nbsp;&nbsp; $(35205)<br>| &nbsp;&nbsp; $(560912)<br>|

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8887478 |

---

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $790142 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2551539 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $30047 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8887478)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(560912)<br>|

---

**9. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Asset Allocation Short Horizon

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Asset Allocation Short Horizon (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img72801de23.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $9,050 of qualified dividend income.

For corporate shareholders, 1% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $3318 | $303 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation Short Horizon** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation Short Horizon** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation Short Horizon** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Asset Allocation Short Horizon** 

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

**(unaudited)**

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Asset Allocation Short Horizon (the "Fund").

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Management Agreement, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; and TAM's responsiveness to any questions by the Trustees.

The Board also considered the continuous and regular investment management and other services provided by TAM. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class R Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Asset Allocation Short Horizon** 

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**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class R Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class R Shares of the Fund was below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3- and 5-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation - Short Horizon, effective as of that date in place of its own historical performance record.

**Management Fee and Total Expense Ratio** 

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM may not directly correlate with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees noted that the Fund's management fee schedule does not contain breakpoints and determined that, based on all of the information provided, breakpoints were not warranted at this time. The Trustees concluded that the Fund's fee structure reflected an appropriate

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Asset Allocation Short Horizon** 

------

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and in light of any economies of scale experienced in the future.

**Benefits to TAM and its Affiliates from their Relationships with the Fund**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Management Agreement.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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![](g67628imgc2475cf34.gif)

![](g67628img421f60485.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 AA SHORT HRZN 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imge9a20c1a6.gif)

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(b) The registrant's Financial Highlights are filed under Item 7(a) of this Form.

---

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

---

There were no changes in or disagreements with accountants during the period covered by this report.

---

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

---

There are no proxy disclosures for the registrant during the period covered by this report.

---

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

---

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included within the Financial Statements filed under Item 7(a) of this Form.

---

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

---

The registrant's Statements Regarding Basis for Approval of Investment Management and Sub-Advisory Contracts is included within the Financial Statements filed under Item 7(a) of this Form.

---

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

---

Not applicable to the registrant.

---

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

---

Not applicable to the registrant.

---

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

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **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 that have been implemented since the registrant last provided disclosure in response to the requirements of this Item.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.**  |

---

(a) The registrant's principal executive officer and principal financial officer have evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report and have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are appropriately designed to ensure that information required to be disclosed by the registrant in the reports that it files on Form N-CSR is (a) accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this

------

report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.**  |

---

(a)(1) [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d19932dex99codeeth.htm)

The registrant's code of ethics is attached hereto.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable to the registrant.

---

| | |
|:---|:---|
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) is attached hereto.](d19932dex99cert.htm)  |

---

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940, as amended (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(a)(5) Change in the registrant's independent public accountant.

Not applicable.

(b) [The certification by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.](d19932dex99906cert.htm)

------

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

---

| | |
|:---|:---|
|  Transamerica Funds | Transamerica Funds |
| (Registrant) | (Registrant) |
|  By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
|  Date: | January 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
|  Date: | January 6, 2026 |

---

---

| | |
|:---|:---|
|  By: | /s/ Kari Seabrands |
|  | Kari Seabrands |
|  | Treasurer |
|  | (Principal Financial Officer and Principal Accounting Officer) |
|  Date: | January 6, 2026 |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| &nbsp;&nbsp;&nbsp;19(a)(1) | [Code of Ethics for Principal Executive and Principal Financial Officers](d19932dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d19932dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;19(a)(3) | [Section 302 N-CSR Certification of Principal Financial Officer](d19932dex99cert.htm#b) |
| &nbsp;&nbsp;&nbsp;19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d19932dex99906cert.htm) |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Code of Ethics for Principal Executive and Principal Financial Officers** 

**TRANSAMERICA SERIES TRUST** 

**TRANSAMERICA FUNDS** 

**(each a "Fund" and collectively the "Funds")** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL</u>** 

**<u>OFFICERS</u>** 

Approved by the Board of Trustees

***Background***

In accordance with the Sarbanes-Oxley Act of 2002 ("Act") and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and must disclose whether it has adopted a code of ethics that is applicable to certain specified senior officers and that addresses certain matters specified in the Act and related SEC Rules (a "SOX Code"). The Funds' Board of Trustees ("Board"), including a majority of the Trustees that are not interested persons of the Funds, as defined in Section 2(a)(19) of the 1940 Act, has approved the Funds' SOX Code.

**Covered Officers/Purpose of the SOX Code** 

This SOX Code of the Funds applies to the Funds' Principal Executive Officer and Senior Financial Officer, or any persons performing similar functions on behalf of the Fund (the "Covered Officers"), for the purpose of promoting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

***Risks***

In developing these policies and procedures, TAM considered the material risks associated with insider trading. This analysis includes risks such as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of appreciation for the goal behind the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misunderstanding of fraud and how it happens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laissez faire attitudes towards ethical behavior;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continual use of simple compliance controls that aren't designed to adequately monitor and/or improve
the governance/control environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of implementation of an adequate risk management system.

***Policies and Procedures***

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the Funds and its shareholders first, and

------

to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each Covered Officer must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and certain of its service providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and its investment adviser, TAM, of which the Covered Officers may be officers or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Funds or TAM), be involved in establishing policies and implementing decisions that will have different effects on TAM and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and TAM and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. ***The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.***

**<u>Covered Officer Requirements</u>**

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made
or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in the Funds' Trustee and Officer Questionnaire
relating to potential conflicts of interest.

**<u>Audit Committee Disclosure</u>**

There are some conflict of interest situations that must be discussed with the Funds Audit Committee if material. Some examples of such situations include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any Trust (public or private), other than a management investment
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts from someone or a company that
has current or prospective business dealings with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Funds have current or prospective business
dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than TAM or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

***Disclosure and Compliance***

Each Covered Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether
within or outside the Funds, including to the Trustees and auditors, governmental regulators or self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Funds, TAM, and other service providers, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submits to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

***Reporting and Accountability by Covered Officers***

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the SOX Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has
complied with the requirements of the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Trust
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***notify the Funds' Audit Committee promptly if he or she knows of any violation of this SOX Code. Failure to do so is itself a violation of this SOX Code.*** 

***Enforcement***

The Audit Committee is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Audit Committee is authorized to consult, as appropriate, with counsel to the Funds. Any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Funds will follow these procedures in investigating and enforcing this SOX Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate action to investigate any potential violations reported to the
Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Audit Committee believes is a material violation will be promptly reported to the Board.
The Trustees shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No person shall participate in a determination of whether he or she has committed a violation of this SOX Code
or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC
rules.

***Other Policies and Procedures***

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TAM or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' and TAM's codes of ethics under Rule 17j-1 under 1940 Act and Rule 204A-1 under the Advisers Act are separate requirements applying to the Covered Officers and others and are not part of this SOX Code.

***Amendment; Interpretation of Provisions***

The Trustees may from time to time amend this SOX Code or adopt such interpretations of this SOX Code as they deem appropriate. In connection with any amendment to the SOX Code, a brief description of the amendment will be prepared so that the necessary disclosure may be made with the next Form N-CSR to be filed, or otherwise disclosed in accordance with applicable law.

***Confidentiality***

All reports and records prepared or maintained pursuant to this SOX Code shall be treated as confidential and shall not be disclosed to anyone other than the Board, the Covered Officers' and Funds' counsel, except as otherwise requested by applicable law.

***Internal Use***

The SOX Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

***Sanctions***

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension or termination.

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***SOX Code Exhibit A***

Initial and Annual Certification of Compliance with the

TRANSAMERICA SERIES TRUST

TRANSAMERICA FUNDS

(the "Funds")

<u>Code of Ethics for the Principal Executive and Senior Financial Officers</u> 

<u>(the "Code")</u> 

To: The Board of Trustees

(Signee to check the box for the applicable statement below)

☐ Initial Certification: I hereby certify that I have received, read and understood the Code adopted pursuant to the Sarbanes Oxley Act of 2002. I further certify that I am subject to the Code and will comply with each of the Code's provisions to which I am subject.

☐ Annual Certification: I hereby certify that I have complied with each of the Code's provisions to which I am subject for the calendar year ended December 31,<u> </u>.

Signature

 <br> Name:    

 <br> Date:

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED OCTOBER 31, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Marijn P. Smit, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&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 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 and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing 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: January 6, 2026 | By: | /s/ Marijn P. Smit |
|  |  | Marijn P. Smit |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Financial Officer** 

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED OCTOBER 31, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Kari Seabrands, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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 and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing 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: January 6, 2026 | By: | /s/ Kari Seabrands |
|  |  | Kari Seabrands |
|  | Title: | Treasurer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED OCTOBER 31, 2025

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Funds (the "Trust") on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission on the date hereof, each of the undersigned hereby certifies that, to his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| /s/ Marijn P. Smit | Date:  | January 6, 2026 |
|  Marijn P. Smit |  |  |
|  President and Chief Executive Officer |  |  |
|  (Principal Executive Officer) |  |  |
| /s/ Kari Seabrands | Date:  | January 6, 2026 |
|  Kari Seabrands |  |  |
|  Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |  |  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.