# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-26-004640
**Filing Date:** 2026-1
**Character Count:** 3628279
**Document Hash:** 1a198d5c4e17dd78d19ad3bd9f81e7c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-004640.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001193125-26-004640

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 214

**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:** 26512371

**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 Multi-Managed Balanced (Series ID: S000007792)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? N-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 31</u> |
| Date of reporting period: | <u>October 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](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Cap Value

# Class A

## TWQAX
October 31, 2025

## Fund Overview
Transamerica Large Cap Value (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 | $105 | 0.97% |

---

## 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 16.07%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* The Fund at NAV outperformed the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Stock selection drove the outperformance as performance from sector allocation was approximately neutral. Though a net neutral effect to results, sector allocation varied, as positive impacts from underweights to consumer staples and manufacturing were offset by negative effects from overweights to both the healthcare and transportation sectors. 

* At the sector level, stock selection in technology, consumer services, and financial services contributed the most to performance, while selection in energy and consumer staples detracted the most during the period. 

* At the stock level, the overweight to Broadcom, Inc. contributed the most to benchmark relative performance. Shares of Broadcom, Inc., a provider of semiconductor components and enterprise software solution, rallied given it is uniquely positioned within the AI landscape. 

* The overweight position in UnitedHealth Group, Inc. was the largest detractor from benchmark relative performance during the period. Shares of the health insurance and health care services company underperformed following a disappointing earnings report in April and took another leg down in May when the company formally withdrew its 2025 guidance, and the CEO stepped down unexpectedly. The Fund no longer owns shares of the company.

* The views expressed reflect the opinions of Great Lakes Advisors, LLC 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 Large Cap Value

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g91y76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $9450 | $10000 | $10000 |
| **11/30/2015** | $9606 | $10055 | $10038 |
| **12/31/2015** | $9402 | $9849 | $9822 |
| **1/31/2016** | $8919 | $9293 | $9315 |
| **2/29/2016** | $9102 | $9290 | $9312 |
| **3/31/2016** | $9702 | $9944 | $9983 |
| **4/30/2016** | $9953 | $10006 | $10193 |
| **5/31/2016** | $10212 | $10185 | $10351 |
| **6/30/2016** | $10036 | $10206 | $10441 |
| **7/31/2016** | $10521 | $10611 | $10744 |
| **8/31/2016** | $10755 | $10638 | $10827 |
| **9/30/2016** | $10672 | $10655 | $10804 |
| **10/31/2016** | $10378 | $10424 | $10637 |
| **11/30/2016** | $10974 | $10891 | $11245 |
| **12/31/2016** | $11433 | $11103 | $11526 |
| **1/31/2017** | $11305 | $11312 | $11608 |
| **2/28/2017** | $11734 | $11733 | $12025 |
| **3/31/2017** | $11767 | $11741 | $11902 |
| **4/30/2017** | $11831 | $11865 | $11880 |
| **5/31/2017** | $11767 | $11987 | $11868 |
| **6/30/2017** | $12031 | $12095 | $12062 |
| **7/31/2017** | $12224 | $12323 | $12223 |
| **8/31/2017** | $11940 | $12347 | $12080 |
| **9/30/2017** | $12475 | $12648 | $12438 |
| **10/31/2017** | $12484 | $12924 | $12528 |
| **11/30/2017** | $12696 | $13316 | $12912 |
| **12/31/2017** | $12811 | $13450 | $13101 |
| **1/31/2018** | $13285 | $14158 | $13607 |
| **2/28/2018** | $12697 | $13637 | $12957 |
| **3/31/2018** | $12375 | $13363 | $12729 |
| **4/30/2018** | $12623 | $13414 | $12771 |
| **5/31/2018** | $12922 | $13792 | $12847 |
| **6/30/2018** | $12915 | $13883 | $12879 |
| **7/31/2018** | $13381 | $14343 | $13389 |
| **8/31/2018** | $13557 | $14847 | $13587 |
| **9/30/2018** | $13561 | $14871 | $13614 |
| **10/31/2018** | $12553 | $13776 | $12909 |
| **11/30/2018** | $12688 | $14052 | $13294 |
| **12/31/2018** | $11458 | $12745 | $12018 |
| **1/31/2019** | $12617 | $13838 | $12953 |
| **2/28/2019** | $12941 | $14325 | $13367 |
| **3/31/2019** | $12990 | $14534 | $13452 |
| **4/30/2019** | $13490 | $15115 | $13929 |
| **5/31/2019** | $12153 | $14137 | $13033 |
| **6/30/2019** | $13025 | $15129 | $13969 |
| **7/31/2019** | $13130 | $15354 | $14085 |
| **8/31/2019** | $12230 | $15041 | $13671 |
| **9/30/2019** | $12927 | $15305 | $14158 |
| **10/31/2019** | $12868 | $15635 | $14356 |
| **11/30/2019** | $13068 | $16229 | $14800 |
| **12/31/2019** | $13465 | $16698 | $15207 |
| **1/31/2020** | $12944 | $16680 | $14880 |
| **2/29/2020** | $11550 | $15314 | $13439 |
| **3/31/2020** | $9161 | $13208 | $11142 |
| **4/30/2020** | $10393 | $14957 | $12395 |
| **5/31/2020** | $10979 | $15757 | $12820 |
| **6/30/2020** | $11009 | $16117 | $12735 |
| **7/31/2020** | $11180 | $17033 | $13238 |
| **8/31/2020** | $11646 | $18266 | $13785 |
| **9/30/2020** | $11323 | $17601 | $13447 |
| **10/31/2020** | $11188 | $17221 | $13270 |
| **11/30/2020** | $13069 | $19317 | $15055 |
| **12/31/2020** | $13574 | $20186 | $15632 |
| **1/31/2021** | $13599 | $20096 | $15489 |
| **2/28/2021** | $14366 | $20724 | $16425 |
| **3/31/2021** | $15335 | $21467 | $17392 |
| **4/30/2021** | $16040 | $22573 | $18087 |
| **5/31/2021** | $16375 | $22676 | $18509 |
| **6/30/2021** | $16262 | $23236 | $18297 |
| **7/31/2021** | $16473 | $23628 | $18444 |
| **8/31/2021** | $16733 | $24302 | $18809 |
| **9/30/2021** | $16229 | $23212 | $18155 |
| **10/31/2021** | $17444 | $24782 | $19077 |
| **11/30/2021** | $16774 | $24404 | $18404 |
| **12/31/2021** | $17747 | $25365 | $19565 |
| **1/31/2022** | $17406 | $23873 | $19110 |
| **2/28/2022** | $17102 | $23272 | $18888 |
| **3/31/2022** | $17632 | $24026 | $19421 |
| **4/30/2022** | $16442 | $21870 | $18326 |
| **5/31/2022** | $16746 | $21841 | $18682 |
| **6/30/2022** | $15348 | $20014 | $17050 |
| **7/31/2022** | $16338 | $21891 | $18180 |
| **8/31/2022** | $16021 | $21074 | $17639 |
| **9/30/2022** | $14688 | $19120 | $16092 |
| **10/31/2022** | $16277 | $20688 | $17742 |
| **11/30/2022** | $17155 | $21768 | $18850 |
| **12/31/2022** | $16408 | $20493 | $18091 |
| **1/31/2023** | $17137 | $21905 | $19028 |
| **2/28/2023** | $16584 | $21393 | $18357 |
| **3/31/2023** | $16455 | $21965 | $18273 |
| **4/30/2023** | $16860 | $22199 | $18548 |
| **5/31/2023** | $16279 | $22285 | $17833 |
| **6/30/2023** | $17259 | $23807 | $19017 |
| **7/31/2023** | $17829 | $24661 | $19686 |
| **8/31/2023** | $17408 | $24185 | $19154 |
| **9/30/2023** | $16815 | $23032 | $18415 |
| **10/31/2023** | $16258 | $22422 | $17766 |
| **11/30/2023** | $17481 | $24513 | $19106 |
| **12/31/2023** | $18492 | $25813 | $20164 |
| **1/31/2024** | $18770 | $26099 | $20185 |
| **2/29/2024** | $19664 | $27512 | $20930 |
| **3/31/2024** | $20776 | $28399 | $21976 |
| **4/30/2024** | $20013 | $27150 | $21037 |
| **5/31/2024** | $20468 | $28432 | $21704 |
| **6/30/2024** | $20454 | $29313 | $21500 |
| **7/31/2024** | $21189 | $29857 | $22599 |
| **8/31/2024** | $21674 | $30507 | $23205 |
| **9/30/2024** | $21938 | $31138 | $23528 |
| **10/31/2024** | $21865 | $30910 | $23269 |
| **11/30/2024** | $22925 | $32966 | $24755 |
| **12/31/2024** | $21590 | $31958 | $23061 |
| **1/31/2025** | $22794 | $32967 | $24129 |
| **2/28/2025** | $22613 | $32336 | $24227 |
| **3/31/2025** | $21862 | $30449 | $23554 |
| **4/30/2025** | $21138 | $30245 | $22836 |
| **5/31/2025** | $22254 | $32162 | $23638 |
| **6/30/2025** | $23328 | $33796 | $24446 |
| **7/31/2025** | $23857 | $34540 | $24586 |
| **8/31/2025** | $24567 | $35340 | $25370 |
| **9/30/2025** | $25001 | $36559 | $25749 |
| **10/31/2025** | $25379 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C41 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 9.72% | 16.47% | 9.76% |
| Class A | 16.07% | 17.80% | 10.38% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $2346452915 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12199849 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 20.0% |
| Industrials | 17.2 |
| Health Care | 14.4 |
| Communication Services | 10.4 |
| Consumer Discretionary | 9.7 |
| Information Technology | 7.9 |
| Energy | 5.9 |
| Consumer Staples | 3.6 |
| Materials | 3.2 |
| Real Estate | 2.9 |
| Utilities | 1.9 |
| Repurchase Agreements | 2.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| 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 Large Cap Value

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.1% |
| Alphabet, Inc., Class A | 3.7 |
| Wells Fargo & Co. | 3.7 |
| Amazon.com, Inc. | 3.4 |
| Exxon Mobil Corp. | 3.1 |
| Blackrock, Inc. | 3.0 |
| RTX Corp. | 3.0 |
| Micron Technology, Inc. | 2.8 |
| Abbott Laboratories | 2.8 |
| Walt Disney Co. | 2.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Large Cap Value

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Cap Value

# Class C

## TWQCX
October 31, 2025

## Fund Overview
Transamerica Large Cap Value (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 | $187 | 1.74% |

---

## 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 15.22%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* The Fund at NAV outperformed the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Stock selection drove the outperformance as performance from sector allocation was approximately neutral. Though a net neutral effect to results, sector allocation varied, as positive impacts from underweights to consumer staples and manufacturing were offset by negative effects from overweights to both the healthcare and transportation sectors. 

* At the sector level, stock selection in technology, consumer services, and financial services contributed the most to performance, while selection in energy and consumer staples detracted the most during the period. 

* At the stock level, the overweight to Broadcom, Inc. contributed the most to benchmark relative performance. Shares of Broadcom, Inc., a provider of semiconductor components and enterprise software solution, rallied given it is uniquely positioned within the AI landscape. 

* The overweight position in UnitedHealth Group, Inc. was the largest detractor from benchmark relative performance during the period. Shares of the health insurance and health care services company underperformed following a disappointing earnings report in April and took another leg down in May when the company formally withdrew its 2025 guidance, and the CEO stepped down unexpectedly. The Fund no longer owns shares of the company.

* The views expressed reflect the opinions of Great Lakes Advisors, LLC 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 Large Cap Value

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g95x96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10158 | $10055 | $10038 |
| **12/31/2015** | $9938 | $9849 | $9822 |
| **1/31/2016** | $9427 | $9293 | $9315 |
| **2/29/2016** | $9612 | $9290 | $9312 |
| **3/31/2016** | $10231 | $9944 | $9983 |
| **4/30/2016** | $10487 | $10006 | $10193 |
| **5/31/2016** | $10761 | $10185 | $10351 |
| **6/30/2016** | $10567 | $10206 | $10441 |
| **7/31/2016** | $11071 | $10611 | $10744 |
| **8/31/2016** | $11309 | $10638 | $10827 |
| **9/30/2016** | $11210 | $10655 | $10804 |
| **10/31/2016** | $10900 | $10424 | $10637 |
| **11/30/2016** | $11520 | $10891 | $11245 |
| **12/31/2016** | $11985 | $11103 | $11526 |
| **1/31/2017** | $11851 | $11312 | $11608 |
| **2/28/2017** | $12293 | $11733 | $12025 |
| **3/31/2017** | $12322 | $11741 | $11902 |
| **4/30/2017** | $12380 | $11865 | $11880 |
| **5/31/2017** | $12303 | $11987 | $11868 |
| **6/30/2017** | $12569 | $12095 | $12062 |
| **7/31/2017** | $12771 | $12323 | $12223 |
| **8/31/2017** | $12463 | $12347 | $12080 |
| **10/31/2017** | $13011 | $12924 | $12528 |
| **11/30/2017** | $13223 | $13316 | $12912 |
| **12/31/2017** | $13341 | $13450 | $13101 |
| **1/31/2018** | $13827 | $14158 | $13607 |
| **2/28/2018** | $13212 | $13637 | $12957 |
| **3/31/2018** | $12873 | $13363 | $12729 |
| **4/30/2018** | $13111 | $13414 | $12771 |
| **5/31/2018** | $13413 | $13792 | $12847 |
| **6/30/2018** | $13402 | $13883 | $12879 |
| **7/31/2018** | $13878 | $14343 | $13389 |
| **8/31/2018** | $14051 | $14847 | $13587 |
| **9/30/2018** | $14051 | $14871 | $13614 |
| **10/31/2018** | $12991 | $13776 | $12909 |
| **11/30/2018** | $13121 | $14052 | $13294 |
| **12/31/2018** | $11835 | $12745 | $12018 |
| **1/31/2019** | $13040 | $13838 | $12953 |
| **2/28/2019** | $13353 | $14325 | $13367 |
| **3/31/2019** | $13404 | $14534 | $13452 |
| **4/30/2019** | $13912 | $15115 | $13929 |
| **5/31/2019** | $12523 | $14137 | $13033 |
| **6/30/2019** | $13413 | $15129 | $13969 |
| **7/31/2019** | $13522 | $15354 | $14085 |
| **8/31/2019** | $12590 | $15041 | $13671 |
| **9/30/2019** | $13286 | $15305 | $14158 |
| **10/31/2019** | $13225 | $15635 | $14356 |
| **11/30/2019** | $13407 | $16229 | $14800 |
| **12/31/2019** | $13813 | $16698 | $15207 |
| **1/31/2020** | $13263 | $16680 | $14880 |
| **2/29/2020** | $11836 | $15314 | $13439 |
| **3/31/2020** | $9392 | $13208 | $11142 |
| **4/30/2020** | $10636 | $14957 | $12395 |
| **5/31/2020** | $11226 | $15757 | $12820 |
| **6/30/2020** | $11258 | $16117 | $12735 |
| **7/31/2020** | $11422 | $17033 | $13238 |
| **8/31/2020** | $11887 | $18266 | $13785 |
| **9/30/2020** | $11555 | $17601 | $13447 |
| **10/31/2020** | $11404 | $17221 | $13270 |
| **11/30/2020** | $13319 | $19317 | $15055 |
| **12/31/2020** | $13823 | $20186 | $15632 |
| **1/31/2021** | $13836 | $20096 | $15489 |
| **2/28/2021** | $14620 | $20724 | $16425 |
| **3/31/2021** | $15594 | $21467 | $17392 |
| **4/30/2021** | $16290 | $22573 | $18087 |
| **5/31/2021** | $16618 | $22676 | $18509 |
| **6/30/2021** | $16492 | $23236 | $18297 |
| **7/31/2021** | $16694 | $23628 | $18444 |
| **8/31/2021** | $16947 | $24302 | $18809 |
| **9/30/2021** | $16429 | $23212 | $18155 |
| **10/31/2021** | $17643 | $24782 | $19077 |
| **11/30/2021** | $16960 | $24404 | $18404 |
| **12/31/2021** | $17931 | $25365 | $19565 |
| **1/31/2022** | $17571 | $23873 | $19110 |
| **2/28/2022** | $17262 | $23272 | $18888 |
| **3/31/2022** | $17782 | $24026 | $19421 |
| **4/30/2022** | $16573 | $21870 | $18326 |
| **5/31/2022** | $16869 | $21841 | $18682 |
| **6/30/2022** | $15454 | $20014 | $17050 |
| **7/31/2022** | $16444 | $21891 | $18180 |
| **8/31/2022** | $16110 | $21074 | $17639 |
| **9/30/2022** | $14765 | $19120 | $16092 |
| **10/31/2022** | $16348 | $20688 | $17742 |
| **11/30/2022** | $17211 | $21768 | $18850 |
| **12/31/2022** | $16463 | $20493 | $18091 |
| **1/31/2023** | $17172 | $21905 | $19028 |
| **2/28/2023** | $16613 | $21393 | $18357 |
| **3/31/2023** | $16476 | $21965 | $18273 |
| **4/30/2023** | $16872 | $22199 | $18548 |
| **5/31/2023** | $16271 | $22285 | $17833 |
| **6/30/2023** | $17252 | $23807 | $19017 |
| **7/31/2023** | $17798 | $24661 | $19686 |
| **8/31/2023** | $17375 | $24185 | $19154 |
| **9/30/2023** | $16771 | $23032 | $18415 |
| **10/31/2023** | $16211 | $22422 | $17766 |
| **11/30/2023** | $17413 | $24513 | $19106 |
| **12/31/2023** | $18406 | $25813 | $20164 |
| **1/31/2024** | $18670 | $26099 | $20185 |
| **2/29/2024** | $19552 | $27512 | $20930 |
| **3/31/2024** | $20628 | $28399 | $21976 |
| **4/30/2024** | $19864 | $27150 | $21037 |
| **5/31/2024** | $20305 | $28432 | $21704 |
| **6/30/2024** | $20281 | $29313 | $21500 |
| **7/31/2024** | $21001 | $29857 | $22599 |
| **8/31/2024** | $21471 | $30507 | $23205 |
| **9/30/2024** | $21708 | $31138 | $23528 |
| **10/31/2024** | $21620 | $30910 | $23269 |
| **11/30/2024** | $22663 | $32966 | $24755 |
| **12/31/2024** | $21326 | $31958 | $23061 |
| **1/31/2025** | $22509 | $32967 | $24129 |
| **2/28/2025** | $22315 | $32336 | $24227 |
| **3/31/2025** | $21557 | $30449 | $23554 |
| **4/30/2025** | $20823 | $30245 | $22836 |
| **5/31/2025** | $21916 | $32162 | $23638 |
| **6/30/2025** | $22962 | $33796 | $24446 |
| **7/31/2025** | $23472 | $34540 | $24586 |
| **8/31/2025** | $24146 | $35340 | $25370 |
| **9/30/2025** | $24566 | $36559 | $25749 |
| **10/31/2025** | $24911 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C43 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 14.22% | 16.91% | 9.56% |
| Class C | 15.22% | 16.91% | 9.56% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $2346452915 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12199849 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 20.0% |
| Industrials | 17.2 |
| Health Care | 14.4 |
| Communication Services | 10.4 |
| Consumer Discretionary | 9.7 |
| Information Technology | 7.9 |
| Energy | 5.9 |
| Consumer Staples | 3.6 |
| Materials | 3.2 |
| Real Estate | 2.9 |
| Utilities | 1.9 |
| Repurchase Agreements | 2.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| 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 Large Cap Value

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.1% |
| Alphabet, Inc., Class A | 3.7 |
| Wells Fargo & Co. | 3.7 |
| Amazon.com, Inc. | 3.4 |
| Exxon Mobil Corp. | 3.1 |
| Blackrock, Inc. | 3.0 |
| RTX Corp. | 3.0 |
| Micron Technology, Inc. | 2.8 |
| Abbott Laboratories | 2.8 |
| Walt Disney Co. | 2.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Large Cap Value

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Cap Value

# Class I

## TWQIX
October 31, 2025

## Fund Overview
Transamerica Large Cap Value (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 | $68 | 0.63% |

---

## 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 16.48%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* The Fund outperformed the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Stock selection drove the outperformance as performance from sector allocation was approximately neutral. Though a net neutral effect to results, sector allocation varied, as positive impacts from underweights to consumer staples and manufacturing were offset by negative effects from overweights to both the healthcare and transportation sectors. 

* At the sector level, stock selection in technology, consumer services, and financial services contributed the most to performance, while selection in energy and consumer staples detracted the most during the period. 

* At the stock level, the overweight to Broadcom, Inc. contributed the most to benchmark relative performance. Shares of Broadcom, Inc., a provider of semiconductor components and enterprise software solution, rallied given it is uniquely positioned within the AI landscape. 

* The overweight position in UnitedHealth Group, Inc. was the largest detractor from benchmark relative performance during the period. Shares of the health insurance and health care services company underperformed following a disappointing earnings report in April and took another leg down in May when the company formally withdrew its 2025 guidance, and the CEO stepped down unexpectedly. The Fund no longer owns shares of the company.

* The views expressed reflect the opinions of Great Lakes Advisors, LLC 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 Large Cap Value

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g68k03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10172 | $10055 | $10038 |
| **12/31/2015** | $9957 | $9849 | $9822 |
| **1/31/2016** | $9449 | $9293 | $9315 |
| **2/29/2016** | $9641 | $9290 | $9312 |
| **3/31/2016** | $10280 | $9944 | $9983 |
| **4/30/2016** | $10544 | $10006 | $10193 |
| **5/31/2016** | $10817 | $10185 | $10351 |
| **6/30/2016** | $10639 | $10206 | $10441 |
| **7/31/2016** | $11159 | $10611 | $10744 |
| **8/31/2016** | $11407 | $10638 | $10827 |
| **9/30/2016** | $11316 | $10655 | $10804 |
| **10/31/2016** | $11014 | $10424 | $10637 |
| **11/30/2016** | $11643 | $10891 | $11245 |
| **12/31/2016** | $12133 | $11103 | $11526 |
| **1/31/2017** | $11998 | $11312 | $11608 |
| **2/28/2017** | $12451 | $11733 | $12025 |
| **3/31/2017** | $12492 | $11741 | $11902 |
| **4/30/2017** | $12569 | $11865 | $11880 |
| **5/31/2017** | $12502 | $11987 | $11868 |
| **6/30/2017** | $12780 | $12095 | $12062 |
| **7/31/2017** | $12994 | $12323 | $12223 |
| **8/31/2017** | $12693 | $12347 | $12080 |
| **10/31/2017** | $13278 | $12924 | $12528 |
| **11/30/2017** | $13501 | $13316 | $12912 |
| **12/31/2017** | $13635 | $13450 | $13101 |
| **1/31/2018** | $14148 | $14158 | $13607 |
| **2/28/2018** | $13526 | $13637 | $12957 |
| **3/31/2018** | $13186 | $13363 | $12729 |
| **4/30/2018** | $13448 | $13414 | $12771 |
| **5/31/2018** | $13765 | $13792 | $12847 |
| **6/30/2018** | $13766 | $13883 | $12879 |
| **7/31/2018** | $14271 | $14343 | $13389 |
| **8/31/2018** | $14457 | $14847 | $13587 |
| **9/30/2018** | $14470 | $14871 | $13614 |
| **10/31/2018** | $13381 | $13776 | $12909 |
| **11/30/2018** | $13535 | $14052 | $13294 |
| **12/31/2018** | $12217 | $12745 | $12018 |
| **1/31/2019** | $13470 | $13838 | $12953 |
| **2/28/2019** | $13813 | $14325 | $13367 |
| **3/31/2019** | $13875 | $14534 | $13452 |
| **4/30/2019** | $14406 | $15115 | $13929 |
| **5/31/2019** | $12975 | $14137 | $13033 |
| **6/30/2019** | $13909 | $15129 | $13969 |
| **7/31/2019** | $14033 | $15354 | $14085 |
| **8/31/2019** | $13079 | $15041 | $13671 |
| **9/30/2019** | $13829 | $15305 | $14158 |
| **10/31/2019** | $13767 | $15635 | $14356 |
| **11/30/2019** | $13979 | $16229 | $14800 |
| **12/31/2019** | $14414 | $16698 | $15207 |
| **1/31/2020** | $13860 | $16680 | $14880 |
| **2/29/2020** | $12379 | $15314 | $13439 |
| **3/31/2020** | $9828 | $13208 | $11142 |
| **4/30/2020** | $11152 | $14957 | $12395 |
| **5/31/2020** | $11775 | $15757 | $12820 |
| **6/30/2020** | $11820 | $16117 | $12735 |
| **7/31/2020** | $11990 | $17033 | $13238 |
| **8/31/2020** | $12511 | $18266 | $13785 |
| **9/30/2020** | $12154 | $17601 | $13447 |
| **10/31/2020** | $12023 | $17221 | $13270 |
| **11/30/2020** | $14043 | $19317 | $15055 |
| **12/31/2020** | $14604 | $20186 | $15632 |
| **1/31/2021** | $14617 | $20096 | $15489 |
| **2/28/2021** | $15461 | $20724 | $16425 |
| **3/31/2021** | $16505 | $21467 | $17392 |
| **4/30/2021** | $17259 | $22573 | $18087 |
| **5/31/2021** | $17629 | $22676 | $18509 |
| **6/30/2021** | $17520 | $23236 | $18297 |
| **7/31/2021** | $17744 | $23628 | $18444 |
| **8/31/2021** | $18022 | $24302 | $18809 |
| **9/30/2021** | $17482 | $23212 | $18155 |
| **10/31/2021** | $18807 | $24782 | $19077 |
| **11/30/2021** | $18091 | $24404 | $18404 |
| **12/31/2021** | $19143 | $25365 | $19565 |
| **1/31/2022** | $18779 | $23873 | $19110 |
| **2/28/2022** | $18454 | $23272 | $18888 |
| **3/31/2022** | $19032 | $24026 | $19421 |
| **4/30/2022** | $17772 | $21870 | $18326 |
| **5/31/2022** | $18111 | $21841 | $18682 |
| **6/30/2022** | $16600 | $20014 | $17050 |
| **7/31/2022** | $17687 | $21891 | $18180 |
| **8/31/2022** | $17347 | $21074 | $17639 |
| **9/30/2022** | $15904 | $19120 | $16092 |
| **10/31/2022** | $17628 | $20688 | $17742 |
| **11/30/2022** | $18583 | $21768 | $18850 |
| **12/31/2022** | $17781 | $20493 | $18091 |
| **1/31/2023** | $18576 | $21905 | $19028 |
| **2/28/2023** | $17983 | $21393 | $18357 |
| **3/31/2023** | $17842 | $21965 | $18273 |
| **4/30/2023** | $18292 | $22199 | $18548 |
| **5/31/2023** | $17668 | $22285 | $17833 |
| **6/30/2023** | $18734 | $23807 | $19017 |
| **7/31/2023** | $19360 | $24661 | $19686 |
| **8/31/2023** | $18908 | $24185 | $19154 |
| **9/30/2023** | $18284 | $23032 | $18415 |
| **10/31/2023** | $17684 | $22422 | $17766 |
| **11/30/2023** | $19014 | $24513 | $19106 |
| **12/31/2023** | $20114 | $25813 | $20164 |
| **1/31/2024** | $20429 | $26099 | $20185 |
| **2/29/2024** | $21389 | $27512 | $20930 |
| **3/31/2024** | $22615 | $28399 | $21976 |
| **4/30/2024** | $21778 | $27150 | $21037 |
| **5/31/2024** | $22299 | $28432 | $21704 |
| **6/30/2024** | $22282 | $29313 | $21500 |
| **7/31/2024** | $23089 | $29857 | $22599 |
| **8/31/2024** | $23643 | $30507 | $23205 |
| **9/30/2024** | $23910 | $31138 | $23528 |
| **10/31/2024** | $23846 | $30910 | $23269 |
| **11/30/2024** | $25020 | $32966 | $24755 |
| **12/31/2024** | $23563 | $31958 | $23061 |
| **1/31/2025** | $24892 | $32967 | $24129 |
| **2/28/2025** | $24697 | $32336 | $24227 |
| **3/31/2025** | $23886 | $30449 | $23554 |
| **4/30/2025** | $23090 | $30245 | $22836 |
| **5/31/2025** | $24325 | $32162 | $23638 |
| **6/30/2025** | $25502 | $33796 | $24446 |
| **7/31/2025** | $26088 | $34540 | $24586 |
| **8/31/2025** | $26887 | $35340 | $25370 |
| **9/30/2025** | $27368 | $36559 | $25749 |
| **10/31/2025** | $27776 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C48 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 16.48% | 18.23% | 10.76% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $2346452915 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12199849 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 20.0% |
| Industrials | 17.2 |
| Health Care | 14.4 |
| Communication Services | 10.4 |
| Consumer Discretionary | 9.7 |
| Information Technology | 7.9 |
| Energy | 5.9 |
| Consumer Staples | 3.6 |
| Materials | 3.2 |
| Real Estate | 2.9 |
| Utilities | 1.9 |
| Repurchase Agreements | 2.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| 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 Large Cap Value

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.1% |
| Alphabet, Inc., Class A | 3.7 |
| Wells Fargo & Co. | 3.7 |
| Amazon.com, Inc. | 3.4 |
| Exxon Mobil Corp. | 3.1 |
| Blackrock, Inc. | 3.0 |
| RTX Corp. | 3.0 |
| Micron Technology, Inc. | 2.8 |
| Abbott Laboratories | 2.8 |
| Walt Disney Co. | 2.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Large Cap Value

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Cap Value

# Class I2

## TWQZX
October 31, 2025

## Fund Overview
Transamerica Large Cap Value (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 I2 | $68 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 16.47%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* The Fund outperformed the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Stock selection drove the outperformance as performance from sector allocation was approximately neutral. Though a net neutral effect to results, sector allocation varied, as positive impacts from underweights to consumer staples and manufacturing were offset by negative effects from overweights to both the healthcare and transportation sectors. 

* At the sector level, stock selection in technology, consumer services, and financial services contributed the most to performance, while selection in energy and consumer staples detracted the most during the period. 

* At the stock level, the overweight to Broadcom, Inc. contributed the most to benchmark relative performance. Shares of Broadcom, Inc., a provider of semiconductor components and enterprise software solution, rallied given it is uniquely positioned within the AI landscape. 

* The overweight position in UnitedHealth Group, Inc. was the largest detractor from benchmark relative performance during the period. Shares of the health insurance and health care services company underperformed following a disappointing earnings report in April and took another leg down in May when the company formally withdrew its 2025 guidance, and the CEO stepped down unexpectedly. The Fund no longer owns shares of the company.

* The views expressed reflect the opinions of Great Lakes Advisors, LLC 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 Large Cap Value

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g09b41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10172 | $10055 | $10038 |
| **12/31/2015** | $9959 | $9849 | $9822 |
| **1/31/2016** | $9450 | $9293 | $9315 |
| **2/29/2016** | $9643 | $9290 | $9312 |
| **3/31/2016** | $10285 | $9944 | $9983 |
| **4/30/2016** | $10549 | $10006 | $10193 |
| **5/31/2016** | $10831 | $10185 | $10351 |
| **6/30/2016** | $10646 | $10206 | $10441 |
| **7/31/2016** | $11168 | $10611 | $10744 |
| **8/31/2016** | $11415 | $10638 | $10827 |
| **9/30/2016** | $11327 | $10655 | $10804 |
| **10/31/2016** | $11025 | $10424 | $10637 |
| **11/30/2016** | $11655 | $10891 | $11245 |
| **12/31/2016** | $12148 | $11103 | $11526 |
| **1/31/2017** | $12013 | $11312 | $11608 |
| **2/28/2017** | $12476 | $11733 | $12025 |
| **3/31/2017** | $12510 | $11741 | $11902 |
| **4/30/2017** | $12587 | $11865 | $11880 |
| **5/31/2017** | $12519 | $11987 | $11868 |
| **6/30/2017** | $12801 | $12095 | $12062 |
| **7/31/2017** | $13015 | $12323 | $12223 |
| **8/31/2017** | $12714 | $12347 | $12080 |
| **10/31/2017** | $13303 | $12924 | $12528 |
| **11/30/2017** | $13527 | $13316 | $12912 |
| **12/31/2017** | $13665 | $13450 | $13101 |
| **1/31/2018** | $14178 | $14158 | $13607 |
| **2/28/2018** | $13555 | $13637 | $12957 |
| **3/31/2018** | $13217 | $13363 | $12729 |
| **4/30/2018** | $13480 | $13414 | $12771 |
| **5/31/2018** | $13798 | $13792 | $12847 |
| **6/30/2018** | $13802 | $13883 | $12879 |
| **7/31/2018** | $14309 | $14343 | $13389 |
| **8/31/2018** | $14496 | $14847 | $13587 |
| **9/30/2018** | $14513 | $14871 | $13614 |
| **10/31/2018** | $13430 | $13776 | $12909 |
| **11/30/2018** | $13574 | $14052 | $13294 |
| **12/31/2018** | $12255 | $12745 | $12018 |
| **1/31/2019** | $13512 | $13838 | $12953 |
| **2/28/2019** | $13858 | $14325 | $13367 |
| **3/31/2019** | $13923 | $14534 | $13452 |
| **4/30/2019** | $14456 | $15115 | $13929 |
| **5/31/2019** | $13031 | $14137 | $13033 |
| **6/30/2019** | $13961 | $15129 | $13969 |
| **7/31/2019** | $14098 | $15354 | $14085 |
| **8/31/2019** | $13127 | $15041 | $13671 |
| **9/30/2019** | $13883 | $15305 | $14158 |
| **10/31/2019** | $13820 | $15635 | $14356 |
| **11/30/2019** | $14033 | $16229 | $14800 |
| **12/31/2019** | $14471 | $16698 | $15207 |
| **1/31/2020** | $13914 | $16680 | $14880 |
| **2/29/2020** | $12426 | $15314 | $13439 |
| **3/31/2020** | $9863 | $13208 | $11142 |
| **4/30/2020** | $11194 | $14957 | $12395 |
| **5/31/2020** | $11820 | $15757 | $12820 |
| **6/30/2020** | $11866 | $16117 | $12735 |
| **7/31/2020** | $12050 | $17033 | $13238 |
| **8/31/2020** | $12561 | $18266 | $13785 |
| **9/30/2020** | $12216 | $17601 | $13447 |
| **10/31/2020** | $12071 | $17221 | $13270 |
| **11/30/2020** | $14100 | $19317 | $15055 |
| **12/31/2020** | $14655 | $20186 | $15632 |
| **1/31/2021** | $14682 | $20096 | $15489 |
| **2/28/2021** | $15517 | $20724 | $16425 |
| **3/31/2021** | $16571 | $21467 | $17392 |
| **4/30/2021** | $17329 | $22573 | $18087 |
| **5/31/2021** | $17701 | $22676 | $18509 |
| **6/30/2021** | $17582 | $23236 | $18297 |
| **7/31/2021** | $17808 | $23628 | $18444 |
| **8/31/2021** | $18101 | $24302 | $18809 |
| **9/30/2021** | $17562 | $23212 | $18155 |
| **10/31/2021** | $18882 | $24782 | $19077 |
| **11/30/2021** | $18162 | $24404 | $18404 |
| **12/31/2021** | $19224 | $25365 | $19565 |
| **1/31/2022** | $18857 | $23873 | $19110 |
| **2/28/2022** | $18531 | $23272 | $18888 |
| **3/31/2022** | $19117 | $24026 | $19421 |
| **4/30/2022** | $17835 | $21870 | $18326 |
| **5/31/2022** | $18162 | $21841 | $18682 |
| **6/30/2022** | $16660 | $20014 | $17050 |
| **7/31/2022** | $17740 | $21891 | $18180 |
| **8/31/2022** | $17398 | $21074 | $17639 |
| **9/30/2022** | $15950 | $19120 | $16092 |
| **10/31/2022** | $17679 | $20688 | $17742 |
| **11/30/2022** | $18640 | $21768 | $18850 |
| **12/31/2022** | $17837 | $20493 | $18091 |
| **1/31/2023** | $18638 | $21905 | $19028 |
| **2/28/2023** | $18041 | $21393 | $18357 |
| **3/31/2023** | $17904 | $21965 | $18273 |
| **4/30/2023** | $18342 | $22199 | $18548 |
| **5/31/2023** | $17728 | $22285 | $17833 |
| **6/30/2023** | $18805 | $23807 | $19017 |
| **7/31/2023** | $19422 | $24661 | $19686 |
| **8/31/2023** | $18982 | $24185 | $19154 |
| **9/30/2023** | $18342 | $23032 | $18415 |
| **10/31/2023** | $17739 | $22422 | $17766 |
| **11/30/2023** | $19078 | $24513 | $19106 |
| **12/31/2023** | $20176 | $25813 | $20164 |
| **1/31/2024** | $20493 | $26099 | $20185 |
| **2/29/2024** | $21461 | $27512 | $20930 |
| **3/31/2024** | $22685 | $28399 | $21976 |
| **4/30/2024** | $21858 | $27150 | $21037 |
| **5/31/2024** | $22367 | $28432 | $21704 |
| **6/30/2024** | $22354 | $29313 | $21500 |
| **7/31/2024** | $23168 | $29857 | $22599 |
| **8/31/2024** | $23711 | $30507 | $23205 |
| **9/30/2024** | $24001 | $31138 | $23528 |
| **10/31/2024** | $23921 | $30910 | $23269 |
| **11/30/2024** | $25106 | $32966 | $24755 |
| **12/31/2024** | $23641 | $31958 | $23061 |
| **1/31/2025** | $24965 | $32967 | $24129 |
| **2/28/2025** | $24785 | $32336 | $24227 |
| **3/31/2025** | $23973 | $30449 | $23554 |
| **4/30/2025** | $23169 | $30245 | $22836 |
| **5/31/2025** | $24415 | $32162 | $23638 |
| **6/30/2025** | $25592 | $33796 | $24446 |
| **7/31/2025** | $26185 | $34540 | $24586 |
| **8/31/2025** | $26974 | $35340 | $25370 |
| **9/30/2025** | $27466 | $36559 | $25749 |
| **10/31/2025** | $27861 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C44 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 16.47% | 18.21% | 10.79% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $2346452915 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12199849 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 20.0% |
| Industrials | 17.2 |
| Health Care | 14.4 |
| Communication Services | 10.4 |
| Consumer Discretionary | 9.7 |
| Information Technology | 7.9 |
| Energy | 5.9 |
| Consumer Staples | 3.6 |
| Materials | 3.2 |
| Real Estate | 2.9 |
| Utilities | 1.9 |
| Repurchase Agreements | 2.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| 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 Large Cap Value

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.1% |
| Alphabet, Inc., Class A | 3.7 |
| Wells Fargo & Co. | 3.7 |
| Amazon.com, Inc. | 3.4 |
| Exxon Mobil Corp. | 3.1 |
| Blackrock, Inc. | 3.0 |
| RTX Corp. | 3.0 |
| Micron Technology, Inc. | 2.8 |
| Abbott Laboratories | 2.8 |
| Walt Disney Co. | 2.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Large Cap Value

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Cap Value

# Class R6

## TALCX
October 31, 2025

## Fund Overview
Transamerica Large Cap Value (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 R6 | $68 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 16.46%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* The Fund outperformed the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Stock selection drove the outperformance as performance from sector allocation was approximately neutral. Though a net neutral effect to results, sector allocation varied, as positive impacts from underweights to consumer staples and manufacturing were offset by negative effects from overweights to both the healthcare and transportation sectors. 

* At the sector level, stock selection in technology, consumer services, and financial services contributed the most to performance, while selection in energy and consumer staples detracted the most during the period. 

* At the stock level, the overweight to Broadcom, Inc. contributed the most to benchmark relative performance. Shares of Broadcom, Inc., a provider of semiconductor components and enterprise software solution, rallied given it is uniquely positioned within the AI landscape. 

* The overweight position in UnitedHealth Group, Inc. was the largest detractor from benchmark relative performance during the period. Shares of the health insurance and health care services company underperformed following a disappointing earnings report in April and took another leg down in May when the company formally withdrew its 2025 guidance, and the CEO stepped down unexpectedly. The Fund no longer owns shares of the company.

* The views expressed reflect the opinions of Great Lakes Advisors, LLC 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 Large Cap Value

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g15m14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10172 | $10055 | $10038 |
| **12/31/2015** | $9950 | $9849 | $9822 |
| **1/31/2016** | $9450 | $9293 | $9315 |
| **2/29/2016** | $9643 | $9290 | $9312 |
| **3/31/2016** | $10276 | $9944 | $9983 |
| **4/30/2016** | $10549 | $10006 | $10193 |
| **5/31/2016** | $10831 | $10185 | $10351 |
| **6/30/2016** | $10646 | $10206 | $10441 |
| **7/31/2016** | $11168 | $10611 | $10744 |
| **8/31/2016** | $11415 | $10638 | $10827 |
| **9/30/2016** | $11327 | $10655 | $10804 |
| **10/31/2016** | $11025 | $10424 | $10637 |
| **11/30/2016** | $11655 | $10891 | $11245 |
| **12/31/2016** | $12148 | $11103 | $11526 |
| **1/31/2017** | $12013 | $11312 | $11608 |
| **2/28/2017** | $12476 | $11733 | $12025 |
| **3/31/2017** | $12510 | $11741 | $11902 |
| **4/30/2017** | $12587 | $11865 | $11880 |
| **5/31/2017** | $12520 | $11987 | $11868 |
| **6/30/2017** | $12802 | $12095 | $12062 |
| **7/31/2017** | $13016 | $12323 | $12223 |
| **8/31/2017** | $12714 | $12347 | $12080 |
| **10/31/2017** | $13303 | $12924 | $12528 |
| **11/30/2017** | $13528 | $13316 | $12912 |
| **12/31/2017** | $13665 | $13450 | $13101 |
| **1/31/2018** | $14179 | $14158 | $13607 |
| **2/28/2018** | $13556 | $13637 | $12957 |
| **3/31/2018** | $13217 | $13363 | $12729 |
| **4/30/2018** | $13480 | $13414 | $12771 |
| **5/31/2018** | $13798 | $13792 | $12847 |
| **6/30/2018** | $13803 | $13883 | $12879 |
| **7/31/2018** | $14309 | $14343 | $13389 |
| **8/31/2018** | $14497 | $14847 | $13587 |
| **9/30/2018** | $14513 | $14871 | $13614 |
| **10/31/2018** | $13431 | $13776 | $12909 |
| **11/30/2018** | $13585 | $14052 | $13294 |
| **12/31/2018** | $12268 | $12745 | $12018 |
| **1/31/2019** | $13513 | $13838 | $12953 |
| **2/28/2019** | $13858 | $14325 | $13367 |
| **3/31/2019** | $13924 | $14534 | $13452 |
| **4/30/2019** | $14456 | $15115 | $13929 |
| **5/31/2019** | $13032 | $14137 | $13033 |
| **6/30/2019** | $13962 | $15129 | $13969 |
| **7/31/2019** | $14099 | $15354 | $14085 |
| **8/31/2019** | $13140 | $15041 | $13671 |
| **9/30/2019** | $13883 | $15305 | $14158 |
| **10/31/2019** | $13821 | $15635 | $14356 |
| **11/30/2019** | $14033 | $16229 | $14800 |
| **12/31/2019** | $14471 | $16698 | $15207 |
| **1/31/2020** | $13915 | $16680 | $14880 |
| **2/29/2020** | $12426 | $15314 | $13439 |
| **3/31/2020** | $9864 | $13208 | $11142 |
| **4/30/2020** | $11195 | $14957 | $12395 |
| **5/31/2020** | $11821 | $15757 | $12820 |
| **6/30/2020** | $11866 | $16117 | $12735 |
| **7/31/2020** | $12050 | $17033 | $13238 |
| **8/31/2020** | $12561 | $18266 | $13785 |
| **9/30/2020** | $12216 | $17601 | $13447 |
| **10/31/2020** | $12071 | $17221 | $13270 |
| **11/30/2020** | $14101 | $19317 | $15055 |
| **12/31/2020** | $14656 | $20186 | $15632 |
| **1/31/2021** | $14682 | $20096 | $15489 |
| **2/28/2021** | $15518 | $20724 | $16425 |
| **3/31/2021** | $16572 | $21467 | $17392 |
| **4/30/2021** | $17329 | $22573 | $18087 |
| **5/31/2021** | $17701 | $22676 | $18509 |
| **6/30/2021** | $17582 | $23236 | $18297 |
| **7/31/2021** | $17822 | $23628 | $18444 |
| **8/31/2021** | $18101 | $24302 | $18809 |
| **9/30/2021** | $17562 | $23212 | $18155 |
| **10/31/2021** | $18882 | $24782 | $19077 |
| **11/30/2021** | $18175 | $24404 | $18404 |
| **12/31/2021** | $19225 | $25365 | $19565 |
| **1/31/2022** | $18858 | $23873 | $19110 |
| **2/28/2022** | $18532 | $23272 | $18888 |
| **3/31/2022** | $19118 | $24026 | $19421 |
| **4/30/2022** | $17836 | $21870 | $18326 |
| **5/31/2022** | $18177 | $21841 | $18682 |
| **6/30/2022** | $16660 | $20014 | $17050 |
| **7/31/2022** | $17741 | $21891 | $18180 |
| **8/31/2022** | $17399 | $21074 | $17639 |
| **9/30/2022** | $15950 | $19120 | $16092 |
| **10/31/2022** | $17680 | $20688 | $17742 |
| **11/30/2022** | $18641 | $21768 | $18850 |
| **12/31/2022** | $17837 | $20493 | $18091 |
| **1/31/2023** | $18638 | $21905 | $19028 |
| **2/28/2023** | $18041 | $21393 | $18357 |
| **3/31/2023** | $17904 | $21965 | $18273 |
| **4/30/2023** | $18342 | $22199 | $18548 |
| **5/31/2023** | $17728 | $22285 | $17833 |
| **6/30/2023** | $18805 | $23807 | $19017 |
| **7/31/2023** | $19436 | $24661 | $19686 |
| **8/31/2023** | $18981 | $24185 | $19154 |
| **9/30/2023** | $18342 | $23032 | $18415 |
| **10/31/2023** | $17739 | $22422 | $17766 |
| **11/30/2023** | $19078 | $24513 | $19106 |
| **12/31/2023** | $20175 | $25813 | $20164 |
| **1/31/2024** | $20492 | $26099 | $20185 |
| **2/29/2024** | $21475 | $27512 | $20930 |
| **3/31/2024** | $22683 | $28399 | $21976 |
| **4/30/2024** | $21856 | $27150 | $21037 |
| **5/31/2024** | $22365 | $28432 | $21704 |
| **6/30/2024** | $22369 | $29313 | $21500 |
| **7/31/2024** | $23183 | $29857 | $22599 |
| **8/31/2024** | $23725 | $30507 | $23205 |
| **9/30/2024** | $24000 | $31138 | $23528 |
| **10/31/2024** | $23936 | $30910 | $23269 |
| **11/30/2024** | $25104 | $32966 | $24755 |
| **12/31/2024** | $23656 | $31958 | $23061 |
| **1/31/2025** | $24980 | $32967 | $24129 |
| **2/28/2025** | $24784 | $32336 | $24227 |
| **3/31/2025** | $23971 | $30449 | $23554 |
| **4/30/2025** | $23168 | $30245 | $22836 |
| **5/31/2025** | $24414 | $32162 | $23638 |
| **6/30/2025** | $25607 | $33796 | $24446 |
| **7/31/2025** | $26183 | $34540 | $24586 |
| **8/31/2025** | $26972 | $35340 | $25370 |
| **9/30/2025** | $27464 | $36559 | $25749 |
| **10/31/2025** | $27876 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C4B | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 16.46% | 18.22% | 10.80% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $2346452915 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12199849 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 20.0% |
| Industrials | 17.2 |
| Health Care | 14.4 |
| Communication Services | 10.4 |
| Consumer Discretionary | 9.7 |
| Information Technology | 7.9 |
| Energy | 5.9 |
| Consumer Staples | 3.6 |
| Materials | 3.2 |
| Real Estate | 2.9 |
| Utilities | 1.9 |
| Repurchase Agreements | 2.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| 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 Large Cap Value

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.1% |
| Alphabet, Inc., Class A | 3.7 |
| Wells Fargo & Co. | 3.7 |
| Amazon.com, Inc. | 3.4 |
| Exxon Mobil Corp. | 3.1 |
| Blackrock, Inc. | 3.0 |
| RTX Corp. | 3.0 |
| Micron Technology, Inc. | 2.8 |
| Abbott Laboratories | 2.8 |
| Walt Disney Co. | 2.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Large Cap Value

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Core ESG

# Class A

## TLACX
October 31, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide 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 | $107 | 0.97%<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 19.76%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%.

* The Fund at NAV underperformed its benchmark, S&P 500, during the fiscal year. The poorest performing sectors were consumer discretionary and information technology relative to the benchmark. The top performing sectors were real estate and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, exceptional growth holdings underperformed, and mature turnaround holdings outperformed. Exceptional growth companies have the highest growth rates relative to their universe. Mature turnaround companies have observed sharp decreases in in growth rates recently. 

* At the stock level, an underweight in Tesla and an overweight in ConocoPhillips were among the most significant detractors, while an overweight in Arista Networks and an underweight in UnitedHealthcare contributed the most to performance. 

* The Fund's ESG (environmental, social and governance) tilt driven by the underperformance of MSCI higher-rated ESG stocks, which were overweighted in the Fund, detracted from performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Core ESG

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g25a55.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **S&P 500<sup>®</sup> Index** |
| **3/1/2023** | $10000 | $10000 |
| **3/31/2023** | $10267 | $10336 |
| **4/30/2023** | $10386 | $10497 |
| **5/31/2023** | $10416 | $10543 |
| **6/30/2023** | $11095 | $11239 |
| **7/31/2023** | $11464 | $11600 |
| **8/31/2023** | $11285 | $11416 |
| **9/30/2023** | $10774 | $10871 |
| **10/31/2023** | $10554 | $10643 |
| **11/30/2023** | $11453 | $11615 |
| **12/31/2023** | $11986 | $12142 |
| **1/31/2024** | $12243 | $12347 |
| **2/29/2024** | $12875 | $13006 |
| **3/31/2024** | $13374 | $13424 |
| **4/30/2024** | $12762 | $12876 |
| **5/31/2024** | $13310 | $13514 |
| **6/30/2024** | $13732 | $13999 |
| **7/31/2024** | $13882 | $14170 |
| **8/31/2024** | $14151 | $14513 |
| **9/30/2024** | $14375 | $14823 |
| **10/31/2024** | $14288 | $14689 |
| **11/30/2024** | $15182 | $15551 |
| **12/31/2024** | $14647 | $15180 |
| **1/31/2025** | $14976 | $15603 |
| **2/28/2025** | $14779 | $15400 |
| **3/31/2025** | $13989 | $14532 |
| **4/30/2025** | $13844 | $14433 |
| **5/31/2025** | $14782 | $15342 |
| **6/30/2025** | $15472 | $16122 |
| **7/31/2025** | $15882 | $16484 |
| **8/31/2025** | $16253 | $16818 |
| **9/30/2025** | $16740 | $17432 |
| **10/31/2025** | $17111 | $17840 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I0DE1 | **1 Year** | **Since Inception 3/1/23** |
| Class A with Load | 13.19% | 22.62% |
| Class A | 19.76% | 22.62% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 24.58% |

---

---

| | |
|:---|:---|
| 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. |

---

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 | $174046581 |
| Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 110% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $756241 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 36.5% |
| Financials | 13.7 |
| Consumer Discretionary | 9.4 |
| Communication Services | 9 |
| Industrials | 8.9 |
| Health Care | 8.2 |
| Consumer Staples | 3.9 |
| Energy | 3.5 |
| Utilities | 2.3 |
| Materials | 2 |
| Real Estate | 1 |
| Exchange-Traded Funds | 1.5 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| 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 Large Core ESG

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.4% |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Broadcom, Inc. | 3.7 |
| Amazon.com, Inc. | 2.8 |
| JPMorgan Chase & Co. | 2.4 |
| Eli Lilly & Co. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Visa, Inc., Class A | 1.9 |
| Alphabet, Inc., Class C | 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](g66697g70e46.jpg)

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

Transamerica Large Core ESG

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Core ESG

# Class I3

## TLATX
October 31, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide 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 I3 | $61 | 0.55%<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 I3 shares at NAV returned 20.15%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%.

* The Fund underperformed its benchmark, S&P 500, during the fiscal year. The poorest performing sectors were consumer discretionary and information technology relative to the benchmark. The top performing sectors were real estate and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, exceptional growth holdings underperformed, and mature turnaround holdings outperformed. Exceptional growth companies have the highest growth rates relative to their universe. Mature turnaround companies have observed sharp decreases in in growth rates recently. 

* At the stock level, an underweight in Tesla and an overweight in ConocoPhillips were among the most significant detractors, while an overweight in Arista Networks and an underweight in UnitedHealthcare contributed the most to performance. 

* The Fund's ESG (environmental, social and governance) tilt driven by the underperformance of MSCI higher-rated ESG stocks, which were overweighted in the Fund, detracted from performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Core ESG

Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g33o22.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I3** | **S&P 500<sup>®</sup> Index** |
| **3/10/2017** | $10000 | $10000 |
| **3/31/2017** | $9956 | $10000 |
| **4/30/2017** | $9996 | $10102 |
| **5/31/2017** | $10116 | $10245 |
| **6/30/2017** | $10212 | $10308 |
| **7/31/2017** | $10423 | $10520 |
| **8/31/2017** | $10443 | $10553 |
| **9/30/2017** | $10756 | $10770 |
| **10/31/2017** | $11109 | $11022 |
| **11/30/2017** | $11522 | $11360 |
| **12/31/2017** | $11704 | $11486 |
| **1/31/2018** | $12251 | $12144 |
| **2/28/2018** | $11714 | $11696 |
| **3/31/2018** | $11589 | $11399 |
| **4/30/2018** | $11674 | $11443 |
| **5/31/2018** | $11906 | $11718 |
| **6/30/2018** | $11795 | $11790 |
| **7/31/2018** | $12239 | $12229 |
| **8/31/2018** | $12577 | $12627 |
| **9/30/2018** | $12646 | $12699 |
| **10/31/2018** | $11797 | $11831 |
| **11/30/2018** | $11988 | $12072 |
| **12/31/2018** | $10934 | $10982 |
| **1/31/2019** | $11763 | $11862 |
| **2/28/2019** | $12165 | $12243 |
| **3/31/2019** | $12290 | $12481 |
| **4/30/2019** | $12732 | $12987 |
| **5/31/2019** | $11861 | $12161 |
| **6/30/2019** | $12675 | $13018 |
| **7/31/2019** | $12832 | $13206 |
| **8/31/2019** | $12506 | $12996 |
| **9/30/2019** | $12777 | $13240 |
| **10/31/2019** | $13039 | $13526 |
| **11/30/2019** | $13524 | $14017 |
| **12/31/2019** | $13895 | $14440 |
| **1/31/2020** | $13869 | $14435 |
| **2/29/2020** | $12707 | $13246 |
| **3/31/2020** | $11065 | $11610 |
| **4/30/2020** | $12509 | $13099 |
| **5/31/2020** | $13106 | $13723 |
| **6/30/2020** | $13364 | $13996 |
| **7/31/2020** | $14082 | $14785 |
| **8/31/2020** | $15053 | $15847 |
| **9/30/2020** | $14433 | $15245 |
| **10/31/2020** | $14032 | $14840 |
| **11/30/2020** | $15526 | $16464 |
| **12/31/2020** | $16069 | $17097 |
| **1/31/2021** | $16026 | $16925 |
| **2/28/2021** | $16344 | $17391 |
| **3/31/2021** | $17191 | $18153 |
| **4/30/2021** | $18136 | $19122 |
| **5/31/2021** | $18237 | $19255 |
| **6/30/2021** | $18638 | $19705 |
| **7/31/2021** | $19060 | $20173 |
| **8/31/2021** | $19715 | $20786 |
| **9/30/2021** | $18734 | $19820 |
| **10/31/2021** | $19959 | $21208 |
| **11/30/2021** | $19857 | $21061 |
| **12/31/2021** | $20845 | $22005 |
| **1/31/2022** | $19909 | $20866 |
| **2/28/2022** | $19365 | $20242 |
| **3/31/2022** | $20015 | $20993 |
| **4/30/2022** | $18378 | $19163 |
| **5/31/2022** | $18464 | $19198 |
| **6/30/2022** | $16877 | $17613 |
| **7/31/2022** | $18398 | $19237 |
| **8/31/2022** | $17732 | $18453 |
| **9/30/2022** | $16127 | $16753 |
| **10/31/2022** | $17448 | $18109 |
| **11/30/2022** | $18443 | $19121 |
| **12/31/2022** | $17382 | $18020 |
| **1/31/2023** | $18524 | $19152 |
| **2/28/2023** | $18162 | $18685 |
| **3/31/2023** | $18705 | $19371 |
| **4/30/2023** | $18923 | $19673 |
| **5/31/2023** | $18996 | $19759 |
| **6/30/2023** | $20241 | $21064 |
| **7/31/2023** | $20915 | $21741 |
| **8/31/2023** | $20587 | $21395 |
| **9/30/2023** | $19648 | $20375 |
| **10/31/2023** | $19265 | $19946 |
| **11/30/2023** | $20927 | $21768 |
| **12/31/2023** | $21901 | $22757 |
| **1/31/2024** | $22372 | $23139 |
| **2/29/2024** | $23549 | $24375 |
| **3/31/2024** | $24446 | $25159 |
| **4/30/2024** | $23364 | $24131 |
| **5/31/2024** | $24367 | $25328 |
| **6/30/2024** | $25149 | $26237 |
| **7/31/2024** | $25445 | $26556 |
| **8/31/2024** | $25938 | $27200 |
| **9/30/2024** | $26368 | $27781 |
| **10/31/2024** | $26210 | $27529 |
| **11/30/2024** | $27850 | $29145 |
| **12/31/2024** | $26863 | $28450 |
| **1/31/2025** | $27469 | $29243 |
| **2/28/2025** | $27130 | $28861 |
| **3/31/2025** | $25678 | $27235 |
| **4/30/2025** | $25435 | $27050 |
| **5/31/2025** | $27161 | $28753 |
| **6/30/2025** | $28465 | $30215 |
| **7/31/2025** | $29221 | $30893 |
| **8/31/2025** | $29928 | $31519 |
| **9/30/2025** | $30808 | $32670 |
| **10/31/2025** | $31491 | $33435 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DED | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class I3 | 20.15% | 17.55% | 14.19% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.98% |

---

---

| | |
|:---|:---|
| 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. |

---

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 | $174046581 |
| Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 110% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $756241 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 36.5% |
| Financials | 13.7 |
| Consumer Discretionary | 9.4 |
| Communication Services | 9 |
| Industrials | 8.9 |
| Health Care | 8.2 |
| Consumer Staples | 3.9 |
| Energy | 3.5 |
| Utilities | 2.3 |
| Materials | 2 |
| Real Estate | 1 |
| Exchange-Traded Funds | 1.5 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| 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 Large Core ESG

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.4% |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Broadcom, Inc. | 3.7 |
| Amazon.com, Inc. | 2.8 |
| JPMorgan Chase & Co. | 2.4 |
| Eli Lilly & Co. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Visa, Inc., Class A | 1.9 |
| Alphabet, Inc., Class C | 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](g66697g70e46.jpg)

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

Transamerica Large Core ESG

Class I3

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Core ESG

# Class R

## TLARX
October 31, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide 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 | $115 | 1.05%<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 19.54%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%.

* The Fund underperformed its benchmark, S&P 500, during the fiscal year. The poorest performing sectors were consumer discretionary and information technology relative to the benchmark. The top performing sectors were real estate and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, exceptional growth holdings underperformed, and mature turnaround holdings outperformed. Exceptional growth companies have the highest growth rates relative to their universe. Mature turnaround companies have observed sharp decreases in in growth rates recently. 

* At the stock level, an underweight in Tesla and an overweight in ConocoPhillips were among the most significant detractors, while an overweight in Arista Networks and an underweight in UnitedHealthcare contributed the most to performance. 

* The Fund's ESG (environmental, social and governance) tilt driven by the underperformance of MSCI higher-rated ESG stocks, which were overweighted in the Fund, detracted from performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Core ESG

Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g10k78.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** |
| **3/10/2017** | $10000 | $10000 |
| **3/31/2017** | $9953 | $10000 |
| **4/30/2017** | $9993 | $10102 |
| **5/31/2017** | $10113 | $10245 |
| **6/30/2017** | $10197 | $10308 |
| **7/31/2017** | $10398 | $10520 |
| **8/31/2017** | $10418 | $10553 |
| **9/30/2017** | $10727 | $10770 |
| **10/31/2017** | $11068 | $11022 |
| **11/30/2017** | $11481 | $11360 |
| **12/31/2017** | $11658 | $11486 |
| **1/31/2018** | $12192 | $12144 |
| **2/28/2018** | $11658 | $11696 |
| **3/31/2018** | $11528 | $11399 |
| **4/30/2018** | $11612 | $11443 |
| **5/31/2018** | $11833 | $11718 |
| **6/30/2018** | $11717 | $11790 |
| **7/31/2018** | $12159 | $12229 |
| **8/31/2018** | $12485 | $12627 |
| **9/30/2018** | $12548 | $12699 |
| **10/31/2018** | $11695 | $11831 |
| **11/30/2018** | $11885 | $12072 |
| **12/31/2018** | $10832 | $10982 |
| **1/31/2019** | $11653 | $11862 |
| **2/28/2019** | $12051 | $12243 |
| **3/31/2019** | $12173 | $12481 |
| **4/30/2019** | $12598 | $12987 |
| **5/31/2019** | $11723 | $12161 |
| **6/30/2019** | $12527 | $13018 |
| **7/31/2019** | $12682 | $13206 |
| **8/31/2019** | $12359 | $12996 |
| **9/30/2019** | $12612 | $13240 |
| **10/31/2019** | $12870 | $13526 |
| **11/30/2019** | $13336 | $14017 |
| **12/31/2019** | $13698 | $14440 |
| **1/31/2020** | $13672 | $14435 |
| **2/29/2020** | $12515 | $13246 |
| **3/31/2020** | $10891 | $11610 |
| **4/30/2020** | $12312 | $13099 |
| **5/31/2020** | $12899 | $13723 |
| **6/30/2020** | $13151 | $13996 |
| **7/31/2020** | $13843 | $14785 |
| **8/31/2020** | $14798 | $15847 |
| **9/30/2020** | $14183 | $15245 |
| **10/31/2020** | $13777 | $14840 |
| **11/30/2020** | $15244 | $16464 |
| **12/31/2020** | $15771 | $17097 |
| **1/31/2021** | $15729 | $16925 |
| **2/28/2021** | $16027 | $17391 |
| **3/31/2021** | $16852 | $18153 |
| **4/30/2021** | $17763 | $19122 |
| **5/31/2021** | $17862 | $19255 |
| **6/30/2021** | $18246 | $19705 |
| **7/31/2021** | $18645 | $20173 |
| **8/31/2021** | $19272 | $20786 |
| **9/30/2021** | $18317 | $19820 |
| **10/31/2021** | $19514 | $21208 |
| **11/30/2021** | $19386 | $21061 |
| **12/31/2021** | $20351 | $22005 |
| **1/31/2022** | $19422 | $20866 |
| **2/28/2022** | $18891 | $20242 |
| **3/31/2022** | $19518 | $20993 |
| **4/30/2022** | $17924 | $19163 |
| **5/31/2022** | $17990 | $19198 |
| **6/30/2022** | $16438 | $17613 |
| **7/31/2022** | $17919 | $19237 |
| **8/31/2022** | $17254 | $18453 |
| **9/30/2022** | $15687 | $16753 |
| **10/31/2022** | $16971 | $18109 |
| **11/30/2022** | $17938 | $19121 |
| **12/31/2022** | $16886 | $18020 |
| **1/31/2023** | $17994 | $19152 |
| **2/28/2023** | $17625 | $18685 |
| **3/31/2023** | $18147 | $19371 |
| **4/30/2023** | $18341 | $19673 |
| **5/31/2023** | $18429 | $19759 |
| **6/30/2023** | $19612 | $21064 |
| **7/31/2023** | $20265 | $21741 |
| **8/31/2023** | $19947 | $21395 |
| **9/30/2023** | $19032 | $20375 |
| **10/31/2023** | $18643 | $19946 |
| **11/30/2023** | $20232 | $21768 |
| **12/31/2023** | $21184 | $22757 |
| **1/31/2024** | $21620 | $23139 |
| **2/29/2024** | $22738 | $24375 |
| **3/31/2024** | $23615 | $25159 |
| **4/30/2024** | $22553 | $24131 |
| **5/31/2024** | $23521 | $25328 |
| **6/30/2024** | $24247 | $26237 |
| **7/31/2024** | $24532 | $26556 |
| **8/31/2024** | $24987 | $27200 |
| **9/30/2024** | $25393 | $27781 |
| **10/31/2024** | $25241 | $27529 |
| **11/30/2024** | $26819 | $29145 |
| **12/31/2024** | $25842 | $28450 |
| **1/31/2025** | $26424 | $29243 |
| **2/28/2025** | $26098 | $28861 |
| **3/31/2025** | $24672 | $27235 |
| **4/30/2025** | $24439 | $27050 |
| **5/31/2025** | $26094 | $28753 |
| **6/30/2025** | $27313 | $30215 |
| **7/31/2025** | $28036 | $30893 |
| **8/31/2025** | $28690 | $31519 |
| **9/30/2025** | $29543 | $32670 |
| **10/31/2025** | $30174 | $33435 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DE5 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class R | 19.54% | 16.98% | 13.62% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.98% |

---

---

| | |
|:---|:---|
| 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. |

---

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 | $174046581 |
| Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 110% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $756241 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 36.5% |
| Financials | 13.7 |
| Consumer Discretionary | 9.4 |
| Communication Services | 9 |
| Industrials | 8.9 |
| Health Care | 8.2 |
| Consumer Staples | 3.9 |
| Energy | 3.5 |
| Utilities | 2.3 |
| Materials | 2 |
| Real Estate | 1 |
| Exchange-Traded Funds | 1.5 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| 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 Large Core ESG

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.4% |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Broadcom, Inc. | 3.7 |
| Amazon.com, Inc. | 2.8 |
| JPMorgan Chase & Co. | 2.4 |
| Eli Lilly & Co. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Visa, Inc., Class A | 1.9 |
| Alphabet, Inc., Class C | 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](g66697g70e46.jpg)

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

Transamerica Large Core ESG

Class R

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Core ESG

# Class R4

## TLAFX
October 31, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide 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 R4 | $89 | 0.81%<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 19.87%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%.

* The Fund underperformed its benchmark, S&P 500, during the fiscal year. The poorest performing sectors were consumer discretionary and information technology relative to the benchmark. The top performing sectors were real estate and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, exceptional growth holdings underperformed, and mature turnaround holdings outperformed. Exceptional growth companies have the highest growth rates relative to their universe. Mature turnaround companies have observed sharp decreases in in growth rates recently. 

* At the stock level, an underweight in Tesla and an overweight in ConocoPhillips were among the most significant detractors, while an overweight in Arista Networks and an underweight in UnitedHealthcare contributed the most to performance. 

* The Fund's ESG (environmental, social and governance) tilt driven by the underperformance of MSCI higher-rated ESG stocks, which were overweighted in the Fund, detracted from performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Core ESG

Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g02q48.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R4** | **S&P 500<sup>®</sup> Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9947 | $10030 |
| **12/31/2015** | $9716 | $9872 |
| **1/31/2016** | $8943 | $9382 |
| **2/29/2016** | $8983 | $9369 |
| **3/31/2016** | $9600 | $10005 |
| **4/30/2016** | $9492 | $10043 |
| **5/31/2016** | $9559 | $10224 |
| **6/30/2016** | $9459 | $10250 |
| **7/31/2016** | $9849 | $10628 |
| **8/31/2016** | $9930 | $10643 |
| **9/30/2016** | $9976 | $10645 |
| **10/31/2016** | $9773 | $10451 |
| **11/30/2016** | $10273 | $10838 |
| **12/31/2016** | $10473 | $11052 |
| **1/31/2017** | $10581 | $11262 |
| **2/28/2017** | $11028 | $11709 |
| **3/31/2017** | $10980 | $11723 |
| **4/30/2017** | $11024 | $11843 |
| **5/31/2017** | $11156 | $12010 |
| **6/30/2017** | $11255 | $12085 |
| **7/31/2017** | $11487 | $12333 |
| **8/31/2017** | $11510 | $12371 |
| **9/30/2017** | $11847 | $12626 |
| **10/31/2017** | $12224 | $12921 |
| **11/30/2017** | $12680 | $13317 |
| **12/31/2017** | $12882 | $13465 |
| **1/31/2018** | $13484 | $14236 |
| **2/28/2018** | $12894 | $13711 |
| **3/31/2018** | $12748 | $13363 |
| **4/30/2018** | $12840 | $13414 |
| **5/31/2018** | $13084 | $13737 |
| **6/30/2018** | $12963 | $13822 |
| **7/31/2018** | $13451 | $14336 |
| **8/31/2018** | $13812 | $14803 |
| **9/30/2018** | $13890 | $14887 |
| **10/31/2018** | $12958 | $13870 |
| **11/30/2018** | $13168 | $14153 |
| **12/31/2018** | $11998 | $12875 |
| **1/31/2019** | $12907 | $13906 |
| **2/28/2019** | $13348 | $14353 |
| **3/31/2019** | $13492 | $14632 |
| **4/30/2019** | $13962 | $15224 |
| **5/31/2019** | $13007 | $14257 |
| **6/30/2019** | $13888 | $15262 |
| **7/31/2019** | $14060 | $15481 |
| **8/31/2019** | $13702 | $15236 |
| **9/30/2019** | $13986 | $15521 |
| **10/31/2019** | $14273 | $15857 |
| **11/30/2019** | $14804 | $16433 |
| **12/31/2019** | $15198 | $16928 |
| **1/31/2020** | $15169 | $16922 |
| **2/29/2020** | $13899 | $15529 |
| **3/31/2020** | $12093 | $13611 |
| **4/30/2020** | $13672 | $15356 |
| **5/31/2020** | $14323 | $16087 |
| **6/30/2020** | $14597 | $16407 |
| **7/31/2020** | $15381 | $17332 |
| **8/31/2020** | $16441 | $18578 |
| **9/30/2020** | $15768 | $17872 |
| **10/31/2020** | $15317 | $17397 |
| **11/30/2020** | $16947 | $19301 |
| **12/31/2020** | $17527 | $20043 |
| **1/31/2021** | $17480 | $19841 |
| **2/28/2021** | $17827 | $20388 |
| **3/31/2021** | $18755 | $21281 |
| **4/30/2021** | $19769 | $22416 |
| **5/31/2021** | $19880 | $22573 |
| **6/30/2021** | $20304 | $23100 |
| **7/31/2021** | $20764 | $23649 |
| **8/31/2021** | $21478 | $24368 |
| **9/30/2021** | $20412 | $23234 |
| **10/31/2021** | $21731 | $24862 |
| **11/30/2021** | $21619 | $24690 |
| **12/31/2021** | $22677 | $25797 |
| **1/31/2022** | $21660 | $24462 |
| **2/28/2022** | $21068 | $23729 |
| **3/31/2022** | $21781 | $24610 |
| **4/30/2022** | $19982 | $22464 |
| **5/31/2022** | $20075 | $22505 |
| **6/30/2022** | $18337 | $20648 |
| **7/31/2022** | $20009 | $22552 |
| **8/31/2022** | $19266 | $21632 |
| **9/30/2022** | $17530 | $19640 |
| **10/31/2022** | $18964 | $21230 |
| **11/30/2022** | $20045 | $22416 |
| **12/31/2022** | $18861 | $21125 |
| **1/31/2023** | $20119 | $22452 |
| **2/28/2023** | $19706 | $21904 |
| **3/31/2023** | $20303 | $22708 |
| **4/30/2023** | $20520 | $23063 |
| **5/31/2023** | $20598 | $23163 |
| **6/30/2023** | $21954 | $24693 |
| **7/31/2023** | $22684 | $25487 |
| **8/31/2023** | $22309 | $25081 |
| **9/30/2023** | $21298 | $23885 |
| **10/31/2023** | $20883 | $23383 |
| **11/30/2023** | $22663 | $25518 |
| **12/31/2023** | $23721 | $26678 |
| **1/31/2024** | $24231 | $27126 |
| **2/29/2024** | $25484 | $28574 |
| **3/31/2024** | $26482 | $29494 |
| **4/30/2024** | $25291 | $28289 |
| **5/31/2024** | $26376 | $29692 |
| **6/30/2024** | $27206 | $30757 |
| **7/31/2024** | $27504 | $31132 |
| **8/31/2024** | $28037 | $31887 |
| **9/30/2024** | $28507 | $32568 |
| **10/31/2024** | $28336 | $32272 |
| **11/30/2024** | $30107 | $34167 |
| **12/31/2024** | $29039 | $33352 |
| **1/31/2025** | $29692 | $34281 |
| **2/28/2025** | $29326 | $33834 |
| **3/31/2025** | $27742 | $31928 |
| **4/30/2025** | $27480 | $31711 |
| **5/31/2025** | $29340 | $33707 |
| **6/30/2025** | $30730 | $35421 |
| **7/31/2025** | $31543 | $36216 |
| **8/31/2025** | $32278 | $36950 |
| **9/30/2025** | $33230 | $38299 |
| **10/31/2025** | $33965 | $39196 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DEE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 19.87% | 17.27% | 13.01% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |

---

---

| | |
|:---|:---|
| 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. |

---

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 | $174046581 |
| Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 110% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $756241 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 36.5% |
| Financials | 13.7 |
| Consumer Discretionary | 9.4 |
| Communication Services | 9 |
| Industrials | 8.9 |
| Health Care | 8.2 |
| Consumer Staples | 3.9 |
| Energy | 3.5 |
| Utilities | 2.3 |
| Materials | 2 |
| Real Estate | 1 |
| Exchange-Traded Funds | 1.5 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| 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 Large Core ESG

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.4% |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Broadcom, Inc. | 3.7 |
| Amazon.com, Inc. | 2.8 |
| JPMorgan Chase & Co. | 2.4 |
| Eli Lilly & Co. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Visa, Inc., Class A | 1.9 |
| Alphabet, Inc., Class C | 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](g66697g70e46.jpg)

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

Transamerica Large Core ESG

Class R4

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Core ESG

# Class R6

## TLASX
October 31, 2025

## Fund Overview
Transamerica Large Core ESG (the "Fund") seeks to provide 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 R6 | $61 | 0.55%<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 R6 shares at NAV returned 20.18%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%.

* The Fund underperformed its benchmark, S&P 500, during the fiscal year. The poorest performing sectors were consumer discretionary and information technology relative to the benchmark. The top performing sectors were real estate and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, exceptional growth holdings underperformed, and mature turnaround holdings outperformed. Exceptional growth companies have the highest growth rates relative to their universe. Mature turnaround companies have observed sharp decreases in in growth rates recently. 

* At the stock level, an underweight in Tesla and an overweight in ConocoPhillips were among the most significant detractors, while an overweight in Arista Networks and an underweight in UnitedHealthcare contributed the most to performance. 

* The Fund's ESG (environmental, social and governance) tilt driven by the underperformance of MSCI higher-rated ESG stocks, which were overweighted in the Fund, detracted from performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Core ESG

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g08h78.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **3/1/2023** | $10000 | $10000 |
| **3/31/2023** | $10269 | $10336 |
| **4/30/2023** | $10388 | $10497 |
| **5/31/2023** | $10428 | $10543 |
| **6/30/2023** | $11116 | $11239 |
| **7/31/2023** | $11485 | $11600 |
| **8/31/2023** | $11306 | $11416 |
| **9/30/2023** | $10792 | $10871 |
| **10/31/2023** | $10582 | $10643 |
| **11/30/2023** | $11492 | $11615 |
| **12/31/2023** | $12025 | $12142 |
| **1/31/2024** | $12294 | $12347 |
| **2/29/2024** | $12928 | $13006 |
| **3/31/2024** | $13429 | $13424 |
| **4/30/2024** | $12826 | $12876 |
| **5/31/2024** | $13386 | $13514 |
| **6/30/2024** | $13804 | $13999 |
| **7/31/2024** | $13977 | $14170 |
| **8/31/2024** | $14246 | $14513 |
| **9/30/2024** | $14484 | $14823 |
| **10/31/2024** | $14397 | $14689 |
| **11/30/2024** | $15295 | $15551 |
| **12/31/2024** | $14756 | $15180 |
| **1/31/2025** | $15088 | $15603 |
| **2/28/2025** | $14902 | $15400 |
| **3/31/2025** | $14107 | $14532 |
| **4/30/2025** | $13974 | $14433 |
| **5/31/2025** | $14919 | $15342 |
| **6/30/2025** | $15633 | $16122 |
| **7/31/2025** | $16046 | $16484 |
| **8/31/2025** | $16433 | $16818 |
| **9/30/2025** | $16928 | $17432 |
| **10/31/2025** | $17302 | $17840 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I0DEB | **1 Year** | **Since Inception 3/1/23** |
| Class R6 | 20.18% | 23.13% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 24.58% |

---

---

| | |
|:---|:---|
| 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. |

---

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 | $174046581 |
| Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 110% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $756241 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 36.5% |
| Financials | 13.7 |
| Consumer Discretionary | 9.4 |
| Communication Services | 9 |
| Industrials | 8.9 |
| Health Care | 8.2 |
| Consumer Staples | 3.9 |
| Energy | 3.5 |
| Utilities | 2.3 |
| Materials | 2 |
| Real Estate | 1 |
| Exchange-Traded Funds | 1.5 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| 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 Large Core ESG

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.4% |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Broadcom, Inc. | 3.7 |
| Amazon.com, Inc. | 2.8 |
| JPMorgan Chase & Co. | 2.4 |
| Eli Lilly & Co. | 2.1 |
| Alphabet, Inc., Class A | 2.0 |
| Visa, Inc., Class A | 1.9 |
| Alphabet, Inc., Class C | 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](g66697g70e46.jpg)

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

Transamerica Large Core ESG

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Growth

# Class I3

## TGWTX
October 31, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. 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 I3 | $89 | 0.73% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 43.26%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund sleeve sub-advised by Morgan Stanley Investment Management ("MSIM") outperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* While tariffs remained a source of uncertainty and overall market volatility during the fiscal year, the latter months saw a shift toward a more dovish Federal Reserve stance, with expectations for additional interest rate cuts broadening through the fiscal year-end. Artificial intelligence optimism continued to drive market leadership, as enthusiasm for the technology's potential supported strong performance across several industries. 

* For the fiscal year ended October 31, 2025, the outperformance of the Fund sleeve sub-advised by MSIM was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

* Top contributing holdings included a web performance and security company, an enterprise analytics platform and bitcoin development company, a video game platform, a payments technology services platform, and a commerce solutions platform.

* The main detractors from relative performance were mixed stock selection in the communication services and industrials sectors and an overweight to the financials sector.

* Significant detractors from relative performance included a digital advertising software platform (sold during the period), a developer of internet connected sensor systems, a leading seller of used cars in the U.S. (sold – during the fiscal year), a cross-border e-commerce platform (sold – during the fiscal year), and an autonomous trucking driving company.

* The Fund sleeve sub-advised by Wellington Management Company LLP ("Wellington") underperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ending October 31, 2025, as measured by the S&P 500 Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. Overweight positions to financials and materials detracted the most from performance of the Fund sleeve sub-advised by Wellington. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights in Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight in Chipotle, a fast casual restaurant chain.

Transamerica Large Growth

Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g75j14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10060 | $10025 | $10075 |
| **5/31/2017** | $10340 | $10131 | $10305 |
| **6/30/2017** | $10700 | $10235 | $10573 |
| **7/31/2017** | $10604 | $10327 | $10545 |
| **8/31/2017** | $11044 | $10522 | $10825 |
| **9/30/2017** | $11225 | $10542 | $11024 |
| **10/31/2017** | $11749 | $11035 | $11600 |
| **11/30/2017** | $12039 | $11370 | $11952 |
| **12/31/2017** | $12129 | $11484 | $12045 |
| **1/31/2018** | $13195 | $12089 | $12898 |
| **2/28/2018** | $12934 | $11644 | $12560 |
| **3/31/2018** | $12581 | $11410 | $12216 |
| **4/30/2018** | $12686 | $11453 | $12258 |
| **5/31/2018** | $13303 | $11776 | $12796 |
| **6/30/2018** | $13411 | $11854 | $12919 |
| **7/31/2018** | $13652 | $12247 | $13298 |
| **8/31/2018** | $14385 | $12677 | $14025 |
| **9/30/2018** | $14458 | $12698 | $14104 |
| **10/31/2018** | $13034 | $11763 | $12842 |
| **11/30/2018** | $13181 | $11999 | $12979 |
| **12/31/2018** | $12101 | $10882 | $11863 |
| **1/31/2019** | $13344 | $11816 | $12929 |
| **2/28/2019** | $13930 | $12231 | $13392 |
| **3/31/2019** | $14234 | $12410 | $13773 |
| **4/30/2019** | $14901 | $12906 | $14395 |
| **5/31/2019** | $13854 | $12070 | $13486 |
| **6/30/2019** | $14845 | $12918 | $14412 |
| **7/31/2019** | $15029 | $13110 | $14738 |
| **8/31/2019** | $14753 | $12843 | $14625 |
| **9/30/2019** | $14753 | $13068 | $14627 |
| **10/31/2019** | $15064 | $13350 | $15039 |
| **11/30/2019** | $16088 | $13857 | $15706 |
| **12/31/2019** | $16272 | $14257 | $16180 |
| **1/31/2020** | $16956 | $14242 | $16542 |
| **2/29/2020** | $16286 | $13076 | $15415 |
| **3/31/2020** | $14666 | $11278 | $13899 |
| **4/30/2020** | $17347 | $12771 | $15955 |
| **5/31/2020** | $19568 | $13454 | $17026 |
| **6/30/2020** | $21063 | $13762 | $17768 |
| **7/31/2020** | $22906 | $14543 | $19135 |
| **8/31/2020** | $25029 | $15597 | $21109 |
| **9/30/2020** | $24722 | $15029 | $20116 |
| **10/31/2020** | $23786 | $14704 | $19433 |
| **11/30/2020** | $27404 | $16493 | $21423 |
| **12/31/2020** | $28216 | $17235 | $22408 |
| **1/31/2021** | $28232 | $17159 | $22242 |
| **2/28/2021** | $29105 | $17695 | $22237 |
| **3/31/2021** | $28119 | $18329 | $22619 |
| **4/30/2021** | $29606 | $19274 | $24158 |
| **5/31/2021** | $28976 | $19362 | $23824 |
| **6/30/2021** | $31547 | $19840 | $25319 |
| **7/31/2021** | $31983 | $20175 | $26153 |
| **8/31/2021** | $32873 | $20750 | $27131 |
| **9/30/2021** | $30932 | $19819 | $25611 |
| **10/31/2021** | $33245 | $21160 | $27830 |
| **11/30/2021** | $32468 | $20838 | $28000 |
| **12/31/2021** | $31029 | $21658 | $28592 |
| **1/31/2022** | $26409 | $20384 | $26138 |
| **2/28/2022** | $25642 | $19870 | $25028 |
| **3/31/2022** | $25481 | $20515 | $26007 |
| **4/30/2022** | $21143 | $18674 | $22866 |
| **5/31/2022** | $19166 | $18649 | $22335 |
| **6/30/2022** | $17491 | $17089 | $20565 |
| **7/31/2022** | $19711 | $18692 | $23034 |
| **8/31/2022** | $19529 | $17994 | $21961 |
| **9/30/2022** | $17572 | $16326 | $19826 |
| **10/31/2022** | $18218 | $17665 | $20985 |
| **11/30/2022** | $18399 | $18587 | $21941 |
| **12/31/2022** | $16791 | $17498 | $20261 |
| **1/31/2023** | $18958 | $18703 | $21950 |
| **2/28/2023** | $18365 | $18266 | $21689 |
| **3/31/2023** | $19326 | $18755 | $23172 |
| **4/30/2023** | $18815 | $18955 | $23400 |
| **5/31/2023** | $20185 | $19028 | $24467 |
| **6/30/2023** | $21781 | $20328 | $26140 |
| **7/31/2023** | $23028 | $21056 | $27021 |
| **8/31/2023** | $21822 | $20650 | $26778 |
| **9/30/2023** | $20615 | $19666 | $25322 |
| **10/31/2023** | $19531 | $19145 | $24961 |
| **11/30/2023** | $22231 | $20930 | $27682 |
| **12/31/2023** | $24112 | $22040 | $28908 |
| **1/31/2024** | $23744 | $22285 | $29629 |
| **2/29/2024** | $26035 | $23491 | $31651 |
| **3/31/2024** | $26525 | $24249 | $32208 |
| **4/30/2024** | $24644 | $23182 | $30842 |
| **5/31/2024** | $24910 | $24277 | $32688 |
| **6/30/2024** | $26300 | $25028 | $34892 |
| **7/31/2024** | $26198 | $25494 | $34299 |
| **8/31/2024** | $27446 | $26049 | $35013 |
| **9/30/2024** | $28591 | $26587 | $36005 |
| **10/31/2024** | $29450 | $26392 | $35886 |
| **11/30/2024** | $33867 | $28148 | $38213 |
| **12/31/2024** | $33135 | $27288 | $38551 |
| **1/31/2025** | $35306 | $28149 | $39313 |
| **2/28/2025** | $33209 | $27610 | $37901 |
| **3/31/2025** | $29557 | $25999 | $34708 |
| **4/30/2025** | $31161 | $25825 | $35323 |
| **5/31/2025** | $34665 | $27462 | $38448 |
| **6/30/2025** | $37033 | $28857 | $40900 |
| **7/31/2025** | $38094 | $29492 | $42444 |
| **8/31/2025** | $38810 | $30175 | $42918 |
| **9/30/2025** | $41129 | $31216 | $45198 |
| **10/31/2025** | $42190 | $31885 | $46840 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DCD | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class I3 | 43.26% | 12.14% | 18.12% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 19.55% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $407021145 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2481662 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 50.9% |
| Consumer Discretionary | 14.4 |
| Communication Services | 9.9 |
| Financials | 8.2 |
| Health Care | 6.1 |
| Industrials | 5.5 |
| Consumer Staples | 0.8 |
| Materials | 0.5 |
| Repurchase Agreements | 3.8 |
| Purchased Options | 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 Large Growth

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 7.4% |
| NVIDIA Corp. | 5.9 |
| Tesla, Inc. | 5.3 |
| Apple, Inc. | 4.2 |
| AppLovin Corp., Class A | 3.7 |
| Microsoft Corp. | 3.7 |
| Alphabet, Inc., Class A | 3.3 |
| Broadcom, Inc. | 3.1 |
| Affirm Holdings, Inc. | 3.0 |
| Shopify, Inc., Class A | 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](g66697g70e46.jpg)

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

Transamerica Large Growth

Class I3

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Growth

# Class R

## TGWRX
October 31, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. 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 | $148 | 1.22% |

---

## 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 42.56%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund sleeve sub-advised by Morgan Stanley Investment Management ("MSIM") outperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* While tariffs remained a source of uncertainty and overall market volatility during the fiscal year, the latter months saw a shift toward a more dovish Federal Reserve stance, with expectations for additional interest rate cuts broadening through the fiscal year-end. Artificial intelligence optimism continued to drive market leadership, as enthusiasm for the technology's potential supported strong performance across several industries. 

* For the fiscal year ended October 31, 2025, the outperformance of the Fund sleeve sub-advised by MSIM was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

* Top contributing holdings included a web performance and security company, an enterprise analytics platform and bitcoin development company, a video game platform, a payments technology services platform, and a commerce solutions platform.

* The main detractors from relative performance were mixed stock selection in the communication services and industrials sectors and an overweight to the financials sector.

* Significant detractors from relative performance included a digital advertising software platform (sold during the period), a developer of internet connected sensor systems, a leading seller of used cars in the U.S. (sold – during the fiscal year), a cross-border e-commerce platform (sold – during the fiscal year), and an autonomous trucking driving company.

* The Fund sleeve sub-advised by Wellington Management Company LLP ("Wellington") underperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ending October 31, 2025, as measured by the S&P 500 Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. Overweight positions to financials and materials detracted the most from performance of the Fund sleeve sub-advised by Wellington. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights in Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight in Chipotle, a fast casual restaurant chain.

Transamerica Large Growth

Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g25q26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10060 | $10025 | $10075 |
| **5/31/2017** | $10330 | $10131 | $10305 |
| **6/30/2017** | $10690 | $10235 | $10573 |
| **7/31/2017** | $10590 | $10327 | $10545 |
| **8/31/2017** | $11020 | $10522 | $10825 |
| **9/30/2017** | $11200 | $10542 | $11024 |
| **10/31/2017** | $11710 | $11035 | $11600 |
| **11/30/2017** | $11990 | $11370 | $11952 |
| **12/31/2017** | $12083 | $11484 | $12045 |
| **1/31/2018** | $13124 | $12089 | $12898 |
| **2/28/2018** | $12864 | $11644 | $12560 |
| **3/31/2018** | $12499 | $11410 | $12216 |
| **4/30/2018** | $12604 | $11453 | $12258 |
| **5/31/2018** | $13208 | $11776 | $12796 |
| **6/30/2018** | $13322 | $11854 | $12919 |
| **7/31/2018** | $13551 | $12247 | $13298 |
| **8/31/2018** | $14260 | $12677 | $14025 |
| **9/30/2018** | $14333 | $12698 | $14104 |
| **10/31/2018** | $12926 | $11763 | $12842 |
| **11/30/2018** | $13062 | $11999 | $12979 |
| **12/31/2018** | $11990 | $10882 | $11863 |
| **1/31/2019** | $13215 | $11816 | $12929 |
| **2/28/2019** | $13798 | $12231 | $13392 |
| **3/31/2019** | $14096 | $12410 | $13773 |
| **4/30/2019** | $14748 | $12906 | $14395 |
| **5/31/2019** | $13695 | $12070 | $13486 |
| **6/30/2019** | $14679 | $12918 | $14412 |
| **7/31/2019** | $14862 | $13110 | $14738 |
| **8/31/2019** | $14576 | $12843 | $14625 |
| **9/30/2019** | $14565 | $13068 | $14627 |
| **10/31/2019** | $14874 | $13350 | $15039 |
| **11/30/2019** | $15880 | $13857 | $15706 |
| **12/31/2019** | $16052 | $14257 | $16180 |
| **1/31/2020** | $16720 | $14242 | $16542 |
| **2/29/2020** | $16038 | $13076 | $15415 |
| **3/31/2020** | $14452 | $11278 | $13899 |
| **4/30/2020** | $17068 | $12771 | $15955 |
| **5/31/2020** | $19265 | $13454 | $17026 |
| **6/30/2020** | $20712 | $13762 | $17768 |
| **7/31/2020** | $22520 | $14543 | $19135 |
| **8/31/2020** | $24607 | $15597 | $21109 |
| **9/30/2020** | $24287 | $15029 | $20116 |
| **10/31/2020** | $23355 | $14704 | $19433 |
| **11/30/2020** | $26902 | $16493 | $21423 |
| **12/31/2020** | $27695 | $17235 | $22408 |
| **1/31/2021** | $27695 | $17159 | $22242 |
| **2/28/2021** | $28535 | $17695 | $22237 |
| **3/31/2021** | $27550 | $18329 | $22619 |
| **4/30/2021** | $29003 | $19274 | $24158 |
| **5/31/2021** | $28389 | $19362 | $23824 |
| **6/30/2021** | $30875 | $19840 | $25319 |
| **7/31/2021** | $31294 | $20175 | $26153 |
| **8/31/2021** | $32150 | $20750 | $27131 |
| **9/30/2021** | $30245 | $19819 | $25611 |
| **10/31/2021** | $32489 | $21160 | $27830 |
| **11/30/2021** | $31730 | $20838 | $28000 |
| **12/31/2021** | $30309 | $21658 | $28592 |
| **1/31/2022** | $25774 | $20384 | $26138 |
| **2/28/2022** | $25025 | $19870 | $25028 |
| **3/31/2022** | $24842 | $20515 | $26007 |
| **4/30/2022** | $20631 | $18674 | $22866 |
| **5/31/2022** | $18688 | $18649 | $22335 |
| **6/30/2022** | $17048 | $17089 | $20565 |
| **7/31/2022** | $19194 | $18692 | $23034 |
| **8/31/2022** | $19011 | $17994 | $21961 |
| **9/30/2022** | $17088 | $16326 | $19826 |
| **10/31/2022** | $17716 | $17665 | $20985 |
| **11/30/2022** | $17878 | $18587 | $21941 |
| **12/31/2022** | $16324 | $17498 | $20261 |
| **1/31/2023** | $18398 | $18703 | $21950 |
| **2/28/2023** | $17823 | $18266 | $21689 |
| **3/31/2023** | $18747 | $18755 | $23172 |
| **4/30/2023** | $18254 | $18955 | $23400 |
| **5/31/2023** | $19568 | $19028 | $24467 |
| **6/30/2023** | $21108 | $20328 | $26140 |
| **7/31/2023** | $22299 | $21056 | $27021 |
| **8/31/2023** | $21129 | $20650 | $26778 |
| **9/30/2023** | $19958 | $19666 | $25322 |
| **10/31/2023** | $18891 | $19145 | $24961 |
| **11/30/2023** | $21498 | $20930 | $27682 |
| **12/31/2023** | $23305 | $22040 | $28908 |
| **1/31/2024** | $22936 | $22285 | $29629 |
| **2/29/2024** | $25153 | $23491 | $31651 |
| **3/31/2024** | $25605 | $24249 | $32208 |
| **4/30/2024** | $23798 | $23182 | $30842 |
| **5/31/2024** | $24024 | $24277 | $32688 |
| **6/30/2024** | $25359 | $25028 | $34892 |
| **7/31/2024** | $25256 | $25494 | $34299 |
| **8/31/2024** | $26447 | $26049 | $35013 |
| **9/30/2024** | $27535 | $26587 | $36005 |
| **10/31/2024** | $28336 | $26392 | $35886 |
| **11/30/2024** | $32607 | $28148 | $38213 |
| **12/31/2024** | $31871 | $27288 | $38551 |
| **1/31/2025** | $33946 | $28149 | $39313 |
| **2/28/2025** | $31921 | $27610 | $37901 |
| **3/31/2025** | $28396 | $25999 | $34708 |
| **4/30/2025** | $29921 | $25825 | $35323 |
| **5/31/2025** | $33271 | $27462 | $38448 |
| **6/30/2025** | $35545 | $28857 | $40900 |
| **7/31/2025** | $36545 | $29492 | $42444 |
| **8/31/2025** | $37220 | $30175 | $42918 |
| **9/30/2025** | $39395 | $31216 | $45198 |
| **10/31/2025** | $40395 | $31885 | $46840 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DC5 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class R | 42.56% | 11.58% | 17.52% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 19.55% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $407021145 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2481662 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 50.9% |
| Consumer Discretionary | 14.4 |
| Communication Services | 9.9 |
| Financials | 8.2 |
| Health Care | 6.1 |
| Industrials | 5.5 |
| Consumer Staples | 0.8 |
| Materials | 0.5 |
| Repurchase Agreements | 3.8 |
| Purchased Options | 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 Large Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 7.4% |
| NVIDIA Corp. | 5.9 |
| Tesla, Inc. | 5.3 |
| Apple, Inc. | 4.2 |
| AppLovin Corp., Class A | 3.7 |
| Microsoft Corp. | 3.7 |
| Alphabet, Inc., Class A | 3.3 |
| Broadcom, Inc. | 3.1 |
| Affirm Holdings, Inc. | 3.0 |
| Shopify, Inc., Class A | 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](g66697g70e46.jpg)

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

Transamerica Large Growth

Class R

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Growth

# Class R4

## TGWFX
October 31, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. 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 | $111 | 0.91% |

---

## 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 42.92%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund sleeve sub-advised by Morgan Stanley Investment Management ("MSIM") outperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* While tariffs remained a source of uncertainty and overall market volatility during the fiscal year, the latter months saw a shift toward a more dovish Federal Reserve stance, with expectations for additional interest rate cuts broadening through the fiscal year-end. Artificial intelligence optimism continued to drive market leadership, as enthusiasm for the technology's potential supported strong performance across several industries. 

* For the fiscal year ended October 31, 2025, the outperformance of the Fund sleeve sub-advised by MSIM was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

* Top contributing holdings included a web performance and security company, an enterprise analytics platform and bitcoin development company, a video game platform, a payments technology services platform, and a commerce solutions platform.

* The main detractors from relative performance were mixed stock selection in the communication services and industrials sectors and an overweight to the financials sector.

* Significant detractors from relative performance included a digital advertising software platform (sold during the period), a developer of internet connected sensor systems, a leading seller of used cars in the U.S. (sold – during the fiscal year), a cross-border e-commerce platform (sold – during the fiscal year), and an autonomous trucking driving company.

* The Fund sleeve sub-advised by Wellington Management Company LLP ("Wellington") underperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ending October 31, 2025, as measured by the S&P 500 Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. Overweight positions to financials and materials detracted the most from performance of the Fund sleeve sub-advised by Wellington. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights in Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight in Chipotle, a fast casual restaurant chain.

Transamerica Large Growth

Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g44w25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10032 | $10055 | $10028 |
| **12/31/2015** | $9881 | $9849 | $9881 |
| **1/31/2016** | $9146 | $9293 | $9329 |
| **2/29/2016** | $8977 | $9290 | $9325 |
| **3/31/2016** | $9578 | $9944 | $9954 |
| **4/30/2016** | $9513 | $10006 | $9863 |
| **5/31/2016** | $9772 | $10185 | $10055 |
| **6/30/2016** | $9590 | $10206 | $10015 |
| **7/31/2016** | $10115 | $10611 | $10488 |
| **8/31/2016** | $10034 | $10638 | $10436 |
| **9/30/2016** | $10118 | $10655 | $10474 |
| **10/31/2016** | $9908 | $10424 | $10228 |
| **11/30/2016** | $9948 | $10891 | $10451 |
| **12/31/2016** | $9955 | $11103 | $10580 |
| **1/31/2017** | $10368 | $11312 | $10937 |
| **2/28/2017** | $10796 | $11733 | $11391 |
| **3/31/2017** | $10963 | $11741 | $11523 |
| **4/30/2017** | $11268 | $11865 | $11786 |
| **5/31/2017** | $11649 | $11987 | $12093 |
| **6/30/2017** | $11546 | $12095 | $12061 |
| **7/31/2017** | $12015 | $12323 | $12381 |
| **8/31/2017** | $12222 | $12347 | $12608 |
| **10/31/2017** | $12784 | $12924 | $13267 |
| **11/30/2017** | $13101 | $13316 | $13670 |
| **12/31/2017** | $13189 | $13450 | $13777 |
| **1/31/2018** | $14338 | $14158 | $14752 |
| **2/28/2018** | $14054 | $13637 | $14366 |
| **3/31/2018** | $13667 | $13363 | $13972 |
| **4/30/2018** | $13792 | $13414 | $14020 |
| **5/31/2018** | $14451 | $13792 | $14635 |
| **6/30/2018** | $14571 | $13883 | $14776 |
| **7/31/2018** | $14833 | $14343 | $15210 |
| **8/31/2018** | $15618 | $14847 | $16041 |
| **9/30/2018** | $15697 | $14871 | $16131 |
| **10/31/2018** | $14150 | $13776 | $14688 |
| **11/30/2018** | $14298 | $14052 | $14844 |
| **12/31/2018** | $13128 | $12745 | $13568 |
| **1/31/2019** | $14477 | $13838 | $14788 |
| **2/28/2019** | $15114 | $14325 | $15317 |
| **3/31/2019** | $15439 | $14534 | $15753 |
| **4/30/2019** | $16163 | $15115 | $16464 |
| **5/31/2019** | $15014 | $14137 | $15424 |
| **6/30/2019** | $16088 | $15129 | $16484 |
| **7/31/2019** | $16288 | $15354 | $16856 |
| **8/31/2019** | $15988 | $15041 | $16727 |
| **9/30/2019** | $15976 | $15305 | $16729 |
| **10/31/2019** | $16313 | $15635 | $17200 |
| **11/30/2019** | $17425 | $16229 | $17964 |
| **12/31/2019** | $17627 | $16698 | $18506 |
| **1/31/2020** | $18356 | $16680 | $18919 |
| **2/29/2020** | $17627 | $15314 | $17631 |
| **3/31/2020** | $15868 | $13208 | $15896 |
| **4/30/2020** | $18765 | $14957 | $18249 |
| **5/31/2020** | $21162 | $15757 | $19474 |
| **6/30/2020** | $22770 | $16117 | $20322 |
| **7/31/2020** | $24772 | $17033 | $21885 |
| **8/31/2020** | $27063 | $18266 | $24144 |
| **9/30/2020** | $26714 | $17601 | $23008 |
| **10/31/2020** | $25698 | $17221 | $22226 |
| **11/30/2020** | $29612 | $19317 | $24502 |
| **12/31/2020** | $30493 | $20186 | $25629 |
| **1/31/2021** | $30493 | $20096 | $25439 |
| **2/28/2021** | $31442 | $20724 | $25433 |
| **3/31/2021** | $30353 | $21467 | $25870 |
| **4/30/2021** | $31969 | $22573 | $27630 |
| **5/31/2021** | $31284 | $22676 | $27248 |
| **6/30/2021** | $34043 | $23236 | $28958 |
| **7/31/2021** | $34518 | $23628 | $29912 |
| **8/31/2021** | $35467 | $24302 | $31030 |
| **9/30/2021** | $33375 | $23212 | $29293 |
| **10/31/2021** | $35854 | $24782 | $31830 |
| **11/30/2021** | $35028 | $24404 | $32024 |
| **12/31/2021** | $33462 | $25365 | $32701 |
| **1/31/2022** | $28475 | $23873 | $29895 |
| **2/28/2022** | $27640 | $23272 | $28625 |
| **3/31/2022** | $27442 | $24026 | $29745 |
| **4/30/2022** | $22784 | $21870 | $26153 |
| **5/31/2022** | $20653 | $21841 | $25545 |
| **6/30/2022** | $18851 | $20014 | $23521 |
| **7/31/2022** | $21224 | $21891 | $26344 |
| **8/31/2022** | $21049 | $21074 | $25117 |
| **9/30/2022** | $18917 | $19120 | $22675 |
| **10/31/2022** | $19599 | $20688 | $24001 |
| **11/30/2022** | $19796 | $21768 | $25094 |
| **12/31/2022** | $18066 | $20493 | $23173 |
| **1/31/2023** | $20383 | $21905 | $25105 |
| **2/28/2023** | $19759 | $21393 | $24807 |
| **3/31/2023** | $20784 | $21965 | $26502 |
| **4/30/2023** | $20227 | $22199 | $26764 |
| **5/31/2023** | $21697 | $22285 | $27984 |
| **6/30/2023** | $23412 | $23807 | $29897 |
| **7/31/2023** | $24749 | $24661 | $30904 |
| **8/31/2023** | $23435 | $24185 | $30627 |
| **9/30/2023** | $22143 | $23032 | $28961 |
| **10/31/2023** | $20984 | $22422 | $28549 |
| **11/30/2023** | $23880 | $24513 | $31661 |
| **12/31/2023** | $25907 | $25813 | $33063 |
| **1/31/2024** | $25484 | $26099 | $33888 |
| **2/29/2024** | $27957 | $27512 | $36200 |
| **3/31/2024** | $28469 | $28399 | $36837 |
| **4/30/2024** | $26464 | $27150 | $35275 |
| **5/31/2024** | $26732 | $28432 | $37386 |
| **6/30/2024** | $28202 | $29313 | $39907 |
| **7/31/2024** | $28113 | $29857 | $39229 |
| **8/31/2024** | $29427 | $30507 | $40046 |
| **9/30/2024** | $30675 | $31138 | $41180 |
| **10/31/2024** | $31566 | $30910 | $41044 |
| **11/30/2024** | $36333 | $32966 | $43706 |
| **12/31/2024** | $35486 | $31958 | $44092 |
| **1/31/2025** | $37805 | $32967 | $44964 |
| **2/28/2025** | $35567 | $32336 | $43349 |
| **3/31/2025** | $31657 | $30449 | $39697 |
| **4/30/2025** | $33356 | $30245 | $40400 |
| **5/31/2025** | $37131 | $32162 | $43975 |
| **6/30/2025** | $39666 | $33796 | $46778 |
| **7/31/2025** | $40772 | $34540 | $48544 |
| **8/31/2025** | $41554 | $35340 | $49087 |
| **9/30/2025** | $44008 | $36559 | $51695 |
| **10/31/2025** | $45113 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DCE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 42.92% | 11.91% | 16.26% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $407021145 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2481662 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 50.9% |
| Consumer Discretionary | 14.4 |
| Communication Services | 9.9 |
| Financials | 8.2 |
| Health Care | 6.1 |
| Industrials | 5.5 |
| Consumer Staples | 0.8 |
| Materials | 0.5 |
| Repurchase Agreements | 3.8 |
| Purchased Options | 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 Large Growth

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 7.4% |
| NVIDIA Corp. | 5.9 |
| Tesla, Inc. | 5.3 |
| Apple, Inc. | 4.2 |
| AppLovin Corp., Class A | 3.7 |
| Microsoft Corp. | 3.7 |
| Alphabet, Inc., Class A | 3.3 |
| Broadcom, Inc. | 3.1 |
| Affirm Holdings, Inc. | 3.0 |
| Shopify, Inc., Class A | 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](g66697g70e46.jpg)

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

Transamerica Large Growth

Class R4

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Growth

# Class R6

## TAGDX
October 31, 2025

## Fund Overview
Transamerica Large Growth (the "Fund") seeks to maximize long-term growth. 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 R6 | $88 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 43.31%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund sleeve sub-advised by Morgan Stanley Investment Management ("MSIM") outperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* While tariffs remained a source of uncertainty and overall market volatility during the fiscal year, the latter months saw a shift toward a more dovish Federal Reserve stance, with expectations for additional interest rate cuts broadening through the fiscal year-end. Artificial intelligence optimism continued to drive market leadership, as enthusiasm for the technology's potential supported strong performance across several industries. 

* For the fiscal year ended October 31, 2025, the outperformance of the Fund sleeve sub-advised by MSIM was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

* Top contributing holdings included a web performance and security company, an enterprise analytics platform and bitcoin development company, a video game platform, a payments technology services platform, and a commerce solutions platform.

* The main detractors from relative performance were mixed stock selection in the communication services and industrials sectors and an overweight to the financials sector.

* Significant detractors from relative performance included a digital advertising software platform (sold during the period), a developer of internet connected sensor systems, a leading seller of used cars in the U.S. (sold – during the fiscal year), a cross-border e-commerce platform (sold – during the fiscal year), and an autonomous trucking driving company.

* The Fund sleeve sub-advised by Wellington Management Company LLP ("Wellington") underperformed the Russell 1000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ending October 31, 2025, as measured by the S&P 500 Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. Overweight positions to financials and materials detracted the most from performance of the Fund sleeve sub-advised by Wellington. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights in Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight in Chipotle, a fast casual restaurant chain.

Transamerica Large Growth

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g16v46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **5/28/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $10882 | $10247 | $10627 |
| **7/31/2021** | $11038 | $10420 | $10978 |
| **8/31/2021** | $11345 | $10717 | $11388 |
| **9/30/2021** | $10675 | $10236 | $10750 |
| **10/31/2021** | $11473 | $10928 | $11681 |
| **11/30/2021** | $11205 | $10762 | $11753 |
| **12/31/2021** | $10710 | $11186 | $12001 |
| **1/31/2022** | $9108 | $10528 | $10971 |
| **2/28/2022** | $8851 | $10263 | $10505 |
| **3/31/2022** | $8788 | $10595 | $10916 |
| **4/30/2022** | $7298 | $9645 | $9598 |
| **5/31/2022** | $6615 | $9632 | $9375 |
| **6/30/2022** | $6037 | $8826 | $8632 |
| **7/31/2022** | $6796 | $9654 | $9668 |
| **8/31/2022** | $6741 | $9294 | $9218 |
| **9/30/2022** | $6065 | $8432 | $8322 |
| **10/31/2022** | $6281 | $9123 | $8808 |
| **11/30/2022** | $6351 | $9599 | $9210 |
| **12/31/2022** | $5796 | $9037 | $8505 |
| **1/31/2023** | $6537 | $9660 | $9213 |
| **2/28/2023** | $6332 | $9434 | $9104 |
| **3/31/2023** | $6664 | $9686 | $9726 |
| **4/30/2023** | $6487 | $9789 | $9822 |
| **5/31/2023** | $6953 | $9828 | $10270 |
| **6/30/2023** | $7511 | $10499 | $10972 |
| **7/31/2023** | $7941 | $10875 | $11342 |
| **8/31/2023** | $7525 | $10665 | $11240 |
| **9/30/2023** | $7108 | $10157 | $10629 |
| **10/31/2023** | $6734 | $9888 | $10477 |
| **11/30/2023** | $7673 | $10810 | $11620 |
| **12/31/2023** | $8323 | $11383 | $12134 |
| **1/31/2024** | $8189 | $11509 | $12437 |
| **2/29/2024** | $8979 | $12132 | $13285 |
| **3/31/2024** | $9156 | $12524 | $13519 |
| **4/30/2024** | $8499 | $11973 | $12946 |
| **5/31/2024** | $8591 | $12538 | $13721 |
| **6/30/2024** | $9064 | $12926 | $14646 |
| **7/31/2024** | $9036 | $13167 | $14397 |
| **8/31/2024** | $9459 | $13453 | $14697 |
| **9/30/2024** | $9862 | $13732 | $15113 |
| **10/31/2024** | $10151 | $13631 | $15063 |
| **11/30/2024** | $11683 | $14538 | $16040 |
| **12/31/2024** | $11421 | $14093 | $16182 |
| **1/31/2025** | $12171 | $14538 | $16502 |
| **2/28/2025** | $11455 | $14260 | $15909 |
| **3/31/2025** | $10195 | $13428 | $14569 |
| **4/30/2025** | $10749 | $13338 | $14827 |
| **5/31/2025** | $11958 | $14183 | $16138 |
| **6/30/2025** | $12776 | $14904 | $17167 |
| **7/31/2025** | $13142 | $15232 | $17816 |
| **8/31/2025** | $13389 | $15584 | $18015 |
| **9/30/2025** | $14181 | $16122 | $18972 |
| **10/31/2025** | $14547 | $16468 | $19661 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I0DCB | **1 Year** | **Since Inception 5/28/21** |
| Class R6 | 43.31% | 8.85% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 11.95% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 16.53% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $407021145 |
| Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2481662 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 50.9% |
| Consumer Discretionary | 14.4 |
| Communication Services | 9.9 |
| Financials | 8.2 |
| Health Care | 6.1 |
| Industrials | 5.5 |
| Consumer Staples | 0.8 |
| Materials | 0.5 |
| Repurchase Agreements | 3.8 |
| Purchased Options | 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 Large Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 7.4% |
| NVIDIA Corp. | 5.9 |
| Tesla, Inc. | 5.3 |
| Apple, Inc. | 4.2 |
| AppLovin Corp., Class A | 3.7 |
| Microsoft Corp. | 3.7 |
| Alphabet, Inc., Class A | 3.3 |
| Broadcom, Inc. | 3.1 |
| Affirm Holdings, Inc. | 3.0 |
| Shopify, Inc., Class A | 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](g66697g70e46.jpg)

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

Transamerica Large Growth

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Value Opportunities

# Class I3

## TLOTX
October 31, 2025

## Fund Overview
Transamerica Large Value Opportunities (the "Fund") seeks to provide 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 I3 | $54 | 0.52%<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 I3 shares at NAV returned 6.93%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the MSCI USA Value Index, returned 8.79% over the same period.

* The Fund underperformed its benchmark, the MSCI USA Value Index, during the fiscal year. The poorest performing sectors were industrials and financials relative to the benchmark. The top performing sectors were consumer discretionary and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, mature defensive holdings underperformed, while high stable growth holdings outperformed. Mature defensive companies have low but more stable growth rates in their universe. High stable growth companies have high growth rates that are more stable than exceptional growth companies. 

* At the stock level, underweights to Oracle and Micron Technology detracted the most from performance. An overweight to NRG and an underweight to UnitedHealthcare contributed the most.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Value Opportunities

Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g64y76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Russell 3000<sup>®</sup> Index** | **MSCI USA Value Index** |
| **5/5/2017** | $10000 | $10000 | $10000 |
| **6/30/2017** | $9920 | $10095 | $10016 |
| **7/31/2017** | $10084 | $10186 | $10205 |
| **8/31/2017** | $10315 | $10378 | $10354 |
| **9/30/2017** | $10265 | $10398 | $10264 |
| **10/31/2017** | $10794 | $10884 | $10698 |
| **11/30/2017** | $11217 | $11215 | $11022 |
| **12/31/2017** | $11321 | $11327 | $11162 |
| **1/31/2018** | $11711 | $11924 | $11586 |
| **2/28/2018** | $11053 | $11484 | $11005 |
| **3/31/2018** | $11005 | $11254 | $10776 |
| **4/30/2018** | $11077 | $11297 | $10800 |
| **5/31/2018** | $11232 | $11615 | $10852 |
| **6/30/2018** | $11163 | $11691 | $10912 |
| **7/31/2018** | $11588 | $12079 | $11380 |
| **8/31/2018** | $11795 | $12504 | $11535 |
| **9/30/2018** | $11848 | $12524 | $11584 |
| **10/31/2018** | $11182 | $11602 | $11078 |
| **11/30/2018** | $11431 | $11835 | $11411 |
| **12/31/2018** | $10355 | $10733 | $10361 |
| **1/31/2019** | $11141 | $11654 | $11107 |
| **2/28/2019** | $11547 | $12064 | $11458 |
| **3/31/2019** | $11527 | $12240 | $11550 |
| **4/30/2019** | $11807 | $12729 | $11922 |
| **5/31/2019** | $10966 | $11905 | $11146 |
| **6/30/2019** | $11730 | $12742 | $11908 |
| **7/31/2019** | $11858 | $12931 | $12030 |
| **8/31/2019** | $11474 | $12667 | $11718 |
| **9/30/2019** | $11862 | $12890 | $12130 |
| **10/31/2019** | $12030 | $13167 | $12304 |
| **11/30/2019** | $12481 | $13668 | $12673 |
| **12/31/2019** | $12773 | $14062 | $13027 |
| **1/31/2020** | $12434 | $14047 | $12702 |
| **2/29/2020** | $11181 | $12897 | $11471 |
| **3/31/2020** | $9352 | $11123 | $9674 |
| **4/30/2020** | $10418 | $12597 | $10701 |
| **5/31/2020** | $10812 | $13270 | $11006 |
| **6/30/2020** | $10760 | $13574 | $10927 |
| **7/31/2020** | $11077 | $14344 | $11340 |
| **8/31/2020** | $11475 | $15384 | $11790 |
| **9/30/2020** | $11160 | $14823 | $11528 |
| **10/31/2020** | $10867 | $14503 | $11269 |
| **11/30/2020** | $12265 | $16268 | $12736 |
| **12/31/2020** | $12660 | $17000 | $13150 |
| **1/31/2021** | $12607 | $16924 | $12995 |
| **2/28/2021** | $13089 | $17453 | $13593 |
| **3/31/2021** | $14151 | $18079 | $14518 |
| **4/30/2021** | $14676 | $19011 | $15051 |
| **5/31/2021** | $15013 | $19097 | $15444 |
| **6/30/2021** | $14886 | $19568 | $15299 |
| **7/31/2021** | $15075 | $19899 | $15478 |
| **8/31/2021** | $15441 | $20467 | $15786 |
| **9/30/2021** | $14868 | $19548 | $15215 |
| **10/31/2021** | $15615 | $20870 | $16082 |
| **11/30/2021** | $15208 | $20553 | $15648 |
| **12/31/2021** | $16311 | $21362 | $16724 |
| **1/31/2022** | $15978 | $20105 | $16314 |
| **2/28/2022** | $15836 | $19599 | $16013 |
| **3/31/2022** | $16258 | $20234 | $16482 |
| **4/30/2022** | $15526 | $18419 | $15671 |
| **5/31/2022** | $15908 | $18394 | $15966 |
| **6/30/2022** | $14522 | $16855 | $14658 |
| **7/31/2022** | $15499 | $18436 | $15486 |
| **8/31/2022** | $15050 | $17748 | $15050 |
| **9/30/2022** | $13819 | $16103 | $13816 |
| **10/31/2022** | $15428 | $17423 | $15356 |
| **11/30/2022** | $16313 | $18332 | $16289 |
| **12/31/2022** | $15708 | $17259 | $15680 |
| **1/31/2023** | $16312 | $18448 | $16183 |
| **2/28/2023** | $15863 | $18017 | $15630 |
| **3/31/2023** | $15697 | $18498 | $15518 |
| **4/30/2023** | $15766 | $18695 | $15721 |
| **5/31/2023** | $15038 | $18768 | $15081 |
| **6/30/2023** | $15996 | $20050 | $16012 |
| **7/31/2023** | $16624 | $20768 | $16588 |
| **8/31/2023** | $16293 | $20368 | $16174 |
| **9/30/2023** | $15808 | $19397 | $15590 |
| **10/31/2023** | $15317 | $18883 | $15146 |
| **11/30/2023** | $16245 | $20644 | $16233 |
| **12/31/2023** | $17004 | $21739 | $17128 |
| **1/31/2024** | $17357 | $21980 | $17222 |
| **2/29/2024** | $17973 | $23170 | $17818 |
| **3/31/2024** | $18863 | $23917 | $18682 |
| **4/30/2024** | $18121 | $22865 | $17896 |
| **5/31/2024** | $18669 | $23945 | $18413 |
| **6/30/2024** | $18750 | $24686 | $18414 |
| **7/31/2024** | $19549 | $25145 | $19299 |
| **8/31/2024** | $20064 | $25692 | $19855 |
| **9/30/2024** | $20314 | $26224 | $20200 |
| **10/31/2024** | $20279 | $26031 | $19962 |
| **11/30/2024** | $21562 | $27763 | $21047 |
| **12/31/2024** | $20217 | $26914 | $19584 |
| **1/31/2025** | $20894 | $27764 | $20459 |
| **2/28/2025** | $20915 | $27232 | $20655 |
| **3/31/2025** | $20516 | $25644 | $20153 |
| **4/30/2025** | $19901 | $25472 | $19440 |
| **5/31/2025** | $20538 | $27086 | $19956 |
| **6/30/2025** | $21004 | $28462 | $20846 |
| **7/31/2025** | $21203 | $29089 | $20950 |
| **8/31/2025** | $21952 | $29762 | $21531 |
| **9/30/2025** | $22127 | $30789 | $21920 |
| **10/31/2025** | $21684 | $31449 | $21717 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DHD | **1 Year** | **5 Years** | **Since Inception 5/5/17** |
| Class I3 | 6.93% | 14.82% | 9.54% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.44% |
| MSCI USA Value Index<sup>Footnote Reference(b)</sup> | 8.79% | 14.02% | 9.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;MSCI USA Value Index captures large and mid-cap U.S. securities exhibiting overall value style characteristics. 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 | $237983538 |
| Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 123% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1147962 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.2% |
| Information Technology | 12.5 |
| Health Care | 11.8 |
| Communication Services | 10.7 |
| Industrials | 10.4 |
| Consumer Discretionary | 7.2 |
| Energy | 6.5 |
| Consumer Staples | 5.9 |
| Utilities | 4.5 |
| Materials | 3.6 |
| Real Estate | 3.1 |
| Exchange-Traded Funds | 1.3 |
| Repurchase Agreements | 0.3 |
| 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 Large Value Opportunities

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Meta Platforms, Inc., Class A | 5.8% |
| JPMorgan Chase & Co. | 4.2 |
| Berkshire Hathaway, Inc., Class B | 3.4 |
| Exxon Mobil Corp. | 2.8 |
| Home Depot, Inc. | 2.3 |
| Procter & Gamble Co. | 1.6 |
| QUALCOMM, Inc. | 1.6 |
| Union Pacific Corp. | 1.4 |
| Merck & Co., Inc. | 1.4 |
| Capital One Financial Corp. | 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](g66697g70e46.jpg)

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

Transamerica Large Value Opportunities

Class I3

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Value Opportunities

# Class R

## TLORX
October 31, 2025

## Fund Overview
Transamerica Large Value Opportunities (the "Fund") seeks to provide 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 | $103 | 1.00%<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 6.52%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the MSCI USA Value Index, returned 8.79% over the same period.

* The Fund underperformed its benchmark, the MSCI USA Value Index, during the fiscal year. The poorest performing sectors were industrials and financials relative to the benchmark. The top performing sectors were consumer discretionary and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, mature defensive holdings underperformed, while high stable growth holdings outperformed. Mature defensive companies have low but more stable growth rates in their universe. High stable growth companies have high growth rates that are more stable than exceptional growth companies. 

* At the stock level, underweights to Oracle and Micron Technology detracted the most from performance. An overweight to NRG and an underweight to UnitedHealthcare contributed the most.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Value Opportunities

Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g59d96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **MSCI USA Value Index** |
| **5/5/2017** | $10000 | $10000 | $10000 |
| **6/30/2017** | $9920 | $10095 | $10016 |
| **7/31/2017** | $10084 | $10186 | $10205 |
| **8/31/2017** | $10305 | $10378 | $10354 |
| **9/30/2017** | $10245 | $10398 | $10264 |
| **10/31/2017** | $10769 | $10884 | $10698 |
| **11/30/2017** | $11182 | $11215 | $11022 |
| **12/31/2017** | $11281 | $11327 | $11162 |
| **1/31/2018** | $11671 | $11924 | $11586 |
| **2/28/2018** | $11015 | $11484 | $11005 |
| **3/31/2018** | $10952 | $11254 | $10776 |
| **4/30/2018** | $11024 | $11297 | $10800 |
| **5/31/2018** | $11178 | $11615 | $10852 |
| **6/30/2018** | $11096 | $11691 | $10912 |
| **7/31/2018** | $11508 | $12079 | $11380 |
| **8/31/2018** | $11724 | $12504 | $11535 |
| **9/30/2018** | $11762 | $12524 | $11584 |
| **10/31/2018** | $11101 | $11602 | $11078 |
| **11/30/2018** | $11349 | $11835 | $11411 |
| **12/31/2018** | $10261 | $10733 | $10361 |
| **1/31/2019** | $11052 | $11654 | $11107 |
| **2/28/2019** | $11442 | $12064 | $11458 |
| **3/31/2019** | $11420 | $12240 | $11550 |
| **4/30/2019** | $11685 | $12729 | $11922 |
| **5/31/2019** | $10852 | $11905 | $11146 |
| **6/30/2019** | $11607 | $12742 | $11908 |
| **7/31/2019** | $11721 | $12931 | $12030 |
| **8/31/2019** | $11341 | $12667 | $11718 |
| **9/30/2019** | $11722 | $12890 | $12130 |
| **10/31/2019** | $11875 | $13167 | $12304 |
| **11/30/2019** | $12320 | $13668 | $12673 |
| **12/31/2019** | $12606 | $14062 | $13027 |
| **1/31/2020** | $12272 | $14047 | $12702 |
| **2/29/2020** | $11024 | $12897 | $11471 |
| **3/31/2020** | $9218 | $11123 | $9674 |
| **4/30/2020** | $10267 | $12597 | $10701 |
| **5/31/2020** | $10642 | $13270 | $11006 |
| **6/30/2020** | $10591 | $13574 | $10927 |
| **7/31/2020** | $10903 | $14344 | $11340 |
| **8/31/2020** | $11293 | $15384 | $11790 |
| **9/30/2020** | $10969 | $14823 | $11528 |
| **10/31/2020** | $10682 | $14503 | $11269 |
| **11/30/2020** | $12055 | $16268 | $12736 |
| **12/31/2020** | $12427 | $17000 | $13150 |
| **1/31/2021** | $12374 | $16924 | $12995 |
| **2/28/2021** | $12834 | $17453 | $13593 |
| **3/31/2021** | $13886 | $18079 | $14518 |
| **4/30/2021** | $14387 | $19011 | $15051 |
| **5/31/2021** | $14704 | $19097 | $15444 |
| **6/30/2021** | $14573 | $19568 | $15299 |
| **7/31/2021** | $14759 | $19899 | $15478 |
| **8/31/2021** | $15103 | $20467 | $15786 |
| **9/30/2021** | $14537 | $19548 | $15215 |
| **10/31/2021** | $15267 | $20870 | $16082 |
| **11/30/2021** | $14855 | $20553 | $15648 |
| **12/31/2021** | $15923 | $21362 | $16724 |
| **1/31/2022** | $15599 | $20105 | $16314 |
| **2/28/2022** | $15460 | $19599 | $16013 |
| **3/31/2022** | $15868 | $20234 | $16482 |
| **4/30/2022** | $15139 | $18419 | $15671 |
| **5/31/2022** | $15511 | $18394 | $15966 |
| **6/30/2022** | $14142 | $16855 | $14658 |
| **7/31/2022** | $15092 | $18436 | $15486 |
| **8/31/2022** | $14656 | $17748 | $15050 |
| **9/30/2022** | $13456 | $16103 | $13816 |
| **10/31/2022** | $15019 | $17423 | $15356 |
| **11/30/2022** | $15863 | $18332 | $16289 |
| **12/31/2022** | $15272 | $17259 | $15680 |
| **1/31/2023** | $15858 | $18448 | $16183 |
| **2/28/2023** | $15423 | $18017 | $15630 |
| **3/31/2023** | $15241 | $18498 | $15518 |
| **4/30/2023** | $15291 | $18695 | $15721 |
| **5/31/2023** | $14586 | $18768 | $15081 |
| **6/30/2023** | $15512 | $20050 | $16012 |
| **7/31/2023** | $16102 | $20768 | $16588 |
| **8/31/2023** | $15782 | $20368 | $16174 |
| **9/30/2023** | $15310 | $19397 | $15590 |
| **10/31/2023** | $14836 | $18883 | $15146 |
| **11/30/2023** | $15716 | $20644 | $16233 |
| **12/31/2023** | $16463 | $21739 | $17128 |
| **1/31/2024** | $16786 | $21980 | $17222 |
| **2/29/2024** | $17364 | $23170 | $17818 |
| **3/31/2024** | $18219 | $23917 | $18682 |
| **4/30/2024** | $17503 | $22865 | $17896 |
| **5/31/2024** | $18014 | $23945 | $18413 |
| **6/30/2024** | $18087 | $24686 | $18414 |
| **7/31/2024** | $18856 | $25145 | $19299 |
| **8/31/2024** | $19335 | $25692 | $19855 |
| **9/30/2024** | $19570 | $26224 | $20200 |
| **10/31/2024** | $19519 | $26031 | $19962 |
| **11/30/2024** | $20770 | $27763 | $21047 |
| **12/31/2024** | $19459 | $26914 | $19584 |
| **1/31/2025** | $20109 | $27764 | $20459 |
| **2/28/2025** | $20109 | $27232 | $20655 |
| **3/31/2025** | $19722 | $25644 | $20153 |
| **4/30/2025** | $19133 | $25472 | $19440 |
| **5/31/2025** | $19743 | $27086 | $19956 |
| **6/30/2025** | $20167 | $28462 | $20846 |
| **7/31/2025** | $20357 | $29089 | $20950 |
| **8/31/2025** | $21053 | $29762 | $21531 |
| **9/30/2025** | $21215 | $30789 | $21920 |
| **10/31/2025** | $20792 | $31449 | $21717 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DH5 | **1 Year** | **5 Years** | **Since Inception 5/5/17** |
| Class R | 6.52% | 14.25% | 9.00% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.44% |
| MSCI USA Value Index<sup>Footnote Reference(b)</sup> | 8.79% | 14.02% | 9.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;MSCI USA Value Index captures large and mid-cap U.S. securities exhibiting overall value style characteristics. 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 | $237983538 |
| Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 123% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1147962 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.2% |
| Information Technology | 12.5 |
| Health Care | 11.8 |
| Communication Services | 10.7 |
| Industrials | 10.4 |
| Consumer Discretionary | 7.2 |
| Energy | 6.5 |
| Consumer Staples | 5.9 |
| Utilities | 4.5 |
| Materials | 3.6 |
| Real Estate | 3.1 |
| Exchange-Traded Funds | 1.3 |
| Repurchase Agreements | 0.3 |
| 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 Large Value Opportunities

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Meta Platforms, Inc., Class A | 5.8% |
| JPMorgan Chase & Co. | 4.2 |
| Berkshire Hathaway, Inc., Class B | 3.4 |
| Exxon Mobil Corp. | 2.8 |
| Home Depot, Inc. | 2.3 |
| Procter & Gamble Co. | 1.6 |
| QUALCOMM, Inc. | 1.6 |
| Union Pacific Corp. | 1.4 |
| Merck & Co., Inc. | 1.4 |
| Capital One Financial Corp. | 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](g66697g70e46.jpg)

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

Transamerica Large Value Opportunities

Class R

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Large Value Opportunities

# Class R4

## TLOFX
October 31, 2025

## Fund Overview
Transamerica Large Value Opportunities (the "Fund") seeks to provide 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 R4 | $78 | 0.75%<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 6.74%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the MSCI USA Value Index, returned 8.79% over the same period.

* The Fund underperformed its benchmark, the MSCI USA Value Index, during the fiscal year. The poorest performing sectors were industrials and financials relative to the benchmark. The top performing sectors were consumer discretionary and health care. 

* From the sub-adviser's proprietary life-cycle category perspective, mature defensive holdings underperformed, while high stable growth holdings outperformed. Mature defensive companies have low but more stable growth rates in their universe. High stable growth companies have high growth rates that are more stable than exceptional growth companies. 

* At the stock level, underweights to Oracle and Micron Technology detracted the most from performance. An overweight to NRG and an underweight to UnitedHealthcare contributed the most.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Large Value Opportunities

Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g30z09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Russell 3000<sup>®</sup> Index** | **MSCI USA Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10108 | $10055 | $10037 |
| **12/31/2015** | $9740 | $9849 | $9880 |
| **1/31/2016** | $8842 | $9293 | $9455 |
| **2/29/2016** | $8801 | $9290 | $9447 |
| **3/31/2016** | $9432 | $9944 | $10086 |
| **4/30/2016** | $9459 | $10006 | $10206 |
| **5/31/2016** | $9452 | $10185 | $10379 |
| **6/30/2016** | $9322 | $10206 | $10500 |
| **7/31/2016** | $9611 | $10611 | $10812 |
| **8/31/2016** | $9700 | $10638 | $10877 |
| **9/30/2016** | $9760 | $10655 | $10863 |
| **10/31/2016** | $9650 | $10424 | $10706 |
| **11/30/2016** | $10277 | $10891 | $11230 |
| **12/31/2016** | $10630 | $11103 | $11547 |
| **1/31/2017** | $10672 | $11312 | $11603 |
| **2/28/2017** | $11018 | $11733 | $12032 |
| **3/31/2017** | $10838 | $11741 | $11948 |
| **4/30/2017** | $10796 | $11865 | $11934 |
| **5/31/2017** | $10758 | $11987 | $11953 |
| **6/30/2017** | $10931 | $12095 | $12179 |
| **7/31/2017** | $11181 | $12323 | $12356 |
| **8/31/2017** | $11116 | $12347 | $12249 |
| **10/31/2017** | $11692 | $12924 | $12767 |
| **11/30/2017** | $12140 | $13316 | $13154 |
| **12/31/2017** | $12255 | $13450 | $13321 |
| **1/31/2018** | $12678 | $14158 | $13827 |
| **2/28/2018** | $11966 | $13637 | $13133 |
| **3/31/2018** | $11905 | $13363 | $12861 |
| **4/30/2018** | $11983 | $13414 | $12888 |
| **5/31/2018** | $12151 | $13792 | $12951 |
| **6/30/2018** | $12068 | $13883 | $13023 |
| **7/31/2018** | $12527 | $14343 | $13581 |
| **8/31/2018** | $12751 | $14847 | $13766 |
| **9/30/2018** | $12800 | $14871 | $13825 |
| **10/31/2018** | $12081 | $13776 | $13221 |
| **11/30/2018** | $12351 | $14052 | $13618 |
| **12/31/2018** | $11180 | $12745 | $12365 |
| **1/31/2019** | $12029 | $13838 | $13255 |
| **2/28/2019** | $12466 | $14325 | $13674 |
| **3/31/2019** | $12437 | $14534 | $13784 |
| **4/30/2019** | $12740 | $15115 | $14228 |
| **5/31/2019** | $11818 | $14137 | $13301 |
| **6/30/2019** | $12663 | $15129 | $14212 |
| **7/31/2019** | $12787 | $15354 | $14357 |
| **8/31/2019** | $12358 | $15041 | $13984 |
| **9/30/2019** | $12783 | $15305 | $14476 |
| **10/31/2019** | $12964 | $15635 | $14684 |
| **11/30/2019** | $13450 | $16229 | $15124 |
| **12/31/2019** | $13768 | $16698 | $15546 |
| **1/31/2020** | $13403 | $16680 | $15158 |
| **2/29/2020** | $12040 | $15314 | $13689 |
| **3/31/2020** | $10076 | $13208 | $11545 |
| **4/30/2020** | $11223 | $14957 | $12771 |
| **5/31/2020** | $11633 | $15757 | $13134 |
| **6/30/2020** | $11570 | $16117 | $13041 |
| **7/31/2020** | $11926 | $17033 | $13534 |
| **8/31/2020** | $12353 | $18266 | $14070 |
| **9/30/2020** | $12007 | $17601 | $13758 |
| **10/31/2020** | $11692 | $17221 | $13448 |
| **11/30/2020** | $13194 | $19317 | $15200 |
| **12/31/2020** | $13610 | $20186 | $15694 |
| **1/31/2021** | $13553 | $20096 | $15509 |
| **2/28/2021** | $14071 | $20724 | $16222 |
| **3/31/2021** | $15218 | $21467 | $17326 |
| **4/30/2021** | $15768 | $22573 | $17962 |
| **5/31/2021** | $16129 | $22676 | $18431 |
| **6/30/2021** | $15982 | $23236 | $18258 |
| **7/31/2021** | $16200 | $23628 | $18472 |
| **8/31/2021** | $16577 | $24302 | $18839 |
| **9/30/2021** | $15967 | $23212 | $18158 |
| **10/31/2021** | $16768 | $24782 | $19193 |
| **11/30/2021** | $16316 | $24404 | $18674 |
| **12/31/2021** | $17501 | $25365 | $19958 |
| **1/31/2022** | $17145 | $23873 | $19470 |
| **2/28/2022** | $16975 | $23272 | $19110 |
| **3/31/2022** | $17433 | $24026 | $19670 |
| **4/30/2022** | $16649 | $21870 | $18702 |
| **5/31/2022** | $17058 | $21841 | $19054 |
| **6/30/2022** | $15565 | $20014 | $17493 |
| **7/31/2022** | $16609 | $21891 | $18482 |
| **8/31/2022** | $16113 | $21074 | $17961 |
| **9/30/2022** | $14803 | $19120 | $16488 |
| **10/31/2022** | $16523 | $20688 | $18326 |
| **11/30/2022** | $17451 | $21768 | $19439 |
| **12/31/2022** | $16811 | $20493 | $18712 |
| **1/31/2023** | $17456 | $21905 | $19313 |
| **2/28/2023** | $16977 | $21393 | $18653 |
| **3/31/2023** | $16788 | $21965 | $18520 |
| **4/30/2023** | $16862 | $22199 | $18762 |
| **5/31/2023** | $16085 | $22285 | $17998 |
| **6/30/2023** | $17098 | $23807 | $19109 |
| **7/31/2023** | $17748 | $24661 | $19797 |
| **8/31/2023** | $17395 | $24185 | $19302 |
| **9/30/2023** | $16885 | $23032 | $18605 |
| **10/31/2023** | $16363 | $22422 | $18075 |
| **11/30/2023** | $17333 | $24513 | $19373 |
| **12/31/2023** | $18151 | $25813 | $20441 |
| **1/31/2024** | $18526 | $26099 | $20553 |
| **2/29/2024** | $19182 | $27512 | $21264 |
| **3/31/2024** | $20119 | $28399 | $22296 |
| **4/30/2024** | $19329 | $27150 | $21357 |
| **5/31/2024** | $19893 | $28432 | $21975 |
| **6/30/2024** | $19986 | $29313 | $21975 |
| **7/31/2024** | $20837 | $29857 | $23031 |
| **8/31/2024** | $21365 | $30507 | $23695 |
| **9/30/2024** | $21638 | $31138 | $24107 |
| **10/31/2024** | $21600 | $30910 | $23823 |
| **11/30/2024** | $22964 | $32966 | $25118 |
| **12/31/2024** | $21515 | $31958 | $23371 |
| **1/31/2025** | $22233 | $32967 | $24416 |
| **2/28/2025** | $22280 | $32336 | $24650 |
| **3/31/2025** | $21820 | $30449 | $24050 |
| **4/30/2025** | $21167 | $30245 | $23200 |
| **5/31/2025** | $21866 | $32162 | $23815 |
| **6/30/2025** | $22350 | $33796 | $24878 |
| **7/31/2025** | $22560 | $34540 | $25002 |
| **8/31/2025** | $23332 | $35340 | $25695 |
| **9/30/2025** | $23526 | $36559 | $26160 |
| **10/31/2025** | $23057 | $37343 | $25918 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DHE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 6.74% | 14.55% | 8.71% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| MSCI USA Value Index<sup>Footnote Reference(b)</sup> | 8.79% | 14.02% | 9.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;MSCI USA Value Index captures large and mid-cap U.S. securities exhibiting overall value style characteristics. 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 | $237983538 |
| Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 123% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1147962 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.2% |
| Information Technology | 12.5 |
| Health Care | 11.8 |
| Communication Services | 10.7 |
| Industrials | 10.4 |
| Consumer Discretionary | 7.2 |
| Energy | 6.5 |
| Consumer Staples | 5.9 |
| Utilities | 4.5 |
| Materials | 3.6 |
| Real Estate | 3.1 |
| Exchange-Traded Funds | 1.3 |
| Repurchase Agreements | 0.3 |
| 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 Large Value Opportunities

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Meta Platforms, Inc., Class A | 5.8% |
| JPMorgan Chase & Co. | 4.2 |
| Berkshire Hathaway, Inc., Class B | 3.4 |
| Exxon Mobil Corp. | 2.8 |
| Home Depot, Inc. | 2.3 |
| Procter & Gamble Co. | 1.6 |
| QUALCOMM, Inc. | 1.6 |
| Union Pacific Corp. | 1.4 |
| Merck & Co., Inc. | 1.4 |
| Capital One Financial Corp. | 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](g66697g70e46.jpg)

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

Transamerica Large Value Opportunities

Class R4

![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Long Credit

# Class A

## TLCDX
October 31, 2025

## Fund Overview
Transamerica Long Credit (the "Fund") seeks to provide total return through a combination of current income and 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 | $82 | 0.80% |

---

## 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 5.39%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Long Credit Index, returned 6.01% over the same period.

* Positioning in investment grade corporate credit was the largest contributor to performance as the Fund benefited more than the benchmark from the positive price impact of credit spread compression during the fiscal year ended October 31, 2025. This positioning also led the Fund to generate additional yield compared to the benchmark, modestly contributing to relative returns.

* Curve positioning was the largest detractor from relative returns, as the Fund was overweight to the long end of the yield curve (25-year+). As the curve steepened during the fiscal year, longer-maturity security prices underperformed.

* At a sector level, in addition to selection within investment grade corporate credit, selection within emerging markets debt contributed to relative returns; however, a modest allocation to Treasury securities detracted.

* Within corporate credit, selection within banking, energy and consumer cyclicals contributed the most to relative returns while selection within REITs, communications and insurance detracted.

* The sub-adviser adjusted allocations during the fiscal year to reflect developments in the economic environment and evolving views on relative value across sectors and sub-sectors.

* Exposure to Treasury securities decreased with proceeds largely redeployed into investment grade corporate credit. The sub-adviser repositioned the Fund's portfolio on the view that attractive entry points emerged around periods of market volatility such as in late March and early April 2025 when tariff concerns escalated.

* Within corporate credit, during the fiscal year, allocations increased the most to insurance, consumer non-cyclicals and capital goods while exposures to communications and energy decreased.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Long Credit

# Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g98q82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Universal Bond Index** | **Bloomberg US Long Credit Index** |
| **3/31/2023** | $9524 | $10000 | $10000 |
| **4/30/2023** | $9554 | $10061 | $10087 |
| **5/31/2023** | $9304 | $9957 | $9815 |
| **6/30/2023** | $9455 | $9941 | $9958 |
| **7/31/2023** | $9461 | $9951 | $9943 |
| **8/31/2023** | $9283 | $9891 | $9753 |
| **9/30/2023** | $8806 | $9655 | $9237 |
| **10/31/2023** | $8502 | $9510 | $8856 |
| **11/30/2023** | $9203 | $9938 | $9789 |
| **12/31/2023** | $9866 | $10315 | $10503 |
| **1/31/2024** | $9763 | $10291 | $10406 |
| **2/29/2024** | $9514 | $10167 | $10136 |
| **3/31/2024** | $9691 | $10267 | $10331 |
| **4/30/2024** | $9212 | $10027 | $9825 |
| **5/31/2024** | $9450 | $10193 | $10100 |
| **6/30/2024** | $9570 | $10287 | $10157 |
| **7/31/2024** | $9780 | $10520 | $10477 |
| **8/31/2024** | $10031 | $10675 | $10700 |
| **9/30/2024** | $10253 | $10821 | $10980 |
| **10/31/2024** | $9852 | $10576 | $10520 |
| **11/30/2024** | $10045 | $10687 | $10753 |
| **12/31/2024** | $9627 | $10526 | $10292 |
| **1/31/2025** | $9667 | $10589 | $10337 |
| **2/28/2025** | $9966 | $10808 | $10694 |
| **3/31/2025** | $9818 | $10805 | $10546 |
| **4/30/2025** | $9712 | $10844 | $10416 |
| **5/31/2025** | $9636 | $10789 | $10364 |
| **6/30/2025** | $9941 | $10957 | $10678 |
| **7/31/2025** | $9951 | $10941 | $10674 |
| **8/31/2025** | $10013 | $11072 | $10754 |
| **9/30/2025** | $10342 | $11190 | $11093 |
| **10/31/2025** | $10383 | $11264 | $11153 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3A71 | **1 Year** | **Since Inception 3/31/23** |
| Class A with Load | 0.38% | 1.46% |
| Class A | 5.39% | 3.40% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 4.71% |
| Bloomberg US Long Credit Index<sup>Footnote Reference(b)</sup> | 6.01% | 4.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Long Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. 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 | $611381480 |
| Number of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2660100 |
| Average Maturity<sup>Footnote Reference§</sup> | 22.99 years |
| Duration<sup>Footnote Reference†</sup> | 12.18 years |

---

---

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

---

# Transamerica Long Credit

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 5.0% |
| AAA | 1.7 |
| AA | 4.2 |
| A | 32.2 |
| BBB | 53.5 |
| BB | 1.3 |
| B | 0.2 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 89.3% |
| U.S. Government Obligations | 4.4 |
| Foreign Government Obligations | 2.6 |
| Repurchase Agreements | 1.5 |
| Asset-Backed Securities | 1.2 |
| U.S. Government Agency Obligations | 0.5 |
| Other Investment Company | 0.2 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048 | 1.4% |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1.2 |
| Oracle Corp., 6.90%, 11/09/2052 | 1.1 |
| JPMorgan Chase & Co. Fixed until 04/22/2040, 3.11%, 04/22/2041 | 1.1 |
| Virginia Electric & Power Co., 8.88%, 11/15/2038 | 1 |
| AT&T, Inc., 3.55%, 09/15/2055 | 0.9 |
| U.S. Treasury Notes, 4.25%, 08/15/2035 | 0.9 |
| Verizon Communications, Inc., 3.70%, 03/22/2061 | 0.9 |
| Consolidated Edison Co. of New York, Inc., 4.00%, 11/15/2057 | 0.8 |
| Energy Transfer LP, 7.50%, 07/01/2038 | 0.8 |

---

# Transamerica Long Credit
Class A

## 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](g66697g70e46.jpg)

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

# Transamerica Long Credit

# Class A
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Long Credit

# Class I

## TLCJX
October 31, 2025

## Fund Overview
Transamerica Long Credit (the "Fund") seeks to provide total return through a combination of current income and 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 | $68 | 0.66% |

---

## 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 5.54%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Long Credit Index, returned 6.01% over the same period.

* Positioning in investment grade corporate credit was the largest contributor to performance as the Fund benefited more than the benchmark from the positive price impact of credit spread compression during the fiscal year ended October 31, 2025. This positioning also led the Fund to generate additional yield compared to the benchmark, modestly contributing to relative returns.

* Curve positioning was the largest detractor from relative returns, as the Fund was overweight to the long end of the yield curve (25-year+). As the curve steepened during the fiscal year, longer-maturity security prices underperformed.

* At a sector level, in addition to selection within investment grade corporate credit, selection within emerging markets debt contributed to relative returns; however, a modest allocation to Treasury securities detracted.

* Within corporate credit, selection within banking, energy and consumer cyclicals contributed the most to relative returns while selection within REITs, communications and insurance detracted.

* The sub-adviser adjusted allocations during the fiscal year to reflect developments in the economic environment and evolving views on relative value across sectors and sub-sectors.

* Exposure to Treasury securities decreased with proceeds largely redeployed into investment grade corporate credit. The sub-adviser repositioned the Fund's portfolio on the view that attractive entry points emerged around periods of market volatility such as in late March and early April 2025 when tariff concerns escalated.

* Within corporate credit, during the fiscal year, allocations increased the most to insurance, consumer non-cyclicals and capital goods while exposures to communications and energy decreased.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Long Credit

# Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g70y75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Universal Bond Index** | **Bloomberg US Long Credit Index** |
| **3/31/2023** | $10000 | $10000 | $10000 |
| **4/30/2023** | $10034 | $10061 | $10087 |
| **5/31/2023** | $9775 | $9957 | $9815 |
| **6/30/2023** | $9936 | $9941 | $9958 |
| **7/31/2023** | $9945 | $9951 | $9943 |
| **8/31/2023** | $9762 | $9891 | $9753 |
| **9/30/2023** | $9262 | $9655 | $9237 |
| **10/31/2023** | $8945 | $9510 | $8856 |
| **11/30/2023** | $9686 | $9938 | $9789 |
| **12/31/2023** | $10388 | $10315 | $10503 |
| **1/31/2024** | $10272 | $10291 | $10406 |
| **2/29/2024** | $10011 | $10167 | $10136 |
| **3/31/2024** | $10199 | $10267 | $10331 |
| **4/30/2024** | $9705 | $10027 | $9825 |
| **5/31/2024** | $9947 | $10193 | $10100 |
| **6/30/2024** | $10074 | $10287 | $10157 |
| **7/31/2024** | $10307 | $10520 | $10477 |
| **8/31/2024** | $10562 | $10675 | $10700 |
| **9/30/2024** | $10797 | $10821 | $10980 |
| **10/31/2024** | $10386 | $10576 | $10520 |
| **11/30/2024** | $10591 | $10687 | $10753 |
| **12/31/2024** | $10140 | $10526 | $10292 |
| **1/31/2025** | $10183 | $10589 | $10337 |
| **2/28/2025** | $10511 | $10808 | $10694 |
| **3/31/2025** | $10355 | $10805 | $10546 |
| **4/30/2025** | $10244 | $10844 | $10416 |
| **5/31/2025** | $10166 | $10789 | $10364 |
| **6/30/2025** | $10490 | $10957 | $10678 |
| **7/31/2025** | $10501 | $10941 | $10674 |
| **8/31/2025** | $10568 | $11072 | $10754 |
| **9/30/2025** | $10917 | $11190 | $11093 |
| **10/31/2025** | $10962 | $11264 | $11153 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3A78 | **1 Year** | **Since Inception 3/31/23** |
| Class I | 5.54% | 3.62% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 4.71% |
| Bloomberg US Long Credit Index<sup>Footnote Reference(b)</sup> | 6.01% | 4.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Long Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. 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 | $611381480 |
| Number of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2660100 |
| Average Maturity<sup>Footnote Reference§</sup> | 22.99 years |
| Duration<sup>Footnote Reference†</sup> | 12.18 years |

---

---

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

---

# Transamerica Long Credit

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 5.0% |
| AAA | 1.7 |
| AA | 4.2 |
| A | 32.2 |
| BBB | 53.5 |
| BB | 1.3 |
| B | 0.2 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 89.3% |
| U.S. Government Obligations | 4.4 |
| Foreign Government Obligations | 2.6 |
| Repurchase Agreements | 1.5 |
| Asset-Backed Securities | 1.2 |
| U.S. Government Agency Obligations | 0.5 |
| Other Investment Company | 0.2 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048 | 1.4% |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1.2 |
| Oracle Corp., 6.90%, 11/09/2052 | 1.1 |
| JPMorgan Chase & Co. Fixed until 04/22/2040, 3.11%, 04/22/2041 | 1.1 |
| Virginia Electric & Power Co., 8.88%, 11/15/2038 | 1 |
| AT&T, Inc., 3.55%, 09/15/2055 | 0.9 |
| U.S. Treasury Notes, 4.25%, 08/15/2035 | 0.9 |
| Verizon Communications, Inc., 3.70%, 03/22/2061 | 0.9 |
| Consolidated Edison Co. of New York, Inc., 4.00%, 11/15/2057 | 0.8 |
| Energy Transfer LP, 7.50%, 07/01/2038 | 0.8 |

---

# Transamerica Long Credit
Class I

## 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](g66697g70e46.jpg)

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

# Transamerica Long Credit

# Class I
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Long Credit

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica Long Credit (the "Fund") seeks to provide total return through a combination of current income and 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 I2 | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 5.70%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Long Credit Index, returned 6.01% over the same period.

* Positioning in investment grade corporate credit was the largest contributor to performance as the Fund benefited more than the benchmark from the positive price impact of credit spread compression during the fiscal year ended October 31, 2025. This positioning also led the Fund to generate additional yield compared to the benchmark, modestly contributing to relative returns.

* Curve positioning was the largest detractor from relative returns, as the Fund was overweight to the long end of the yield curve (25-year+). As the curve steepened during the fiscal year, longer-maturity security prices underperformed.

* At a sector level, in addition to selection within investment grade corporate credit, selection within emerging markets debt contributed to relative returns; however, a modest allocation to Treasury securities detracted.

* Within corporate credit, selection within banking, energy and consumer cyclicals contributed the most to relative returns while selection within REITs, communications and insurance detracted.

* The sub-adviser adjusted allocations during the fiscal year to reflect developments in the economic environment and evolving views on relative value across sectors and sub-sectors.

* Exposure to Treasury securities decreased with proceeds largely redeployed into investment grade corporate credit. The sub-adviser repositioned the Fund's portfolio on the view that attractive entry points emerged around periods of market volatility such as in late March and early April 2025 when tariff concerns escalated.

* Within corporate credit, during the fiscal year, allocations increased the most to insurance, consumer non-cyclicals and capital goods while exposures to communications and energy decreased.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Long Credit

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g13b52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Bloomberg US Universal Bond Index** | **Bloomberg US Long Credit Index** |
| **9/29/2023** | $10000 | $10000 | $10000 |
| **10/31/2023** | $9658 | $9850 | $9587 |
| **11/30/2023** | $10448 | $10293 | $10597 |
| **12/31/2023** | $11219 | $10683 | $11371 |
| **1/31/2024** | $11096 | $10658 | $11265 |
| **2/29/2024** | $10816 | $10530 | $10974 |
| **3/31/2024** | $11020 | $10633 | $11184 |
| **4/30/2024** | $10477 | $10385 | $10636 |
| **5/31/2024** | $10751 | $10557 | $10934 |
| **6/30/2024** | $10889 | $10654 | $10996 |
| **7/31/2024** | $11132 | $10895 | $11342 |
| **8/31/2024** | $11421 | $11056 | $11583 |
| **9/30/2024** | $11676 | $11208 | $11886 |
| **10/31/2024** | $11222 | $10953 | $11389 |
| **11/30/2024** | $11444 | $11068 | $11641 |
| **12/31/2024** | $10970 | $10901 | $11142 |
| **1/31/2025** | $11018 | $10967 | $11190 |
| **2/28/2025** | $11362 | $11194 | $11577 |
| **3/31/2025** | $11208 | $11191 | $11417 |
| **4/30/2025** | $11088 | $11231 | $11277 |
| **5/31/2025** | $11005 | $11174 | $11220 |
| **6/30/2025** | $11356 | $11348 | $11560 |
| **7/31/2025** | $11370 | $11331 | $11555 |
| **8/31/2025** | $11444 | $11468 | $11642 |
| **9/30/2025** | $11811 | $11589 | $12009 |
| **10/31/2025** | $11862 | $11666 | $12074 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3A74 | **1 Year** | **Since Inception 9/29/23** |
| Class I2 | 5.70% | 8.53% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 7.66% |
| Bloomberg US Long Credit Index<sup>Footnote Reference(b)</sup> | 6.01% | 9.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Long Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. 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 | $611381480 |
| Number of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2660100 |
| Average Maturity<sup>Footnote Reference§</sup> | 22.99 years |
| Duration<sup>Footnote Reference†</sup> | 12.18 years |

---

---

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

---

# Transamerica Long Credit

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 5.0% |
| AAA | 1.7 |
| AA | 4.2 |
| A | 32.2 |
| BBB | 53.5 |
| BB | 1.3 |
| B | 0.2 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 89.3% |
| U.S. Government Obligations | 4.4 |
| Foreign Government Obligations | 2.6 |
| Repurchase Agreements | 1.5 |
| Asset-Backed Securities | 1.2 |
| U.S. Government Agency Obligations | 0.5 |
| Other Investment Company | 0.2 |
| Municipal Government Obligations | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048 | 1.4% |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1.2 |
| Oracle Corp., 6.90%, 11/09/2052 | 1.1 |
| JPMorgan Chase & Co. Fixed until 04/22/2040, 3.11%, 04/22/2041 | 1.1 |
| Virginia Electric & Power Co., 8.88%, 11/15/2038 | 1 |
| AT&T, Inc., 3.55%, 09/15/2055 | 0.9 |
| U.S. Treasury Notes, 4.25%, 08/15/2035 | 0.9 |
| Verizon Communications, Inc., 3.70%, 03/22/2061 | 0.9 |
| Consolidated Edison Co. of New York, Inc., 4.00%, 11/15/2057 | 0.8 |
| Energy Transfer LP, 7.50%, 07/01/2038 | 0.8 |

---

# Transamerica Long Credit
Class I2

## 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](g66697g70e46.jpg)

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

# Transamerica Long Credit

# Class I2
![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class A

## MCGAX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 | $132 | 1.22% |

---

## 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 16.21%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund at NAV underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g77h62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **3/10/2017** | $9449 | $10000 | $10000 |
| **3/31/2017** | $9565 | $10025 | $10114 |
| **4/30/2017** | $9608 | $10131 | $10264 |
| **5/31/2017** | $9594 | $10235 | $10509 |
| **6/30/2017** | $9855 | $10327 | $10540 |
| **7/31/2017** | $9848 | $10522 | $10716 |
| **8/31/2017** | $9811 | $10542 | $10792 |
| **9/30/2017** | $10145 | $10799 | $11097 |
| **10/31/2017** | $10254 | $11035 | $11407 |
| **11/30/2017** | $10595 | $11370 | $11789 |
| **12/31/2017** | $10780 | $11484 | $11852 |
| **1/31/2018** | $11222 | $12089 | $12523 |
| **2/28/2018** | $10817 | $11644 | $12130 |
| **3/31/2018** | $10633 | $11410 | $12110 |
| **4/30/2018** | $10485 | $11453 | $11995 |
| **5/31/2018** | $11060 | $11776 | $12444 |
| **6/30/2018** | $10824 | $11854 | $12492 |
| **7/31/2018** | $11053 | $12247 | $12760 |
| **8/31/2018** | $11259 | $12677 | $13496 |
| **9/30/2018** | $10972 | $12698 | $13438 |
| **10/31/2018** | $9549 | $11763 | $12108 |
| **11/30/2018** | $9785 | $11999 | $12416 |
| **12/31/2018** | $8697 | $10882 | $11289 |
| **1/31/2019** | $9756 | $11816 | $12586 |
| **2/28/2019** | $10222 | $12231 | $13324 |
| **3/31/2019** | $10359 | $12410 | $13504 |
| **4/30/2019** | $10757 | $12906 | $14111 |
| **5/31/2019** | $10518 | $12070 | $13299 |
| **6/30/2019** | $11236 | $12918 | $14233 |
| **7/31/2019** | $11349 | $13110 | $14566 |
| **8/31/2019** | $11224 | $12843 | $14300 |
| **9/30/2019** | $11349 | $13068 | $14138 |
| **10/31/2019** | $11759 | $13350 | $14400 |
| **11/30/2019** | $12260 | $13857 | $15116 |
| **12/31/2019** | $12422 | $14257 | $15293 |
| **1/31/2020** | $12526 | $14242 | $15436 |
| **2/29/2020** | $11507 | $13076 | $14372 |
| **3/31/2020** | $9782 | $11278 | $12228 |
| **4/30/2020** | $11276 | $12771 | $14143 |
| **5/31/2020** | $12503 | $13454 | $15564 |
| **6/30/2020** | $12954 | $13762 | $15929 |
| **7/31/2020** | $13660 | $14543 | $17201 |
| **8/31/2020** | $14147 | $15597 | $17669 |
| **9/30/2020** | $13834 | $15029 | $17422 |
| **10/31/2020** | $13788 | $14704 | $17443 |
| **11/30/2020** | $15489 | $16493 | $19786 |
| **12/31/2020** | $16147 | $17235 | $20735 |
| **1/31/2021** | $15965 | $17159 | $20666 |
| **2/28/2021** | $16572 | $17695 | $21019 |
| **3/31/2021** | $16256 | $18329 | $20618 |
| **4/30/2021** | $17105 | $19274 | $21777 |
| **5/31/2021** | $16414 | $19362 | $21444 |
| **6/30/2021** | $17287 | $19840 | $22901 |
| **7/31/2021** | $17566 | $20175 | $23137 |
| **8/31/2021** | $17979 | $20750 | $23884 |
| **9/30/2021** | $17312 | $19819 | $22727 |
| **10/31/2021** | $18367 | $21160 | $24321 |
| **11/30/2021** | $16729 | $20838 | $23293 |
| **12/31/2021** | $17155 | $21658 | $23375 |
| **1/31/2022** | $14818 | $20384 | $20358 |
| **2/28/2022** | $14641 | $19870 | $20111 |
| **3/31/2022** | $14906 | $20515 | $20434 |
| **4/30/2022** | $12888 | $18674 | $18133 |
| **5/31/2022** | $12357 | $18649 | $17431 |
| **6/30/2022** | $11330 | $17089 | $16128 |
| **7/31/2022** | $12658 | $18692 | $18102 |
| **8/31/2022** | $12233 | $17994 | $17509 |
| **9/30/2022** | $11100 | $16326 | $16023 |
| **10/31/2022** | $11861 | $17665 | $17282 |
| **11/30/2022** | $12445 | $18587 | $18222 |
| **12/31/2022** | $11613 | $17498 | $17129 |
| **1/31/2023** | $12923 | $18703 | $18623 |
| **2/28/2023** | $12782 | $18266 | $18440 |
| **3/31/2023** | $13047 | $18755 | $18694 |
| **4/30/2023** | $12658 | $18955 | $18423 |
| **5/31/2023** | $12923 | $19028 | $18434 |
| **6/30/2023** | $14056 | $20328 | $19859 |
| **7/31/2023** | $14534 | $21056 | $20460 |
| **8/31/2023** | $14340 | $20650 | $19785 |
| **9/30/2023** | $13508 | $19666 | $18822 |
| **10/31/2023** | $12534 | $19145 | $17861 |
| **11/30/2023** | $14056 | $20930 | $20040 |
| **12/31/2023** | $15278 | $22040 | $21559 |
| **1/31/2024** | $15066 | $22285 | $21443 |
| **2/29/2024** | $16287 | $23491 | $23055 |
| **3/31/2024** | $16765 | $24249 | $23607 |
| **4/30/2024** | $15614 | $23182 | $22236 |
| **5/31/2024** | $15349 | $24277 | $22473 |
| **6/30/2024** | $15526 | $25028 | $22848 |
| **7/31/2024** | $15845 | $25494 | $22987 |
| **8/31/2024** | $16730 | $26049 | $23558 |
| **9/30/2024** | $17066 | $26587 | $24343 |
| **10/31/2024** | $16818 | $26392 | $24768 |
| **11/30/2024** | $18571 | $28148 | $28069 |
| **12/31/2024** | $17729 | $27288 | $26325 |
| **1/31/2025** | $19002 | $28149 | $28004 |
| **2/28/2025** | $17729 | $27610 | $26408 |
| **3/31/2025** | $16234 | $25999 | $24450 |
| **4/30/2025** | $16899 | $25825 | $25272 |
| **5/31/2025** | $18614 | $27462 | $27694 |
| **6/30/2025** | $19832 | $28857 | $28901 |
| **7/31/2025** | $19979 | $29492 | $29488 |
| **8/31/2025** | $19747 | $30175 | $29783 |
| **9/30/2025** | $19802 | $31216 | $29704 |
| **10/31/2025** | $19544 | $31885 | $29621 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CH1 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class A with Load | 9.85% | 6.03% | 8.06% |
| Class A | 16.21% | 7.23% | 8.77% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 11.17% | 13.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class C

## MGTCX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 | $214 | 1.99% |

---

## 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 15.37%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund at NAV underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g09s49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10118 | $10025 | $10114 |
| **5/31/2017** | $10165 | $10131 | $10264 |
| **6/30/2017** | $10133 | $10235 | $10509 |
| **7/31/2017** | $10408 | $10327 | $10540 |
| **8/31/2017** | $10400 | $10522 | $10716 |
| **9/30/2017** | $10345 | $10542 | $10792 |
| **10/31/2017** | $10800 | $11035 | $11407 |
| **11/30/2017** | $11153 | $11370 | $11789 |
| **12/31/2017** | $11336 | $11484 | $11852 |
| **1/31/2018** | $11799 | $12089 | $12523 |
| **2/28/2018** | $11368 | $11644 | $12130 |
| **3/31/2018** | $11161 | $11410 | $12110 |
| **4/30/2018** | $11002 | $11453 | $11995 |
| **5/31/2018** | $11600 | $11776 | $12444 |
| **6/30/2018** | $11344 | $11854 | $12492 |
| **7/31/2018** | $11576 | $12247 | $12760 |
| **8/31/2018** | $11783 | $12677 | $13496 |
| **9/30/2018** | $11480 | $12698 | $13438 |
| **10/31/2018** | $9981 | $11763 | $12108 |
| **11/30/2018** | $10228 | $11999 | $12416 |
| **12/31/2018** | $9085 | $10882 | $11289 |
| **1/31/2019** | $10176 | $11816 | $12586 |
| **2/28/2019** | $10664 | $12231 | $13324 |
| **3/31/2019** | $10790 | $12410 | $13504 |
| **4/30/2019** | $11216 | $12906 | $14111 |
| **5/31/2019** | $10952 | $12070 | $13299 |
| **6/30/2019** | $11692 | $12918 | $14233 |
| **7/31/2019** | $11805 | $13110 | $14566 |
| **8/31/2019** | $11667 | $12843 | $14300 |
| **9/30/2019** | $11780 | $13068 | $14138 |
| **10/31/2019** | $12206 | $13350 | $14400 |
| **11/30/2019** | $12719 | $13857 | $15116 |
| **12/31/2019** | $12885 | $14257 | $15293 |
| **1/31/2020** | $12974 | $14242 | $15436 |
| **2/29/2020** | $11915 | $13076 | $14372 |
| **3/31/2020** | $10116 | $11278 | $12228 |
| **4/30/2020** | $11660 | $12771 | $14143 |
| **5/31/2020** | $12923 | $13454 | $15564 |
| **6/30/2020** | $13382 | $13762 | $15929 |
| **7/31/2020** | $14097 | $14543 | $17201 |
| **8/31/2020** | $14594 | $15597 | $17669 |
| **9/30/2020** | $14263 | $15029 | $17422 |
| **10/31/2020** | $14211 | $14704 | $17443 |
| **11/30/2020** | $15946 | $16493 | $19786 |
| **12/31/2020** | $16607 | $17235 | $20735 |
| **1/31/2021** | $16419 | $17159 | $20666 |
| **2/28/2021** | $17023 | $17695 | $21019 |
| **3/31/2021** | $16687 | $18329 | $20618 |
| **4/30/2021** | $17546 | $19274 | $21777 |
| **5/31/2021** | $16835 | $19362 | $21444 |
| **6/30/2021** | $17720 | $19840 | $22901 |
| **7/31/2021** | $17988 | $20175 | $23137 |
| **8/31/2021** | $18404 | $20750 | $23884 |
| **9/30/2021** | $17707 | $19819 | $22727 |
| **10/31/2021** | $18793 | $21160 | $24321 |
| **11/30/2021** | $17090 | $20838 | $23293 |
| **12/31/2021** | $17516 | $21658 | $23375 |
| **1/31/2022** | $15115 | $20384 | $20358 |
| **2/28/2022** | $14932 | $19870 | $20111 |
| **3/31/2022** | $15197 | $20515 | $20434 |
| **4/30/2022** | $13122 | $18674 | $18133 |
| **5/31/2022** | $12572 | $18649 | $17431 |
| **6/30/2022** | $11535 | $17089 | $16128 |
| **7/31/2022** | $13040 | $18692 | $18102 |
| **8/31/2022** | $12613 | $17994 | $17509 |
| **9/30/2022** | $11433 | $16326 | $16023 |
| **10/31/2022** | $12206 | $17665 | $17282 |
| **11/30/2022** | $12796 | $18587 | $18222 |
| **12/31/2022** | $11942 | $17498 | $17129 |
| **1/31/2023** | $13264 | $18703 | $18623 |
| **2/28/2023** | $13122 | $18266 | $18440 |
| **3/31/2023** | $13386 | $18755 | $18694 |
| **4/30/2023** | $12959 | $18955 | $18423 |
| **5/31/2023** | $13244 | $19028 | $18434 |
| **6/30/2023** | $14403 | $20328 | $19859 |
| **7/31/2023** | $14871 | $21056 | $20460 |
| **8/31/2023** | $14647 | $20650 | $19785 |
| **9/30/2023** | $13813 | $19666 | $18822 |
| **10/31/2023** | $12796 | $19145 | $17861 |
| **11/30/2023** | $14342 | $20930 | $20040 |
| **12/31/2023** | $15583 | $22040 | $21559 |
| **1/31/2024** | $15359 | $22285 | $21443 |
| **2/29/2024** | $16600 | $23491 | $23055 |
| **3/31/2024** | $17068 | $24249 | $23607 |
| **4/30/2024** | $15888 | $23182 | $22236 |
| **5/31/2024** | $15604 | $24277 | $22473 |
| **6/30/2024** | $15766 | $25028 | $22848 |
| **7/31/2024** | $16092 | $25494 | $22987 |
| **8/31/2024** | $16967 | $26049 | $23558 |
| **9/30/2024** | $17292 | $26587 | $24343 |
| **10/31/2024** | $17028 | $26392 | $24768 |
| **11/30/2024** | $18797 | $28148 | $28069 |
| **12/31/2024** | $17931 | $27288 | $26325 |
| **1/31/2025** | $19210 | $28149 | $28004 |
| **2/28/2025** | $17910 | $27610 | $26408 |
| **3/31/2025** | $16396 | $25999 | $24450 |
| **4/30/2025** | $17057 | $25825 | $25272 |
| **5/31/2025** | $18784 | $27462 | $27694 |
| **6/30/2025** | $19999 | $28857 | $28901 |
| **7/31/2025** | $20127 | $29492 | $29488 |
| **8/31/2025** | $19901 | $30175 | $29783 |
| **9/30/2025** | $19922 | $31216 | $29704 |
| **10/31/2025** | $19645 | $31885 | $29621 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CH3 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class C with Load | 14.37% | 6.69% | 8.12% |
| Class C | 15.37% | 6.69% | 8.12% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 11.17% | 13.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class I

## IMCGX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 | $100 | 0.92% |

---

## 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 16.63%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g24m94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10122 | $10025 | $10114 |
| **5/31/2017** | $10175 | $10131 | $10264 |
| **6/30/2017** | $10160 | $10235 | $10509 |
| **7/31/2017** | $10442 | $10327 | $10540 |
| **8/31/2017** | $10442 | $10522 | $10716 |
| **9/30/2017** | $10396 | $10542 | $10792 |
| **10/31/2017** | $10877 | $11035 | $11407 |
| **11/30/2017** | $11235 | $11370 | $11789 |
| **12/31/2017** | $11437 | $11484 | $11852 |
| **1/31/2018** | $11911 | $12089 | $12523 |
| **2/28/2018** | $11491 | $11644 | $12130 |
| **3/31/2018** | $11289 | $11410 | $12110 |
| **4/30/2018** | $11134 | $11453 | $11995 |
| **5/31/2018** | $11755 | $11776 | $12444 |
| **6/30/2018** | $11499 | $11854 | $12492 |
| **7/31/2018** | $11748 | $12247 | $12760 |
| **8/31/2018** | $11973 | $12677 | $13496 |
| **9/30/2018** | $11670 | $12698 | $13438 |
| **10/31/2018** | $10155 | $11763 | $12108 |
| **11/30/2018** | $10403 | $11999 | $12416 |
| **12/31/2018** | $9240 | $10882 | $11289 |
| **1/31/2019** | $10367 | $11816 | $12586 |
| **2/28/2019** | $10882 | $12231 | $13324 |
| **3/31/2019** | $11014 | $12410 | $13504 |
| **4/30/2019** | $11446 | $12906 | $14111 |
| **5/31/2019** | $11194 | $12070 | $13299 |
| **6/30/2019** | $11961 | $12918 | $14233 |
| **7/31/2019** | $12081 | $13110 | $14566 |
| **8/31/2019** | $11949 | $12843 | $14300 |
| **9/30/2019** | $12093 | $13068 | $14138 |
| **10/31/2019** | $12536 | $13350 | $14400 |
| **11/30/2019** | $13064 | $13857 | $15116 |
| **12/31/2019** | $13246 | $14257 | $15293 |
| **1/31/2020** | $13367 | $14242 | $15436 |
| **2/29/2020** | $12283 | $13076 | $14372 |
| **3/31/2020** | $10431 | $11278 | $12228 |
| **4/30/2020** | $12039 | $12771 | $14143 |
| **5/31/2020** | $13355 | $13454 | $15564 |
| **6/30/2020** | $13843 | $13762 | $15929 |
| **7/31/2020** | $14586 | $14543 | $17201 |
| **8/31/2020** | $15110 | $15597 | $17669 |
| **9/30/2020** | $14793 | $15029 | $17422 |
| **10/31/2020** | $14744 | $14704 | $17443 |
| **11/30/2020** | $16560 | $16493 | $19786 |
| **12/31/2020** | $17264 | $17235 | $20735 |
| **1/31/2021** | $17085 | $17159 | $20666 |
| **2/28/2021** | $17736 | $17695 | $21019 |
| **3/31/2021** | $17391 | $18329 | $20618 |
| **4/30/2021** | $18310 | $19274 | $21777 |
| **5/31/2021** | $17570 | $19362 | $21444 |
| **6/30/2021** | $18514 | $19840 | $22901 |
| **7/31/2021** | $18820 | $20175 | $23137 |
| **8/31/2021** | $19267 | $20750 | $23884 |
| **9/30/2021** | $18553 | $19819 | $22727 |
| **10/31/2021** | $19701 | $21160 | $24321 |
| **11/30/2021** | $17940 | $20838 | $23293 |
| **12/31/2021** | $18402 | $21658 | $23375 |
| **1/31/2022** | $15892 | $20384 | $20358 |
| **2/28/2022** | $15707 | $19870 | $20111 |
| **3/31/2022** | $16003 | $20515 | $20434 |
| **4/30/2022** | $13862 | $18674 | $18133 |
| **5/31/2022** | $13308 | $18649 | $17431 |
| **6/30/2022** | $12200 | $17089 | $16128 |
| **7/31/2022** | $13622 | $18692 | $18102 |
| **8/31/2022** | $13179 | $17994 | $17509 |
| **9/30/2022** | $11961 | $16326 | $16023 |
| **10/31/2022** | $12783 | $17665 | $17282 |
| **11/30/2022** | $13430 | $18587 | $18222 |
| **12/31/2022** | $12542 | $17498 | $17129 |
| **1/31/2023** | $13948 | $18703 | $18623 |
| **2/28/2023** | $13800 | $18266 | $18440 |
| **3/31/2023** | $14078 | $18755 | $18694 |
| **4/30/2023** | $13671 | $18955 | $18423 |
| **5/31/2023** | $13967 | $19028 | $18434 |
| **6/30/2023** | $15188 | $20328 | $19859 |
| **7/31/2023** | $15724 | $21056 | $20460 |
| **8/31/2023** | $15502 | $20650 | $19785 |
| **9/30/2023** | $14614 | $19666 | $18822 |
| **10/31/2023** | $13560 | $19145 | $17861 |
| **11/30/2023** | $15225 | $20930 | $20040 |
| **12/31/2023** | $16538 | $22040 | $21559 |
| **1/31/2024** | $16316 | $22285 | $21443 |
| **2/29/2024** | $17648 | $23491 | $23055 |
| **3/31/2024** | $18166 | $24249 | $23607 |
| **4/30/2024** | $16927 | $23182 | $22236 |
| **5/31/2024** | $16649 | $24277 | $22473 |
| **6/30/2024** | $16834 | $25028 | $22848 |
| **7/31/2024** | $17186 | $25494 | $22987 |
| **8/31/2024** | $18166 | $26049 | $23558 |
| **9/30/2024** | $18518 | $26587 | $24343 |
| **10/31/2024** | $18259 | $26392 | $24768 |
| **11/30/2024** | $20164 | $28148 | $28069 |
| **12/31/2024** | $19266 | $27288 | $26325 |
| **1/31/2025** | $20652 | $28149 | $28004 |
| **2/28/2025** | $19266 | $27610 | $26408 |
| **3/31/2025** | $17650 | $25999 | $24450 |
| **4/30/2025** | $18381 | $25825 | $25272 |
| **5/31/2025** | $20267 | $27462 | $27694 |
| **6/30/2025** | $21595 | $28857 | $28901 |
| **7/31/2025** | $21768 | $29492 | $29488 |
| **8/31/2025** | $21525 | $30175 | $29783 |
| **9/30/2025** | $21583 | $31216 | $29704 |
| **10/31/2025** | $21294 | $31885 | $29621 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CH8 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class I | 16.63% | 7.63% | 9.14% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 11.17% | 13.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 I2 | $89 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 16.66%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g59o68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10122 | $10025 | $10114 |
| **5/31/2017** | $10175 | $10131 | $10264 |
| **6/30/2017** | $10160 | $10235 | $10509 |
| **7/31/2017** | $10441 | $10327 | $10540 |
| **8/31/2017** | $10441 | $10522 | $10716 |
| **9/30/2017** | $10403 | $10542 | $10792 |
| **10/31/2017** | $10882 | $11035 | $11407 |
| **11/30/2017** | $11247 | $11370 | $11789 |
| **12/31/2017** | $11444 | $11484 | $11852 |
| **1/31/2018** | $11917 | $12089 | $12523 |
| **2/28/2018** | $11498 | $11644 | $12130 |
| **3/31/2018** | $11304 | $11410 | $12110 |
| **4/30/2018** | $11149 | $11453 | $11995 |
| **5/31/2018** | $11769 | $11776 | $12444 |
| **6/30/2018** | $11513 | $11854 | $12492 |
| **7/31/2018** | $11769 | $12247 | $12760 |
| **8/31/2018** | $11987 | $12677 | $13496 |
| **9/30/2018** | $11684 | $12698 | $13438 |
| **10/31/2018** | $10163 | $11763 | $12108 |
| **11/30/2018** | $10396 | $11999 | $12416 |
| **12/31/2018** | $9238 | $10882 | $11289 |
| **1/31/2019** | $10369 | $11816 | $12586 |
| **2/28/2019** | $10869 | $12231 | $13324 |
| **3/31/2019** | $11012 | $12410 | $13504 |
| **4/30/2019** | $11452 | $12906 | $14111 |
| **5/31/2019** | $11190 | $12070 | $13299 |
| **6/30/2019** | $11952 | $12918 | $14233 |
| **7/31/2019** | $12083 | $13110 | $14566 |
| **8/31/2019** | $11952 | $12843 | $14300 |
| **9/30/2019** | $12083 | $13068 | $14138 |
| **10/31/2019** | $12535 | $13350 | $14400 |
| **11/30/2019** | $13071 | $13857 | $15116 |
| **12/31/2019** | $13240 | $14257 | $15293 |
| **1/31/2020** | $13361 | $14242 | $15436 |
| **2/29/2020** | $12272 | $13076 | $14372 |
| **3/31/2020** | $10432 | $11278 | $12228 |
| **4/30/2020** | $12042 | $12771 | $14143 |
| **5/31/2020** | $13361 | $13454 | $15564 |
| **6/30/2020** | $13845 | $13762 | $15929 |
| **7/31/2020** | $14595 | $14543 | $17201 |
| **8/31/2020** | $15116 | $15597 | $17669 |
| **9/30/2020** | $14801 | $15029 | $17422 |
| **10/31/2020** | $14753 | $14704 | $17443 |
| **11/30/2020** | $16580 | $16493 | $19786 |
| **12/31/2020** | $17280 | $17235 | $20735 |
| **1/31/2021** | $17102 | $17159 | $20666 |
| **2/28/2021** | $17749 | $17695 | $21019 |
| **3/31/2021** | $17419 | $18329 | $20618 |
| **4/30/2021** | $18331 | $19274 | $21777 |
| **5/31/2021** | $17596 | $19362 | $21444 |
| **6/30/2021** | $18547 | $19840 | $22901 |
| **7/31/2021** | $18851 | $20175 | $23137 |
| **8/31/2021** | $19294 | $20750 | $23884 |
| **9/30/2021** | $18585 | $19819 | $22727 |
| **10/31/2021** | $19737 | $21160 | $24321 |
| **11/30/2021** | $17964 | $20838 | $23293 |
| **12/31/2021** | $18434 | $21658 | $23375 |
| **1/31/2022** | $15933 | $20384 | $20358 |
| **2/28/2022** | $15751 | $19870 | $20111 |
| **3/31/2022** | $16043 | $20515 | $20434 |
| **4/30/2022** | $13871 | $18674 | $18133 |
| **5/31/2022** | $13305 | $18649 | $17431 |
| **6/30/2022** | $12210 | $17089 | $16128 |
| **7/31/2022** | $13634 | $18692 | $18102 |
| **8/31/2022** | $13196 | $17994 | $17509 |
| **9/30/2022** | $11973 | $16326 | $16023 |
| **10/31/2022** | $12794 | $17665 | $17282 |
| **11/30/2022** | $13451 | $18587 | $18222 |
| **12/31/2022** | $12539 | $17498 | $17129 |
| **1/31/2023** | $13962 | $18703 | $18623 |
| **2/28/2023** | $13816 | $18266 | $18440 |
| **3/31/2023** | $14108 | $18755 | $18694 |
| **4/30/2023** | $13688 | $18955 | $18423 |
| **5/31/2023** | $13980 | $19028 | $18434 |
| **6/30/2023** | $15221 | $20328 | $19859 |
| **7/31/2023** | $15751 | $21056 | $20460 |
| **8/31/2023** | $15532 | $20650 | $19785 |
| **9/30/2023** | $14637 | $19666 | $18822 |
| **10/31/2023** | $13579 | $19145 | $17861 |
| **11/30/2023** | $15240 | $20930 | $20040 |
| **12/31/2023** | $16572 | $22040 | $21559 |
| **1/31/2024** | $16353 | $22285 | $21443 |
| **2/29/2024** | $17685 | $23491 | $23055 |
| **3/31/2024** | $18215 | $24249 | $23607 |
| **4/30/2024** | $16974 | $23182 | $22236 |
| **5/31/2024** | $16682 | $24277 | $22473 |
| **6/30/2024** | $16864 | $25028 | $22848 |
| **7/31/2024** | $17229 | $25494 | $22987 |
| **8/31/2024** | $18196 | $26049 | $23558 |
| **9/30/2024** | $18561 | $26587 | $24343 |
| **10/31/2024** | $18306 | $26392 | $24768 |
| **11/30/2024** | $20204 | $28148 | $28069 |
| **12/31/2024** | $19318 | $27288 | $26325 |
| **1/31/2025** | $20703 | $28149 | $28004 |
| **2/28/2025** | $19318 | $27610 | $26408 |
| **3/31/2025** | $17705 | $25999 | $24450 |
| **4/30/2025** | $18426 | $25825 | $25272 |
| **5/31/2025** | $20305 | $27462 | $27694 |
| **6/30/2025** | $21652 | $28857 | $28901 |
| **7/31/2025** | $21823 | $29492 | $29488 |
| **8/31/2025** | $21583 | $30175 | $29783 |
| **9/30/2025** | $21640 | $31216 | $29704 |
| **10/31/2025** | $21355 | $31885 | $29621 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CH4 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class I2 | 16.66% | 7.68% | 9.17% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 11.17% | 13.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class I3

## TMITX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 I3 | $89 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 16.59%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g48t06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10053 | $10025 | $10114 |
| **5/31/2017** | $10113 | $10131 | $10264 |
| **6/30/2017** | $10091 | $10235 | $10509 |
| **7/31/2017** | $10378 | $10327 | $10540 |
| **8/31/2017** | $10378 | $10522 | $10716 |
| **9/30/2017** | $10340 | $10542 | $10792 |
| **10/31/2017** | $10816 | $11035 | $11407 |
| **11/30/2017** | $11178 | $11370 | $11789 |
| **12/31/2017** | $11376 | $11484 | $11852 |
| **1/31/2018** | $11853 | $12089 | $12523 |
| **2/28/2018** | $11430 | $11644 | $12130 |
| **3/31/2018** | $11237 | $11410 | $12110 |
| **4/30/2018** | $11091 | $11453 | $11995 |
| **5/31/2018** | $11707 | $11776 | $12444 |
| **6/30/2018** | $11461 | $11854 | $12492 |
| **7/31/2018** | $11707 | $12247 | $12760 |
| **8/31/2018** | $11930 | $12677 | $13496 |
| **9/30/2018** | $11630 | $12698 | $13438 |
| **10/31/2018** | $10114 | $11763 | $12108 |
| **11/30/2018** | $10352 | $11999 | $12416 |
| **12/31/2018** | $9195 | $10882 | $11289 |
| **1/31/2019** | $10310 | $11816 | $12586 |
| **2/28/2019** | $10820 | $12231 | $13324 |
| **3/31/2019** | $10963 | $12410 | $13504 |
| **4/30/2019** | $11390 | $12906 | $14111 |
| **5/31/2019** | $11141 | $12070 | $13299 |
| **6/30/2019** | $11900 | $12918 | $14233 |
| **7/31/2019** | $12018 | $13110 | $14566 |
| **8/31/2019** | $11900 | $12843 | $14300 |
| **9/30/2019** | $12030 | $13068 | $14138 |
| **10/31/2019** | $12481 | $13350 | $14400 |
| **11/30/2019** | $13003 | $13857 | $15116 |
| **12/31/2019** | $13183 | $14257 | $15293 |
| **1/31/2020** | $13304 | $14242 | $15436 |
| **2/29/2020** | $12218 | $13076 | $14372 |
| **3/31/2020** | $10385 | $11278 | $12228 |
| **4/30/2020** | $11989 | $12771 | $14143 |
| **5/31/2020** | $13292 | $13454 | $15564 |
| **6/30/2020** | $13774 | $13762 | $15929 |
| **7/31/2020** | $14534 | $14543 | $17201 |
| **8/31/2020** | $15053 | $15597 | $17669 |
| **9/30/2020** | $14727 | $15029 | $17422 |
| **10/31/2020** | $14691 | $14704 | $17443 |
| **11/30/2020** | $16500 | $16493 | $19786 |
| **12/31/2020** | $17210 | $17235 | $20735 |
| **1/31/2021** | $17020 | $17159 | $20666 |
| **2/28/2021** | $17664 | $17695 | $21019 |
| **3/31/2021** | $17336 | $18329 | $20618 |
| **4/30/2021** | $18245 | $19274 | $21777 |
| **5/31/2021** | $17513 | $19362 | $21444 |
| **6/30/2021** | $18460 | $19840 | $22901 |
| **7/31/2021** | $18763 | $20175 | $23137 |
| **8/31/2021** | $19205 | $20750 | $23884 |
| **9/30/2021** | $18497 | $19819 | $22727 |
| **10/31/2021** | $19634 | $21160 | $24321 |
| **11/30/2021** | $17891 | $20838 | $23293 |
| **12/31/2021** | $18347 | $21658 | $23375 |
| **1/31/2022** | $15854 | $20384 | $20358 |
| **2/28/2022** | $15672 | $19870 | $20111 |
| **3/31/2022** | $15963 | $20515 | $20434 |
| **4/30/2022** | $13797 | $18674 | $18133 |
| **5/31/2022** | $13251 | $18649 | $17431 |
| **6/30/2022** | $12159 | $17089 | $16128 |
| **7/31/2022** | $13578 | $18692 | $18102 |
| **8/31/2022** | $13142 | $17994 | $17509 |
| **9/30/2022** | $11922 | $16326 | $16023 |
| **10/31/2022** | $12741 | $17665 | $17282 |
| **11/30/2022** | $13378 | $18587 | $18222 |
| **12/31/2022** | $12486 | $17498 | $17129 |
| **1/31/2023** | $13906 | $18703 | $18623 |
| **2/28/2023** | $13742 | $18266 | $18440 |
| **3/31/2023** | $14033 | $18755 | $18694 |
| **4/30/2023** | $13615 | $18955 | $18423 |
| **5/31/2023** | $13924 | $19028 | $18434 |
| **6/30/2023** | $15144 | $20328 | $19859 |
| **7/31/2023** | $15672 | $21056 | $20460 |
| **8/31/2023** | $15453 | $20650 | $19785 |
| **9/30/2023** | $14580 | $19666 | $18822 |
| **10/31/2023** | $13524 | $19145 | $17861 |
| **11/30/2023** | $15180 | $20930 | $20040 |
| **12/31/2023** | $16491 | $22040 | $21559 |
| **1/31/2024** | $16272 | $22285 | $21443 |
| **2/29/2024** | $17601 | $23491 | $23055 |
| **3/31/2024** | $18129 | $24249 | $23607 |
| **4/30/2024** | $16891 | $23182 | $22236 |
| **5/31/2024** | $16600 | $24277 | $22473 |
| **6/30/2024** | $16800 | $25028 | $22848 |
| **7/31/2024** | $17164 | $25494 | $22987 |
| **8/31/2024** | $18129 | $26049 | $23558 |
| **9/30/2024** | $18475 | $26587 | $24343 |
| **10/31/2024** | $18220 | $26392 | $24768 |
| **11/30/2024** | $20113 | $28148 | $28069 |
| **12/31/2024** | $19211 | $27288 | $26325 |
| **1/31/2025** | $20611 | $28149 | $28004 |
| **2/28/2025** | $19230 | $27610 | $26408 |
| **3/31/2025** | $17621 | $25999 | $24450 |
| **4/30/2025** | $18340 | $25825 | $25272 |
| **5/31/2025** | $20214 | $27462 | $27694 |
| **6/30/2025** | $21539 | $28857 | $28901 |
| **7/31/2025** | $21709 | $29492 | $29488 |
| **8/31/2025** | $21470 | $30175 | $29783 |
| **9/30/2025** | $21527 | $31216 | $29704 |
| **10/31/2025** | $21243 | $31885 | $29621 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CHD | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class I3 | 16.59% | 7.65% | 9.10% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 11.17% | 13.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class I3

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class R

## TMIRX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 | $144 | 1.33% |

---

## 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 16.00%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g79l33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10053 | $10025 | $10114 |
| **5/31/2017** | $10106 | $10131 | $10264 |
| **6/30/2017** | $10076 | $10235 | $10509 |
| **7/31/2017** | $10355 | $10327 | $10540 |
| **8/31/2017** | $10347 | $10522 | $10716 |
| **9/30/2017** | $10310 | $10542 | $10792 |
| **10/31/2017** | $10770 | $11035 | $11407 |
| **11/30/2017** | $11125 | $11370 | $11789 |
| **12/31/2017** | $11325 | $11484 | $11852 |
| **1/31/2018** | $11785 | $12089 | $12523 |
| **2/28/2018** | $11363 | $11644 | $12130 |
| **3/31/2018** | $11164 | $11410 | $12110 |
| **4/30/2018** | $11010 | $11453 | $11995 |
| **5/31/2018** | $11616 | $11776 | $12444 |
| **6/30/2018** | $11363 | $11854 | $12492 |
| **7/31/2018** | $11609 | $12247 | $12760 |
| **8/31/2018** | $11824 | $12677 | $13496 |
| **9/30/2018** | $11524 | $12698 | $13438 |
| **10/31/2018** | $10028 | $11763 | $12108 |
| **11/30/2018** | $10266 | $11999 | $12416 |
| **12/31/2018** | $9109 | $10882 | $11289 |
| **1/31/2019** | $10216 | $11816 | $12586 |
| **2/28/2019** | $10711 | $12231 | $13324 |
| **3/31/2019** | $10853 | $12410 | $13504 |
| **4/30/2019** | $11277 | $12906 | $14111 |
| **5/31/2019** | $11018 | $12070 | $13299 |
| **6/30/2019** | $11772 | $12918 | $14233 |
| **7/31/2019** | $11890 | $13110 | $14566 |
| **8/31/2019** | $11748 | $12843 | $14300 |
| **9/30/2019** | $11878 | $13068 | $14138 |
| **10/31/2019** | $12314 | $13350 | $14400 |
| **11/30/2019** | $12832 | $13857 | $15116 |
| **12/31/2019** | $12999 | $14257 | $15293 |
| **1/31/2020** | $13107 | $14242 | $15436 |
| **2/29/2020** | $12041 | $13076 | $14372 |
| **3/31/2020** | $10232 | $11278 | $12228 |
| **4/30/2020** | $11801 | $12771 | $14143 |
| **5/31/2020** | $13083 | $13454 | $15564 |
| **6/30/2020** | $13551 | $13762 | $15929 |
| **7/31/2020** | $14281 | $14543 | $17201 |
| **8/31/2020** | $14785 | $15597 | $17669 |
| **9/30/2020** | $14473 | $15029 | $17422 |
| **10/31/2020** | $14413 | $14704 | $17443 |
| **11/30/2020** | $16198 | $16493 | $19786 |
| **12/31/2020** | $16879 | $17235 | $20735 |
| **1/31/2021** | $16691 | $17159 | $20666 |
| **2/28/2021** | $17318 | $17695 | $21019 |
| **3/31/2021** | $16992 | $18329 | $20618 |
| **4/30/2021** | $17870 | $19274 | $21777 |
| **5/31/2021** | $17155 | $19362 | $21444 |
| **6/30/2021** | $18071 | $19840 | $22901 |
| **7/31/2021** | $18347 | $20175 | $23137 |
| **8/31/2021** | $18774 | $20750 | $23884 |
| **9/30/2021** | $18084 | $19819 | $22727 |
| **10/31/2021** | $19188 | $21160 | $24321 |
| **11/30/2021** | $17469 | $20838 | $23293 |
| **12/31/2021** | $17907 | $21658 | $23375 |
| **1/31/2022** | $15463 | $20384 | $20358 |
| **2/28/2022** | $15281 | $19870 | $20111 |
| **3/31/2022** | $15573 | $20515 | $20434 |
| **4/30/2022** | $13458 | $18674 | $18133 |
| **5/31/2022** | $12911 | $18649 | $17431 |
| **6/30/2022** | $11835 | $17089 | $16128 |
| **7/31/2022** | $13221 | $18692 | $18102 |
| **8/31/2022** | $12783 | $17994 | $17509 |
| **9/30/2022** | $11598 | $16326 | $16023 |
| **10/31/2022** | $12382 | $17665 | $17282 |
| **11/30/2022** | $13002 | $18587 | $18222 |
| **12/31/2022** | $12126 | $17498 | $17129 |
| **1/31/2023** | $13494 | $18703 | $18623 |
| **2/28/2023** | $13348 | $18266 | $18440 |
| **3/31/2023** | $13622 | $18755 | $18694 |
| **4/30/2023** | $13202 | $18955 | $18423 |
| **5/31/2023** | $13494 | $19028 | $18434 |
| **6/30/2023** | $14679 | $20328 | $19859 |
| **7/31/2023** | $15190 | $21056 | $20460 |
| **8/31/2023** | $14971 | $20650 | $19785 |
| **9/30/2023** | $14114 | $19666 | $18822 |
| **10/31/2023** | $13075 | $19145 | $17861 |
| **11/30/2023** | $14679 | $20930 | $20040 |
| **12/31/2023** | $15956 | $22040 | $21559 |
| **1/31/2024** | $15737 | $22285 | $21443 |
| **2/29/2024** | $17013 | $23491 | $23055 |
| **3/31/2024** | $17506 | $24249 | $23607 |
| **4/30/2024** | $16302 | $23182 | $22236 |
| **5/31/2024** | $16011 | $24277 | $22473 |
| **6/30/2024** | $16193 | $25028 | $22848 |
| **7/31/2024** | $16539 | $25494 | $22987 |
| **8/31/2024** | $17469 | $26049 | $23558 |
| **9/30/2024** | $17798 | $26587 | $24343 |
| **10/31/2024** | $17542 | $26392 | $24768 |
| **11/30/2024** | $19366 | $28148 | $28069 |
| **12/31/2024** | $18480 | $27288 | $26325 |
| **1/31/2025** | $19810 | $28149 | $28004 |
| **2/28/2025** | $18480 | $27610 | $26408 |
| **3/31/2025** | $16923 | $25999 | $24450 |
| **4/30/2025** | $17607 | $25825 | $25272 |
| **5/31/2025** | $19392 | $27462 | $27694 |
| **6/30/2025** | $20665 | $28857 | $28901 |
| **7/31/2025** | $20817 | $29492 | $29488 |
| **8/31/2025** | $20596 | $30175 | $29783 |
| **9/30/2025** | $20634 | $31216 | $29704 |
| **10/31/2025** | $20349 | $31885 | $29621 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CH5 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class R | 16.00% | 7.14% | 8.56% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 11.17% | 13.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class R

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class R4

## TMIFX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 R4 | $103 | 0.95% |

---

## 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 16.52%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g21w60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10091 | $10055 | $10022 |
| **12/31/2015** | $9720 | $9849 | $9795 |
| **1/31/2016** | $8853 | $9293 | $9054 |
| **2/29/2016** | $8899 | $9290 | $9196 |
| **3/31/2016** | $9573 | $9944 | $9852 |
| **4/30/2016** | $9610 | $10006 | $9846 |
| **5/31/2016** | $9868 | $10185 | $10008 |
| **6/30/2016** | $9665 | $10206 | $10006 |
| **7/31/2016** | $10209 | $10611 | $10502 |
| **8/31/2016** | $10232 | $10638 | $10471 |
| **9/30/2016** | $10153 | $10655 | $10465 |
| **10/31/2016** | $10123 | $10424 | $10040 |
| **11/30/2016** | $10807 | $10891 | $10477 |
| **12/31/2016** | $10900 | $11103 | $10513 |
| **1/31/2017** | $11184 | $11312 | $10864 |
| **2/28/2017** | $11561 | $11733 | $11176 |
| **3/31/2017** | $11701 | $11741 | $11238 |
| **4/30/2017** | $11762 | $11865 | $11405 |
| **5/31/2017** | $11745 | $11987 | $11677 |
| **6/30/2017** | $12070 | $12095 | $11712 |
| **7/31/2017** | $12070 | $12323 | $11907 |
| **8/31/2017** | $12017 | $12347 | $11991 |
| **10/31/2017** | $12571 | $12924 | $12675 |
| **11/30/2017** | $12993 | $13316 | $13099 |
| **12/31/2017** | $13220 | $13450 | $13170 |
| **1/31/2018** | $13765 | $14158 | $13915 |
| **2/28/2018** | $13283 | $13637 | $13478 |
| **3/31/2018** | $13050 | $13363 | $13456 |
| **4/30/2018** | $12872 | $13414 | $13329 |
| **5/31/2018** | $13596 | $13792 | $13827 |
| **6/30/2018** | $13301 | $13883 | $13881 |
| **7/31/2018** | $13596 | $14343 | $14179 |
| **8/31/2018** | $13846 | $14847 | $14996 |
| **9/30/2018** | $13497 | $14871 | $14932 |
| **10/31/2018** | $11736 | $13776 | $13454 |
| **11/30/2018** | $12004 | $14052 | $13796 |
| **12/31/2018** | $10670 | $12745 | $12544 |
| **1/31/2019** | $11959 | $13838 | $13985 |
| **2/28/2019** | $12549 | $14325 | $14805 |
| **3/31/2019** | $12700 | $14534 | $15005 |
| **4/30/2019** | $13207 | $15115 | $15680 |
| **5/31/2019** | $12906 | $14137 | $14778 |
| **6/30/2019** | $13797 | $15129 | $15816 |
| **7/31/2019** | $13934 | $15354 | $16185 |
| **8/31/2019** | $13783 | $15041 | $15890 |
| **9/30/2019** | $13934 | $15305 | $15709 |
| **10/31/2019** | $14442 | $15635 | $16001 |
| **11/30/2019** | $15059 | $16229 | $16797 |
| **12/31/2019** | $15253 | $16698 | $16993 |
| **1/31/2020** | $15393 | $16680 | $17152 |
| **2/29/2020** | $14138 | $15314 | $15970 |
| **3/31/2020** | $12019 | $13208 | $13588 |
| **4/30/2020** | $13873 | $14957 | $15716 |
| **5/31/2020** | $15379 | $15757 | $17294 |
| **6/30/2020** | $15937 | $16117 | $17700 |
| **7/31/2020** | $16801 | $17033 | $19114 |
| **8/31/2020** | $17401 | $18266 | $19634 |
| **9/30/2020** | $17024 | $17601 | $19359 |
| **10/31/2020** | $16968 | $17221 | $19382 |
| **11/30/2020** | $19074 | $19317 | $21986 |
| **12/31/2020** | $19880 | $20186 | $23041 |
| **1/31/2021** | $19675 | $20096 | $22964 |
| **2/28/2021** | $20405 | $20724 | $23356 |
| **3/31/2021** | $20026 | $21467 | $22910 |
| **4/30/2021** | $21077 | $22573 | $24198 |
| **5/31/2021** | $20230 | $22676 | $23828 |
| **6/30/2021** | $21310 | $23236 | $25447 |
| **7/31/2021** | $21660 | $23628 | $25709 |
| **8/31/2021** | $22171 | $24302 | $26539 |
| **9/30/2021** | $21354 | $23212 | $25254 |
| **10/31/2021** | $22668 | $24782 | $27024 |
| **11/30/2021** | $20639 | $24404 | $25883 |
| **12/31/2021** | $21181 | $25365 | $25973 |
| **1/31/2022** | $18275 | $23873 | $22622 |
| **2/28/2022** | $18065 | $23272 | $22347 |
| **3/31/2022** | $18423 | $24026 | $22706 |
| **4/30/2022** | $15917 | $21870 | $20149 |
| **5/31/2022** | $15264 | $21841 | $19369 |
| **6/30/2022** | $14001 | $20014 | $17921 |
| **7/31/2022** | $15643 | $21891 | $20114 |
| **8/31/2022** | $15138 | $21074 | $19456 |
| **9/30/2022** | $13727 | $19120 | $17804 |
| **10/31/2022** | $14675 | $20688 | $19204 |
| **11/30/2022** | $15412 | $21768 | $20248 |
| **12/31/2022** | $14380 | $20493 | $19033 |
| **1/31/2023** | $16001 | $21905 | $20694 |
| **2/28/2023** | $15833 | $21393 | $20490 |
| **3/31/2023** | $16170 | $21965 | $20772 |
| **4/30/2023** | $15685 | $22199 | $20471 |
| **5/31/2023** | $16022 | $22285 | $20484 |
| **6/30/2023** | $17433 | $23807 | $22067 |
| **7/31/2023** | $18022 | $24661 | $22735 |
| **8/31/2023** | $17770 | $24185 | $21985 |
| **9/30/2023** | $16759 | $23032 | $20914 |
| **10/31/2023** | $15538 | $22422 | $19847 |
| **11/30/2023** | $17454 | $24513 | $22268 |
| **12/31/2023** | $18970 | $25813 | $23956 |
| **1/31/2024** | $18717 | $26099 | $23827 |
| **2/29/2024** | $20233 | $27512 | $25619 |
| **3/31/2024** | $20823 | $28399 | $26231 |
| **4/30/2024** | $19412 | $27150 | $24708 |
| **5/31/2024** | $19075 | $28432 | $24971 |
| **6/30/2024** | $19286 | $29313 | $25388 |
| **7/31/2024** | $19707 | $29857 | $25542 |
| **8/31/2024** | $20802 | $30507 | $26177 |
| **9/30/2024** | $21202 | $31138 | $27049 |
| **10/31/2024** | $20907 | $30910 | $27522 |
| **11/30/2024** | $23076 | $32966 | $31190 |
| **12/31/2024** | $22053 | $31958 | $29251 |
| **1/31/2025** | $23652 | $32967 | $31117 |
| **2/28/2025** | $22053 | $32336 | $29344 |
| **3/31/2025** | $20192 | $30449 | $27169 |
| **4/30/2025** | $21024 | $30245 | $28081 |
| **5/31/2025** | $23170 | $32162 | $30773 |
| **6/30/2025** | $24681 | $33796 | $32114 |
| **7/31/2025** | $24878 | $34540 | $32766 |
| **8/31/2025** | $24602 | $35340 | $33094 |
| **9/30/2025** | $24667 | $36559 | $33006 |
| **10/31/2025** | $24361 | $37343 | $32914 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CHE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 16.52% | 7.50% | 9.31% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 11.17% | 12.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class R4

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Growth

# Class R6

## TAGFX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Growth (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 R6 | $89 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 16.69%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 19.59% over the same period.

* The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2025.

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within information technology, financials, and consumer staples were the primary drivers of relative underperformance. This was partially offset by strong selection in industrials and communication services. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. The Fund's overweight to information technology contributed to performance the most. This was partially offset by an overweight allocation to consumer staples, which detracted from relative performance.

* The Fund's largest relative contributor during the fiscal year included not owning digital-advertising platform, The Trade Desk, and an overweight position in Roblox, a video game platform.

* The Fund's largest relative detractors during the fiscal year included an average underweight in software platforms company Palantir Technologies and an average overweight in Freshpet, a pet-food company.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 Mid Cap Growth

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g18k78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **5/28/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $10541 | $10247 | $10680 |
| **7/31/2021** | $10707 | $10420 | $10790 |
| **8/31/2021** | $10966 | $10717 | $11138 |
| **9/30/2021** | $10562 | $10236 | $10598 |
| **10/31/2021** | $11211 | $10928 | $11341 |
| **11/30/2021** | $10209 | $10762 | $10862 |
| **12/31/2021** | $10484 | $11186 | $10900 |
| **1/31/2022** | $9050 | $10528 | $9494 |
| **2/28/2022** | $8946 | $10263 | $9379 |
| **3/31/2022** | $9123 | $10595 | $9529 |
| **4/30/2022** | $7886 | $9645 | $8456 |
| **5/31/2022** | $7564 | $9632 | $8129 |
| **6/30/2022** | $6941 | $8826 | $7521 |
| **7/31/2022** | $7751 | $9654 | $8442 |
| **8/31/2022** | $7502 | $9294 | $8165 |
| **9/30/2022** | $6806 | $8432 | $7472 |
| **10/31/2022** | $7273 | $9123 | $8059 |
| **11/30/2022** | $7647 | $9599 | $8498 |
| **12/31/2022** | $7138 | $9037 | $7988 |
| **1/31/2023** | $7938 | $9660 | $8685 |
| **2/28/2023** | $7855 | $9434 | $8599 |
| **3/31/2023** | $8021 | $9686 | $8717 |
| **4/30/2023** | $7782 | $9789 | $8591 |
| **5/31/2023** | $7949 | $9828 | $8596 |
| **6/30/2023** | $8655 | $10499 | $9261 |
| **7/31/2023** | $8956 | $10875 | $9541 |
| **8/31/2023** | $8832 | $10665 | $9227 |
| **9/30/2023** | $8323 | $10157 | $8777 |
| **10/31/2023** | $7720 | $9888 | $8329 |
| **11/30/2023** | $8665 | $10810 | $9345 |
| **12/31/2023** | $9424 | $11383 | $10054 |
| **1/31/2024** | $9299 | $11509 | $10000 |
| **2/29/2024** | $10058 | $12132 | $10752 |
| **3/31/2024** | $10349 | $12524 | $11009 |
| **4/30/2024** | $9642 | $11973 | $10369 |
| **5/31/2024** | $9486 | $12538 | $10480 |
| **6/30/2024** | $9590 | $12926 | $10655 |
| **7/31/2024** | $9798 | $13167 | $10719 |
| **8/31/2024** | $10349 | $13453 | $10986 |
| **9/30/2024** | $10556 | $13732 | $11352 |
| **10/31/2024** | $10401 | $13631 | $11550 |
| **11/30/2024** | $11492 | $14538 | $13090 |
| **12/31/2024** | $10977 | $14093 | $12276 |
| **1/31/2025** | $11776 | $14538 | $13059 |
| **2/28/2025** | $10977 | $14260 | $12315 |
| **3/31/2025** | $10058 | $13428 | $11402 |
| **4/30/2025** | $10469 | $13338 | $11785 |
| **5/31/2025** | $11549 | $14183 | $12915 |
| **6/30/2025** | $12306 | $14904 | $13477 |
| **7/31/2025** | $12403 | $15232 | $13751 |
| **8/31/2025** | $12266 | $15584 | $13889 |
| **9/30/2025** | $12299 | $16122 | $13852 |
| **10/31/2025** | $12137 | $16468 | $13813 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CHB | **1 Year** | **Since Inception 5/28/21** |
| Class R6 | 16.69% | 4.48% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 11.95% |
| Russell Midcap<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 19.59% | 7.58% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $144042042 |
| Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 109% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1004490 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 24.6% |
| Industrials | 16.3 |
| Consumer Discretionary | 14.5 |
| Financials | 11.3 |
| Health Care | 9.5 |
| Communication Services | 8.9 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Consumer Staples | 3.1 |
| Materials | 1.7 |
| Repurchase Agreements | 2.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;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 Mid Cap Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Howmet Aerospace, Inc. | 6.4% |
| Hilton Worldwide Holdings, Inc. | 6.2 |
| Targa Resources Corp. | 4.1 |
| Veeva Systems, Inc., Class A | 3.9 |
| Datadog, Inc., Class A | 3.9 |
| NRG Energy, Inc. | 3.8 |
| Axon Enterprise, Inc. | 3.7 |
| Clean Harbors, Inc. | 3.7 |
| ROBLOX Corp., Class A | 3.4 |
| Monolithic Power Systems, Inc. | 3.3 |

---

## 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Growth

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class A

## MCVAX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 | $121 | 1.18% |

---

## 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 5.82%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund at NAV underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g32g24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **10/31/2015** | $9451 | $10000 | $10000 |
| **11/30/2015** | $9435 | $10055 | $10029 |
| **12/31/2015** | $9224 | $9849 | $9719 |
| **1/31/2016** | $8922 | $9293 | $9182 |
| **2/29/2016** | $9155 | $9290 | $9246 |
| **3/31/2016** | $9698 | $9944 | $10099 |
| **4/30/2016** | $9595 | $10006 | $10316 |
| **5/31/2016** | $9776 | $10185 | $10485 |
| **6/30/2016** | $9922 | $10206 | $10581 |
| **7/31/2016** | $10224 | $10611 | $11029 |
| **8/31/2016** | $10276 | $10638 | $11006 |
| **9/30/2016** | $10345 | $10655 | $11052 |
| **10/31/2016** | $10181 | $10424 | $10784 |
| **11/30/2016** | $10501 | $10891 | $11459 |
| **12/31/2016** | $10682 | $11103 | $11662 |
| **1/31/2017** | $10888 | $11312 | $11858 |
| **2/28/2017** | $11196 | $11733 | $12190 |
| **3/31/2017** | $11196 | $11741 | $12101 |
| **4/30/2017** | $11168 | $11865 | $12124 |
| **5/31/2017** | $11196 | $11987 | $12086 |
| **6/30/2017** | $11411 | $12095 | $12266 |
| **7/31/2017** | $11569 | $12323 | $12429 |
| **8/31/2017** | $11149 | $12347 | $12196 |
| **9/30/2017** | $11168 | $12648 | $12529 |
| **10/31/2017** | $11075 | $12924 | $12630 |
| **11/30/2017** | $11569 | $13316 | $13057 |
| **12/31/2017** | $11681 | $13450 | $13218 |
| **1/31/2018** | $11903 | $14158 | $13522 |
| **2/28/2018** | $11520 | $13637 | $12856 |
| **3/31/2018** | $11489 | $13363 | $12887 |
| **4/30/2018** | $11489 | $13414 | $12951 |
| **5/31/2018** | $11469 | $13792 | $13092 |
| **6/30/2018** | $11792 | $13883 | $13198 |
| **7/31/2018** | $12124 | $14343 | $13556 |
| **8/31/2018** | $12296 | $14847 | $13741 |
| **9/30/2018** | $12326 | $14871 | $13632 |
| **10/31/2018** | $11600 | $13776 | $12650 |
| **11/30/2018** | $11973 | $14052 | $12954 |
| **12/31/2018** | $10695 | $12745 | $11594 |
| **1/31/2019** | $11832 | $13838 | $12787 |
| **2/28/2019** | $12073 | $14325 | $13194 |
| **3/31/2019** | $12171 | $14534 | $13260 |
| **4/30/2019** | $12609 | $15115 | $13697 |
| **5/31/2019** | $11898 | $14137 | $12818 |
| **6/30/2019** | $12510 | $15129 | $13683 |
| **7/31/2019** | $12663 | $15354 | $13797 |
| **8/31/2019** | $12106 | $15041 | $13311 |
| **9/30/2019** | $12718 | $15305 | $13851 |
| **10/31/2019** | $12718 | $15635 | $13925 |
| **11/30/2019** | $12926 | $16229 | $14297 |
| **12/31/2019** | $13275 | $16698 | $14731 |
| **1/31/2020** | $13095 | $16680 | $14445 |
| **2/29/2020** | $11819 | $15314 | $13014 |
| **3/31/2020** | $8963 | $13208 | $10060 |
| **4/30/2020** | $10205 | $14957 | $11404 |
| **5/31/2020** | $10769 | $15757 | $11933 |
| **6/30/2020** | $10792 | $16117 | $12067 |
| **7/31/2020** | $11074 | $17033 | $12637 |
| **8/31/2020** | $11571 | $18266 | $13137 |
| **9/30/2020** | $11198 | $17601 | $12840 |
| **10/31/2020** | $11345 | $17221 | $12959 |
| **11/30/2020** | $13084 | $19317 | $14779 |
| **12/31/2020** | $13784 | $20186 | $15463 |
| **1/31/2021** | $13716 | $20096 | $15427 |
| **2/28/2021** | $14522 | $20724 | $16622 |
| **3/31/2021** | $15430 | $21467 | $17481 |
| **4/30/2021** | $16214 | $22573 | $18326 |
| **5/31/2021** | $16634 | $22676 | $18688 |
| **6/30/2021** | $16293 | $23236 | $18470 |
| **7/31/2021** | $16259 | $23628 | $18585 |
| **8/31/2021** | $16668 | $24302 | $18983 |
| **9/30/2021** | $16191 | $23212 | $18284 |
| **10/31/2021** | $16725 | $24782 | $19257 |
| **11/30/2021** | $16191 | $24404 | $18672 |
| **12/31/2021** | $17275 | $25365 | $19845 |
| **1/31/2022** | $17071 | $23873 | $18997 |
| **2/28/2022** | $17012 | $23272 | $18909 |
| **3/31/2022** | $17596 | $24026 | $19483 |
| **4/30/2022** | $16822 | $21870 | $18325 |
| **5/31/2022** | $17772 | $21841 | $18677 |
| **6/30/2022** | $15961 | $20014 | $16624 |
| **7/31/2022** | $16968 | $21891 | $18055 |
| **8/31/2022** | $16472 | $21074 | $17502 |
| **9/30/2022** | $14720 | $19120 | $15805 |
| **10/31/2022** | $15990 | $20688 | $17298 |
| **11/30/2022** | $16764 | $21768 | $18391 |
| **12/31/2022** | $16072 | $20493 | $17457 |
| **1/31/2023** | $17365 | $21905 | $18867 |
| **2/28/2023** | $16649 | $21393 | $18262 |
| **3/31/2023** | $16181 | $21965 | $17687 |
| **4/30/2023** | $16353 | $22199 | $17689 |
| **5/31/2023** | $15512 | $22285 | $16904 |
| **6/30/2023** | $16633 | $23807 | $18370 |
| **7/31/2023** | $17318 | $24661 | $19170 |
| **8/31/2023** | $17038 | $24185 | $18492 |
| **9/30/2023** | $16384 | $23032 | $17551 |
| **10/31/2023** | $15808 | $22422 | $16681 |
| **11/30/2023** | $16711 | $24513 | $18254 |
| **12/31/2023** | $17677 | $25813 | $19676 |
| **1/31/2024** | $17661 | $26099 | $19324 |
| **2/29/2024** | $18019 | $27512 | $20247 |
| **3/31/2024** | $18850 | $28399 | $21295 |
| **4/30/2024** | $17921 | $27150 | $20180 |
| **5/31/2024** | $18280 | $28432 | $20905 |
| **6/30/2024** | $17775 | $29313 | $20570 |
| **7/31/2024** | $19159 | $29857 | $21813 |
| **8/31/2024** | $19306 | $30507 | $22224 |
| **9/30/2024** | $19208 | $31138 | $22643 |
| **10/31/2024** | $18931 | $30910 | $22359 |
| **11/30/2024** | $20137 | $32966 | $24004 |
| **12/31/2024** | $18888 | $31958 | $22248 |
| **1/31/2025** | $19514 | $32967 | $23030 |
| **2/28/2025** | $19478 | $32336 | $22610 |
| **3/31/2025** | $19281 | $30449 | $21778 |
| **4/30/2025** | $18780 | $30245 | $21238 |
| **5/31/2025** | $19156 | $32162 | $22165 |
| **6/30/2025** | $19692 | $33796 | $22943 |
| **7/31/2025** | $19728 | $34540 | $23354 |
| **8/31/2025** | $20694 | $35340 | $24055 |
| **9/30/2025** | $20479 | $36559 | $24360 |
| **10/31/2025** | $20032 | $37343 | $24116 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CB1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | (0.03%) | 10.79% | 7.19% |
| Class A | 5.82% | 12.04% | 7.80% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 9.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class C

## MCVCX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 | $192 | 1.87% |

---

## 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 5.12%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund at NAV underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g56x61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9973 | $10055 | $10029 |
| **12/31/2015** | $9737 | $9849 | $9719 |
| **1/31/2016** | $9418 | $9293 | $9182 |
| **2/29/2016** | $9655 | $9290 | $9246 |
| **3/31/2016** | $10221 | $9944 | $10099 |
| **4/30/2016** | $10112 | $10006 | $10316 |
| **5/31/2016** | $10294 | $10185 | $10485 |
| **6/30/2016** | $10450 | $10206 | $10581 |
| **7/31/2016** | $10751 | $10611 | $11029 |
| **8/31/2016** | $10806 | $10638 | $11006 |
| **9/30/2016** | $10870 | $10655 | $11052 |
| **10/31/2016** | $10687 | $10424 | $10784 |
| **11/30/2016** | $11007 | $10891 | $11459 |
| **12/31/2016** | $11201 | $11103 | $11662 |
| **1/31/2017** | $11408 | $11312 | $11858 |
| **2/28/2017** | $11724 | $11733 | $12190 |
| **3/31/2017** | $11714 | $11741 | $12101 |
| **4/30/2017** | $11674 | $11865 | $12124 |
| **5/31/2017** | $11704 | $11987 | $12086 |
| **6/30/2017** | $11921 | $12095 | $12266 |
| **7/31/2017** | $12068 | $12323 | $12429 |
| **8/31/2017** | $11625 | $12347 | $12196 |
| **10/31/2017** | $11536 | $12924 | $12630 |
| **11/30/2017** | $12039 | $13316 | $13057 |
| **12/31/2017** | $12146 | $13450 | $13218 |
| **1/31/2018** | $12368 | $14158 | $13522 |
| **2/28/2018** | $11966 | $13637 | $12856 |
| **3/31/2018** | $11924 | $13363 | $12887 |
| **4/30/2018** | $11924 | $13414 | $12951 |
| **5/31/2018** | $11902 | $13792 | $13092 |
| **6/30/2018** | $12230 | $13883 | $13198 |
| **7/31/2018** | $12558 | $14343 | $13556 |
| **8/31/2018** | $12728 | $14847 | $13741 |
| **9/30/2018** | $12759 | $14871 | $13632 |
| **10/31/2018** | $11998 | $13776 | $12650 |
| **11/30/2018** | $12368 | $14052 | $12954 |
| **12/31/2018** | $11039 | $12745 | $11594 |
| **1/31/2019** | $12201 | $13838 | $12787 |
| **2/28/2019** | $12451 | $14325 | $13194 |
| **3/31/2019** | $12543 | $14534 | $13260 |
| **4/30/2019** | $13010 | $15115 | $13697 |
| **5/31/2019** | $12269 | $14137 | $12818 |
| **6/30/2019** | $12896 | $15129 | $13683 |
| **7/31/2019** | $13044 | $15354 | $13797 |
| **8/31/2019** | $12463 | $15041 | $13311 |
| **9/30/2019** | $13089 | $15305 | $13851 |
| **10/31/2019** | $13078 | $15635 | $13925 |
| **11/30/2019** | $13283 | $16229 | $14297 |
| **12/31/2019** | $13636 | $16698 | $14731 |
| **1/31/2020** | $13437 | $16680 | $14445 |
| **2/29/2020** | $12123 | $15314 | $13014 |
| **3/31/2020** | $9189 | $13208 | $10060 |
| **4/30/2020** | $10456 | $14957 | $11404 |
| **5/31/2020** | $11019 | $15757 | $11933 |
| **6/30/2020** | $11043 | $16117 | $12067 |
| **7/31/2020** | $11325 | $17033 | $12637 |
| **8/31/2020** | $11829 | $18266 | $13137 |
| **9/30/2020** | $11430 | $17601 | $12840 |
| **10/31/2020** | $11583 | $17221 | $12959 |
| **11/30/2020** | $13355 | $19317 | $14779 |
| **12/31/2020** | $14047 | $20186 | $15463 |
| **1/31/2021** | $13977 | $20096 | $15427 |
| **2/28/2021** | $14798 | $20724 | $16622 |
| **3/31/2021** | $15702 | $21467 | $17481 |
| **4/30/2021** | $16500 | $22573 | $18326 |
| **5/31/2021** | $16911 | $22676 | $18688 |
| **6/30/2021** | $16558 | $23236 | $18470 |
| **7/31/2021** | $16512 | $23628 | $18585 |
| **8/31/2021** | $16922 | $24302 | $18983 |
| **9/30/2021** | $16429 | $23212 | $18284 |
| **10/31/2021** | $16957 | $24782 | $19257 |
| **11/30/2021** | $16406 | $24404 | $18672 |
| **12/31/2021** | $17515 | $25365 | $19845 |
| **1/31/2022** | $17288 | $23873 | $18997 |
| **2/28/2022** | $17212 | $23272 | $18909 |
| **3/31/2022** | $17803 | $24026 | $19483 |
| **4/30/2022** | $17015 | $21870 | $18325 |
| **5/31/2022** | $17954 | $21841 | $18677 |
| **6/30/2022** | $16121 | $20014 | $16624 |
| **7/31/2022** | $17136 | $21891 | $18055 |
| **8/31/2022** | $16606 | $21074 | $17502 |
| **9/30/2022** | $14848 | $19120 | $15805 |
| **10/31/2022** | $16121 | $20688 | $17298 |
| **11/30/2022** | $16879 | $21768 | $18391 |
| **12/31/2022** | $16180 | $20493 | $17457 |
| **1/31/2023** | $17483 | $21905 | $18867 |
| **2/28/2023** | $16743 | $21393 | $18262 |
| **3/31/2023** | $16261 | $21965 | $17687 |
| **4/30/2023** | $16422 | $22199 | $17689 |
| **5/31/2023** | $15569 | $22285 | $16904 |
| **6/30/2023** | $16695 | $23807 | $18370 |
| **7/31/2023** | $17354 | $24661 | $19170 |
| **8/31/2023** | $17081 | $24185 | $18492 |
| **9/30/2023** | $16406 | $23032 | $17551 |
| **10/31/2023** | $15810 | $22422 | $16681 |
| **11/30/2023** | $16711 | $24513 | $18254 |
| **12/31/2023** | $17670 | $25813 | $19676 |
| **1/31/2024** | $17653 | $26099 | $19324 |
| **2/29/2024** | $18005 | $27512 | $20247 |
| **3/31/2024** | $18826 | $28399 | $21295 |
| **4/30/2024** | $17871 | $27150 | $20180 |
| **5/31/2024** | $18223 | $28432 | $20905 |
| **6/30/2024** | $17720 | $29313 | $20570 |
| **7/31/2024** | $19077 | $29857 | $21813 |
| **8/31/2024** | $19211 | $30507 | $22224 |
| **9/30/2024** | $19110 | $31138 | $22643 |
| **10/31/2024** | $18826 | $30910 | $22359 |
| **11/30/2024** | $19998 | $32966 | $24004 |
| **12/31/2024** | $18748 | $31958 | $22248 |
| **1/31/2025** | $19369 | $32967 | $23030 |
| **2/28/2025** | $19333 | $32336 | $22610 |
| **3/31/2025** | $19113 | $30449 | $21778 |
| **4/30/2025** | $18602 | $30245 | $21238 |
| **5/31/2025** | $18967 | $32162 | $22165 |
| **6/30/2025** | $19479 | $33796 | $22943 |
| **7/31/2025** | $19515 | $34540 | $23354 |
| **8/31/2025** | $20447 | $35340 | $24055 |
| **9/30/2025** | $20228 | $36559 | $24360 |
| **10/31/2025** | $19790 | $37343 | $24116 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CB3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 4.16% | 11.31% | 7.06% |
| Class C | 5.12% | 11.31% | 7.06% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 9.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class I

## MVTIX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 | $88 | 0.85% |

---

## 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 6.25%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g06n37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9982 | $10055 | $10029 |
| **12/31/2015** | $9753 | $9849 | $9719 |
| **1/31/2016** | $9443 | $9293 | $9182 |
| **2/29/2016** | $9680 | $9290 | $9246 |
| **3/31/2016** | $10263 | $9944 | $10099 |
| **4/30/2016** | $10163 | $10006 | $10316 |
| **5/31/2016** | $10354 | $10185 | $10485 |
| **6/30/2016** | $10518 | $10206 | $10581 |
| **7/31/2016** | $10827 | $10611 | $11029 |
| **8/31/2016** | $10891 | $10638 | $11006 |
| **9/30/2016** | $10964 | $10655 | $11052 |
| **10/31/2016** | $10800 | $10424 | $10784 |
| **11/30/2016** | $11128 | $10891 | $11459 |
| **12/31/2016** | $11322 | $11103 | $11662 |
| **1/31/2017** | $11549 | $11312 | $11858 |
| **2/28/2017** | $11874 | $11733 | $12190 |
| **3/31/2017** | $11874 | $11741 | $12101 |
| **4/30/2017** | $11845 | $11865 | $12124 |
| **5/31/2017** | $11884 | $11987 | $12086 |
| **6/30/2017** | $12111 | $12095 | $12266 |
| **7/31/2017** | $12279 | $12323 | $12429 |
| **8/31/2017** | $11835 | $12347 | $12196 |
| **10/31/2017** | $11766 | $12924 | $12630 |
| **11/30/2017** | $12289 | $13316 | $13057 |
| **12/31/2017** | $12416 | $13450 | $13218 |
| **1/31/2018** | $12651 | $14158 | $13522 |
| **2/28/2018** | $12256 | $13637 | $12856 |
| **3/31/2018** | $12224 | $13363 | $12887 |
| **4/30/2018** | $12235 | $13414 | $12951 |
| **5/31/2018** | $12213 | $13792 | $13092 |
| **6/30/2018** | $12565 | $13883 | $13198 |
| **7/31/2018** | $12917 | $14343 | $13556 |
| **8/31/2018** | $13099 | $14847 | $13741 |
| **9/30/2018** | $13141 | $14871 | $13632 |
| **10/31/2018** | $12373 | $13776 | $12650 |
| **11/30/2018** | $12757 | $14052 | $12954 |
| **12/31/2018** | $11394 | $12745 | $11594 |
| **1/31/2019** | $12612 | $13838 | $12787 |
| **2/28/2019** | $12879 | $14325 | $13194 |
| **3/31/2019** | $12983 | $14534 | $13260 |
| **4/30/2019** | $13482 | $15115 | $13697 |
| **5/31/2019** | $12716 | $14137 | $12818 |
| **6/30/2019** | $13378 | $15129 | $13683 |
| **7/31/2019** | $13552 | $15354 | $13797 |
| **8/31/2019** | $12948 | $15041 | $13311 |
| **9/30/2019** | $13610 | $15305 | $13851 |
| **10/31/2019** | $13610 | $15635 | $13925 |
| **11/30/2019** | $13842 | $16229 | $14297 |
| **12/31/2019** | $14222 | $16698 | $14731 |
| **1/31/2020** | $14029 | $16680 | $14445 |
| **2/29/2020** | $12666 | $15314 | $13014 |
| **3/31/2020** | $9602 | $13208 | $10060 |
| **4/30/2020** | $10941 | $14957 | $11404 |
| **5/31/2020** | $11544 | $15757 | $11933 |
| **6/30/2020** | $11568 | $16117 | $12067 |
| **7/31/2020** | $11882 | $17033 | $12637 |
| **8/31/2020** | $12425 | $18266 | $13137 |
| **9/30/2020** | $12027 | $17601 | $12840 |
| **10/31/2020** | $12183 | $17221 | $12959 |
| **11/30/2020** | $14065 | $19317 | $14779 |
| **12/31/2020** | $14817 | $20186 | $15463 |
| **1/31/2021** | $14744 | $20096 | $15427 |
| **2/28/2021** | $15620 | $20724 | $16622 |
| **3/31/2021** | $16594 | $21467 | $17481 |
| **4/30/2021** | $17447 | $22573 | $18326 |
| **5/31/2021** | $17909 | $22676 | $18688 |
| **6/30/2021** | $17544 | $23236 | $18470 |
| **7/31/2021** | $17508 | $23628 | $18585 |
| **8/31/2021** | $17958 | $24302 | $18983 |
| **9/30/2021** | $17447 | $23212 | $18284 |
| **10/31/2021** | $18019 | $24782 | $19257 |
| **11/30/2021** | $17459 | $24404 | $18672 |
| **12/31/2021** | $18641 | $25365 | $19845 |
| **1/31/2022** | $18421 | $23873 | $18997 |
| **2/28/2022** | $18358 | $23272 | $18909 |
| **3/31/2022** | $19001 | $24026 | $19483 |
| **4/30/2022** | $18186 | $21870 | $18325 |
| **5/31/2022** | $19205 | $21841 | $18677 |
| **6/30/2022** | $17260 | $20014 | $16624 |
| **7/31/2022** | $18358 | $21891 | $18055 |
| **8/31/2022** | $17809 | $21074 | $17502 |
| **9/30/2022** | $15942 | $19120 | $15805 |
| **10/31/2022** | $17314 | $20688 | $17298 |
| **11/30/2022** | $18162 | $21768 | $18391 |
| **12/31/2022** | $17417 | $20493 | $17457 |
| **1/31/2023** | $18828 | $21905 | $18867 |
| **2/28/2023** | $18038 | $21393 | $18262 |
| **3/31/2023** | $17551 | $21965 | $17687 |
| **4/30/2023** | $17736 | $22199 | $17689 |
| **5/31/2023** | $16829 | $22285 | $16904 |
| **6/30/2023** | $18055 | $23807 | $18370 |
| **7/31/2023** | $18794 | $24661 | $19170 |
| **8/31/2023** | $18508 | $24185 | $18492 |
| **9/30/2023** | $17786 | $23032 | $17551 |
| **10/31/2023** | $17165 | $22422 | $16681 |
| **11/30/2023** | $18156 | $24513 | $18254 |
| **12/31/2023** | $19220 | $25813 | $19676 |
| **1/31/2024** | $19203 | $26099 | $19324 |
| **2/29/2024** | $19608 | $27512 | $20247 |
| **3/31/2024** | $20507 | $28399 | $21295 |
| **4/30/2024** | $19502 | $27150 | $20180 |
| **5/31/2024** | $19890 | $28432 | $20905 |
| **6/30/2024** | $19361 | $29313 | $20570 |
| **7/31/2024** | $20878 | $29857 | $21813 |
| **8/31/2024** | $21036 | $30507 | $22224 |
| **9/30/2024** | $20931 | $31138 | $22643 |
| **10/31/2024** | $20631 | $30910 | $22359 |
| **11/30/2024** | $21953 | $32966 | $24004 |
| **12/31/2024** | $20600 | $31958 | $22248 |
| **1/31/2025** | $21299 | $32967 | $23030 |
| **2/28/2025** | $21280 | $32336 | $22610 |
| **3/31/2025** | $21047 | $30449 | $21778 |
| **4/30/2025** | $20523 | $30245 | $21238 |
| **5/31/2025** | $20930 | $32162 | $22165 |
| **6/30/2025** | $21513 | $33796 | $22943 |
| **7/31/2025** | $21571 | $34540 | $23354 |
| **8/31/2025** | $22619 | $35340 | $24055 |
| **9/30/2025** | $22406 | $36559 | $24360 |
| **10/31/2025** | $21920 | $37343 | $24116 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CB8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.25% | 12.46% | 8.16% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 9.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class I2

## IAAEX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 I2 | $77 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 6.36%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g22y72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9982 | $10055 | $10029 |
| **12/31/2015** | $9765 | $9849 | $9719 |
| **1/31/2016** | $9446 | $9293 | $9182 |
| **2/29/2016** | $9692 | $9290 | $9246 |
| **3/31/2016** | $10266 | $9944 | $10099 |
| **4/30/2016** | $10166 | $10006 | $10316 |
| **5/31/2016** | $10357 | $10185 | $10485 |
| **6/30/2016** | $10530 | $10206 | $10581 |
| **7/31/2016** | $10840 | $10611 | $11029 |
| **8/31/2016** | $10903 | $10638 | $11006 |
| **9/30/2016** | $10976 | $10655 | $11052 |
| **10/31/2016** | $10812 | $10424 | $10784 |
| **11/30/2016** | $11149 | $10891 | $11459 |
| **12/31/2016** | $11351 | $11103 | $11662 |
| **1/31/2017** | $11568 | $11312 | $11858 |
| **2/28/2017** | $11904 | $11733 | $12190 |
| **3/31/2017** | $11904 | $11741 | $12101 |
| **4/30/2017** | $11874 | $11865 | $12124 |
| **5/31/2017** | $11914 | $11987 | $12086 |
| **6/30/2017** | $12141 | $12095 | $12266 |
| **7/31/2017** | $12309 | $12323 | $12429 |
| **8/31/2017** | $11864 | $12347 | $12196 |
| **10/31/2017** | $11795 | $12924 | $12630 |
| **11/30/2017** | $12318 | $13316 | $13057 |
| **12/31/2017** | $12448 | $13450 | $13218 |
| **1/31/2018** | $12694 | $14158 | $13522 |
| **2/28/2018** | $12288 | $13637 | $12856 |
| **3/31/2018** | $12256 | $13363 | $12887 |
| **4/30/2018** | $12266 | $13414 | $12951 |
| **5/31/2018** | $12245 | $13792 | $13092 |
| **6/30/2018** | $12597 | $13883 | $13198 |
| **7/31/2018** | $12961 | $14343 | $13556 |
| **8/31/2018** | $13142 | $14847 | $13741 |
| **9/30/2018** | $13185 | $14871 | $13632 |
| **10/31/2018** | $12416 | $13776 | $12650 |
| **11/30/2018** | $12800 | $14052 | $12954 |
| **12/31/2018** | $11439 | $12745 | $11594 |
| **1/31/2019** | $12649 | $13838 | $12787 |
| **2/28/2019** | $12917 | $14325 | $13194 |
| **3/31/2019** | $13022 | $14534 | $13260 |
| **4/30/2019** | $13522 | $15115 | $13697 |
| **5/31/2019** | $12766 | $14137 | $12818 |
| **6/30/2019** | $13429 | $15129 | $13683 |
| **7/31/2019** | $13592 | $15354 | $13797 |
| **8/31/2019** | $12998 | $15041 | $13311 |
| **9/30/2019** | $13662 | $15305 | $13851 |
| **10/31/2019** | $13662 | $15635 | $13925 |
| **11/30/2019** | $13894 | $16229 | $14297 |
| **12/31/2019** | $14287 | $16698 | $14731 |
| **1/31/2020** | $14093 | $16680 | $14445 |
| **2/29/2020** | $12725 | $15314 | $13014 |
| **3/31/2020** | $9650 | $13208 | $10060 |
| **4/30/2020** | $10994 | $14957 | $11404 |
| **5/31/2020** | $11599 | $15757 | $11933 |
| **6/30/2020** | $11623 | $16117 | $12067 |
| **7/31/2020** | $11938 | $17033 | $12637 |
| **8/31/2020** | $12483 | $18266 | $13137 |
| **9/30/2020** | $12083 | $17601 | $12840 |
| **10/31/2020** | $12253 | $17221 | $12959 |
| **11/30/2020** | $14142 | $19317 | $14779 |
| **12/31/2020** | $14884 | $20186 | $15463 |
| **1/31/2021** | $14823 | $20096 | $15427 |
| **2/28/2021** | $15703 | $20724 | $16622 |
| **3/31/2021** | $16682 | $21467 | $17481 |
| **4/30/2021** | $17538 | $22573 | $18326 |
| **5/31/2021** | $18003 | $22676 | $18688 |
| **6/30/2021** | $17636 | $23236 | $18470 |
| **7/31/2021** | $17611 | $23628 | $18585 |
| **8/31/2021** | $18064 | $24302 | $18983 |
| **9/30/2021** | $17550 | $23212 | $18284 |
| **10/31/2021** | $18125 | $24782 | $19257 |
| **11/30/2021** | $17562 | $24404 | $18672 |
| **12/31/2021** | $18755 | $25365 | $19845 |
| **1/31/2022** | $18534 | $23873 | $18997 |
| **2/28/2022** | $18471 | $23272 | $18909 |
| **3/31/2022** | $19118 | $24026 | $19483 |
| **4/30/2022** | $18297 | $21870 | $18325 |
| **5/31/2022** | $19323 | $21841 | $18677 |
| **6/30/2022** | $17367 | $20014 | $16624 |
| **7/31/2022** | $18471 | $21891 | $18055 |
| **8/31/2022** | $17919 | $21074 | $17502 |
| **9/30/2022** | $16042 | $19120 | $15805 |
| **10/31/2022** | $17430 | $20688 | $17298 |
| **11/30/2022** | $18282 | $21768 | $18391 |
| **12/31/2022** | $17518 | $20493 | $17457 |
| **1/31/2023** | $18954 | $21905 | $18867 |
| **2/28/2023** | $18160 | $21393 | $18262 |
| **3/31/2023** | $17670 | $21965 | $17687 |
| **4/30/2023** | $17856 | $22199 | $17689 |
| **5/31/2023** | $16944 | $22285 | $16904 |
| **6/30/2023** | $18177 | $23807 | $18370 |
| **7/31/2023** | $18920 | $24661 | $19170 |
| **8/31/2023** | $18633 | $24185 | $18492 |
| **9/30/2023** | $17923 | $23032 | $17551 |
| **10/31/2023** | $17298 | $22422 | $16681 |
| **11/30/2023** | $18295 | $24513 | $18254 |
| **12/31/2023** | $19349 | $25813 | $19676 |
| **1/31/2024** | $19349 | $26099 | $19324 |
| **2/29/2024** | $19757 | $27512 | $20247 |
| **3/31/2024** | $20680 | $28399 | $21295 |
| **4/30/2024** | $19651 | $27150 | $20180 |
| **5/31/2024** | $20041 | $28432 | $20905 |
| **6/30/2024** | $19509 | $29313 | $20570 |
| **7/31/2024** | $21035 | $29857 | $21813 |
| **8/31/2024** | $21195 | $30507 | $22224 |
| **9/30/2024** | $21106 | $31138 | $22643 |
| **10/31/2024** | $20805 | $30910 | $22359 |
| **11/30/2024** | $22136 | $32966 | $24004 |
| **12/31/2024** | $20778 | $31958 | $22248 |
| **1/31/2025** | $21462 | $32967 | $23030 |
| **2/28/2025** | $21443 | $32336 | $22610 |
| **3/31/2025** | $21228 | $30449 | $21778 |
| **4/30/2025** | $20680 | $30245 | $21238 |
| **5/31/2025** | $21110 | $32162 | $22165 |
| **6/30/2025** | $21697 | $33796 | $22943 |
| **7/31/2025** | $21756 | $34540 | $23354 |
| **8/31/2025** | $22812 | $35340 | $24055 |
| **9/30/2025** | $22597 | $36559 | $24360 |
| **10/31/2025** | $22128 | $37343 | $24116 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CB4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 6.36% | 12.55% | 8.27% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 9.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class I3

## TOTTX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 I3 | $77 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 6.41%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g55s64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **3/24/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10109 | $10095 | $10148 |
| **5/31/2017** | $10084 | $10202 | $10167 |
| **6/30/2017** | $10117 | $10306 | $10136 |
| **7/31/2017** | $10310 | $10399 | $10287 |
| **8/31/2017** | $10453 | $10595 | $10423 |
| **9/30/2017** | $10075 | $10616 | $10228 |
| **10/31/2017** | $10025 | $11112 | $10592 |
| **11/30/2017** | $10469 | $11450 | $10950 |
| **12/31/2017** | $10582 | $11564 | $11085 |
| **1/31/2018** | $10781 | $12174 | $11340 |
| **2/28/2018** | $10437 | $11725 | $10781 |
| **3/31/2018** | $10410 | $11489 | $10808 |
| **4/30/2018** | $10428 | $11533 | $10862 |
| **5/31/2018** | $10410 | $11859 | $10979 |
| **6/30/2018** | $10709 | $11936 | $11068 |
| **7/31/2018** | $11016 | $12332 | $11369 |
| **8/31/2018** | $11169 | $12765 | $11524 |
| **9/30/2018** | $11206 | $12787 | $11433 |
| **10/31/2018** | $10546 | $11845 | $10609 |
| **11/30/2018** | $10871 | $12082 | $10863 |
| **12/31/2018** | $9712 | $10958 | $9723 |
| **1/31/2019** | $10745 | $11898 | $10724 |
| **2/28/2019** | $10971 | $12317 | $11065 |
| **3/31/2019** | $11060 | $12497 | $11120 |
| **4/30/2019** | $11483 | $12996 | $11487 |
| **5/31/2019** | $10833 | $12155 | $10750 |
| **6/30/2019** | $11404 | $13008 | $11475 |
| **7/31/2019** | $11552 | $13202 | $11571 |
| **8/31/2019** | $11040 | $12933 | $11163 |
| **9/30/2019** | $11601 | $13160 | $11616 |
| **10/31/2019** | $11611 | $13443 | $11678 |
| **11/30/2019** | $11807 | $13954 | $11990 |
| **12/31/2019** | $12129 | $14357 | $12354 |
| **1/31/2020** | $11966 | $14341 | $12114 |
| **2/29/2020** | $10809 | $13167 | $10914 |
| **3/31/2020** | $8199 | $11356 | $8437 |
| **4/30/2020** | $9335 | $12860 | $9564 |
| **5/31/2020** | $9847 | $13548 | $10007 |
| **6/30/2020** | $9878 | $13858 | $10120 |
| **7/31/2020** | $10144 | $14645 | $10598 |
| **8/31/2020** | $10604 | $15706 | $11017 |
| **9/30/2020** | $10256 | $15134 | $10768 |
| **10/31/2020** | $10400 | $14807 | $10868 |
| **11/30/2020** | $12007 | $16608 | $12394 |
| **12/31/2020** | $12644 | $17356 | $12968 |
| **1/31/2021** | $12582 | $17278 | $12938 |
| **2/28/2021** | $13337 | $17819 | $13940 |
| **3/31/2021** | $14174 | $18457 | $14660 |
| **4/30/2021** | $14898 | $19409 | $15369 |
| **5/31/2021** | $15291 | $19497 | $15672 |
| **6/30/2021** | $14981 | $19978 | $15490 |
| **7/31/2021** | $14950 | $20316 | $15586 |
| **8/31/2021** | $15343 | $20895 | $15920 |
| **9/30/2021** | $14908 | $19958 | $15333 |
| **10/31/2021** | $15394 | $21307 | $16150 |
| **11/30/2021** | $14919 | $20983 | $15659 |
| **12/31/2021** | $15927 | $21809 | $16642 |
| **1/31/2022** | $15740 | $20526 | $15932 |
| **2/28/2022** | $15687 | $20009 | $15857 |
| **3/31/2022** | $16233 | $20658 | $16339 |
| **4/30/2022** | $15541 | $18804 | $15368 |
| **5/31/2022** | $16406 | $18779 | $15664 |
| **6/30/2022** | $14755 | $17208 | $13942 |
| **7/31/2022** | $15687 | $18822 | $15141 |
| **8/31/2022** | $15221 | $18120 | $14678 |
| **9/30/2022** | $13623 | $16440 | $13254 |
| **10/31/2022** | $14808 | $17788 | $14507 |
| **11/30/2022** | $15527 | $18716 | $15424 |
| **12/31/2022** | $14882 | $17620 | $14640 |
| **1/31/2023** | $16094 | $18834 | $15823 |
| **2/28/2023** | $15424 | $18394 | $15316 |
| **3/31/2023** | $15011 | $18886 | $14833 |
| **4/30/2023** | $15167 | $19087 | $14834 |
| **5/31/2023** | $14398 | $19161 | $14176 |
| **6/30/2023** | $15438 | $20469 | $15406 |
| **7/31/2023** | $16080 | $21203 | $16077 |
| **8/31/2023** | $15837 | $20794 | $15508 |
| **9/30/2023** | $15224 | $19803 | $14719 |
| **10/31/2023** | $14683 | $19278 | $13990 |
| **11/30/2023** | $15538 | $21076 | $15309 |
| **12/31/2023** | $16442 | $22194 | $16501 |
| **1/31/2024** | $16442 | $22440 | $16206 |
| **2/29/2024** | $16787 | $23655 | $16980 |
| **3/31/2024** | $17565 | $24418 | $17859 |
| **4/30/2024** | $16697 | $23343 | $16924 |
| **5/31/2024** | $17026 | $24446 | $17532 |
| **6/30/2024** | $16577 | $25203 | $17251 |
| **7/31/2024** | $17865 | $25672 | $18293 |
| **8/31/2024** | $18015 | $26230 | $18638 |
| **9/30/2024** | $17925 | $26773 | $18989 |
| **10/31/2024** | $17670 | $26576 | $18751 |
| **11/30/2024** | $18808 | $28344 | $20131 |
| **12/31/2024** | $17648 | $27478 | $18658 |
| **1/31/2025** | $18242 | $28345 | $19314 |
| **2/28/2025** | $18225 | $27802 | $18962 |
| **3/31/2025** | $18027 | $26180 | $18264 |
| **4/30/2025** | $17582 | $26005 | $17811 |
| **5/31/2025** | $17928 | $27653 | $18588 |
| **6/30/2025** | $18439 | $29058 | $19241 |
| **7/31/2025** | $18472 | $29698 | $19586 |
| **8/31/2025** | $19396 | $30385 | $20173 |
| **9/30/2025** | $19198 | $31434 | $20430 |
| **10/31/2025** | $18802 | $32108 | $20224 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CBD | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class I3 | 6.41% | 12.57% | 7.61% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.51% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 8.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class I3

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class R

## TOTRX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 | $128 | 1.24% |

---

## 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 5.87%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g85n49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **3/24/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10101 | $10095 | $10148 |
| **5/31/2017** | $10075 | $10202 | $10167 |
| **6/30/2017** | $10109 | $10306 | $10136 |
| **7/31/2017** | $10293 | $10399 | $10287 |
| **8/31/2017** | $10436 | $10595 | $10423 |
| **9/30/2017** | $10059 | $10616 | $10228 |
| **10/31/2017** | $9992 | $11112 | $10592 |
| **11/30/2017** | $10427 | $11450 | $10950 |
| **12/31/2017** | $10533 | $11564 | $11085 |
| **1/31/2018** | $10731 | $12174 | $11340 |
| **2/28/2018** | $10389 | $11725 | $10781 |
| **3/31/2018** | $10353 | $11489 | $10808 |
| **4/30/2018** | $10362 | $11533 | $10862 |
| **5/31/2018** | $10344 | $11859 | $10979 |
| **6/30/2018** | $10632 | $11936 | $11068 |
| **7/31/2018** | $10929 | $12332 | $11369 |
| **8/31/2018** | $11081 | $12765 | $11524 |
| **9/30/2018** | $11117 | $12787 | $11433 |
| **10/31/2018** | $10461 | $11845 | $10609 |
| **11/30/2018** | $10776 | $12082 | $10863 |
| **12/31/2018** | $9621 | $10958 | $9723 |
| **1/31/2019** | $10642 | $11898 | $10724 |
| **2/28/2019** | $10866 | $12317 | $11065 |
| **3/31/2019** | $10944 | $12497 | $11120 |
| **4/30/2019** | $11362 | $12996 | $11487 |
| **5/31/2019** | $10720 | $12155 | $10750 |
| **6/30/2019** | $11274 | $13008 | $11475 |
| **7/31/2019** | $11411 | $13202 | $11571 |
| **8/31/2019** | $10905 | $12933 | $11163 |
| **9/30/2019** | $11459 | $13160 | $11616 |
| **10/31/2019** | $11450 | $13443 | $11678 |
| **11/30/2019** | $11644 | $13954 | $11990 |
| **12/31/2019** | $11957 | $14357 | $12354 |
| **1/31/2020** | $11796 | $14341 | $12114 |
| **2/29/2020** | $10639 | $13167 | $10914 |
| **3/31/2020** | $8072 | $11356 | $8437 |
| **4/30/2020** | $9189 | $12860 | $9564 |
| **5/31/2020** | $9693 | $13548 | $10007 |
| **6/30/2020** | $9713 | $13858 | $10120 |
| **7/31/2020** | $9975 | $14645 | $10598 |
| **8/31/2020** | $10417 | $15706 | $11017 |
| **9/30/2020** | $10075 | $15134 | $10768 |
| **10/31/2020** | $10216 | $14807 | $10868 |
| **11/30/2020** | $11786 | $16608 | $12394 |
| **12/31/2020** | $12407 | $17356 | $12968 |
| **1/31/2021** | $12347 | $17278 | $12938 |
| **2/28/2021** | $13075 | $17819 | $13940 |
| **3/31/2021** | $13885 | $18457 | $14660 |
| **4/30/2021** | $14593 | $19409 | $15369 |
| **5/31/2021** | $14968 | $19497 | $15672 |
| **6/30/2021** | $14654 | $19978 | $15490 |
| **7/31/2021** | $14624 | $20316 | $15586 |
| **8/31/2021** | $14998 | $20895 | $15920 |
| **9/30/2021** | $14563 | $19958 | $15333 |
| **10/31/2021** | $15039 | $21307 | $16150 |
| **11/30/2021** | $14563 | $20983 | $15659 |
| **12/31/2021** | $15552 | $21809 | $16642 |
| **1/31/2022** | $15358 | $20526 | $15932 |
| **2/28/2022** | $15306 | $20009 | $15857 |
| **3/31/2022** | $15824 | $20658 | $16339 |
| **4/30/2022** | $15137 | $18804 | $15368 |
| **5/31/2022** | $15980 | $18779 | $15664 |
| **6/30/2022** | $14360 | $17208 | $13942 |
| **7/31/2022** | $15267 | $18822 | $15141 |
| **8/31/2022** | $14813 | $18120 | $14678 |
| **9/30/2022** | $13245 | $16440 | $13254 |
| **10/31/2022** | $14386 | $17788 | $14507 |
| **11/30/2022** | $15073 | $18716 | $15424 |
| **12/31/2022** | $14446 | $17620 | $14640 |
| **1/31/2023** | $15619 | $18834 | $15823 |
| **2/28/2023** | $14970 | $18394 | $15316 |
| **3/31/2023** | $14556 | $18886 | $14833 |
| **4/30/2023** | $14708 | $19087 | $14834 |
| **5/31/2023** | $13949 | $19161 | $14176 |
| **6/30/2023** | $14957 | $20469 | $15406 |
| **7/31/2023** | $15564 | $21203 | $16077 |
| **8/31/2023** | $15315 | $20794 | $15508 |
| **9/30/2023** | $14722 | $19803 | $14719 |
| **10/31/2023** | $14198 | $19278 | $13990 |
| **11/30/2023** | $15012 | $21076 | $15309 |
| **12/31/2023** | $15878 | $22194 | $16501 |
| **1/31/2024** | $15878 | $22440 | $16206 |
| **2/29/2024** | $16210 | $23655 | $16980 |
| **3/31/2024** | $16945 | $24418 | $17859 |
| **4/30/2024** | $16109 | $23343 | $16924 |
| **5/31/2024** | $16426 | $24446 | $17532 |
| **6/30/2024** | $15979 | $25203 | $17251 |
| **7/31/2024** | $17219 | $25672 | $18293 |
| **8/31/2024** | $17349 | $26230 | $18638 |
| **9/30/2024** | $17263 | $26773 | $18989 |
| **10/31/2024** | $17003 | $26576 | $18751 |
| **11/30/2024** | $18085 | $28344 | $20131 |
| **12/31/2024** | $16960 | $27478 | $18658 |
| **1/31/2025** | $17528 | $28345 | $19314 |
| **2/28/2025** | $17512 | $27802 | $18962 |
| **3/31/2025** | $17323 | $26180 | $18264 |
| **4/30/2025** | $16865 | $26005 | $17811 |
| **5/31/2025** | $17212 | $27653 | $18588 |
| **6/30/2025** | $17686 | $29058 | $19241 |
| **7/31/2025** | $17717 | $29698 | $19586 |
| **8/31/2025** | $18585 | $30385 | $20173 |
| **9/30/2025** | $18395 | $31434 | $20430 |
| **10/31/2025** | $18001 | $32108 | $20224 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CB5 | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class R | 5.87% | 12.00% | 7.07% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.51% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 8.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class R

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class R4

## TOTFX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 | $93 | 0.90% |

---

## 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 6.17%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g25q72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **3/24/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10109 | $10095 | $10148 |
| **5/31/2017** | $10084 | $10202 | $10167 |
| **6/30/2017** | $10109 | $10306 | $10136 |
| **7/31/2017** | $10310 | $10399 | $10287 |
| **8/31/2017** | $10444 | $10595 | $10423 |
| **9/30/2017** | $10067 | $10616 | $10228 |
| **10/31/2017** | $10008 | $11112 | $10592 |
| **11/30/2017** | $10453 | $11450 | $10950 |
| **12/31/2017** | $10561 | $11564 | $11085 |
| **1/31/2018** | $10768 | $12174 | $11340 |
| **2/28/2018** | $10416 | $11725 | $10781 |
| **3/31/2018** | $10389 | $11489 | $10808 |
| **4/30/2018** | $10407 | $11533 | $10862 |
| **5/31/2018** | $10389 | $11859 | $10979 |
| **6/30/2018** | $10678 | $11936 | $11068 |
| **7/31/2018** | $10984 | $12332 | $11369 |
| **8/31/2018** | $11138 | $12765 | $11524 |
| **9/30/2018** | $11174 | $12787 | $11433 |
| **10/31/2018** | $10516 | $11845 | $10609 |
| **11/30/2018** | $10831 | $12082 | $10863 |
| **12/31/2018** | $9678 | $10958 | $9723 |
| **1/31/2019** | $10707 | $11898 | $10724 |
| **2/28/2019** | $10932 | $12317 | $11065 |
| **3/31/2019** | $11020 | $12497 | $11120 |
| **4/30/2019** | $11441 | $12996 | $11487 |
| **5/31/2019** | $10795 | $12155 | $10750 |
| **6/30/2019** | $11353 | $13008 | $11475 |
| **7/31/2019** | $11500 | $13202 | $11571 |
| **8/31/2019** | $10991 | $12933 | $11163 |
| **9/30/2019** | $11549 | $13160 | $11616 |
| **10/31/2019** | $11549 | $13443 | $11678 |
| **11/30/2019** | $11745 | $13954 | $11990 |
| **12/31/2019** | $12066 | $14357 | $12354 |
| **1/31/2020** | $11904 | $14341 | $12114 |
| **2/29/2020** | $10747 | $13167 | $10914 |
| **3/31/2020** | $8149 | $11356 | $8437 |
| **4/30/2020** | $9285 | $12860 | $9564 |
| **5/31/2020** | $9793 | $13548 | $10007 |
| **6/30/2020** | $9813 | $13858 | $10120 |
| **7/31/2020** | $10077 | $14645 | $10598 |
| **8/31/2020** | $10544 | $15706 | $11017 |
| **9/30/2020** | $10199 | $15134 | $10768 |
| **10/31/2020** | $10331 | $14807 | $10868 |
| **11/30/2020** | $11924 | $16608 | $12394 |
| **12/31/2020** | $12559 | $17356 | $12968 |
| **1/31/2021** | $12498 | $17278 | $12938 |
| **2/28/2021** | $13245 | $17819 | $13940 |
| **3/31/2021** | $14064 | $18457 | $14660 |
| **4/30/2021** | $14791 | $19409 | $15369 |
| **5/31/2021** | $15180 | $19497 | $15672 |
| **6/30/2021** | $14862 | $19978 | $15490 |
| **7/31/2021** | $14832 | $20316 | $15586 |
| **8/31/2021** | $15221 | $20895 | $15920 |
| **9/30/2021** | $14781 | $19958 | $15333 |
| **10/31/2021** | $15272 | $21307 | $16150 |
| **11/30/2021** | $14791 | $20983 | $15659 |
| **12/31/2021** | $15794 | $21809 | $16642 |
| **1/31/2022** | $15610 | $20526 | $15932 |
| **2/28/2022** | $15557 | $20009 | $15857 |
| **3/31/2022** | $16096 | $20658 | $16339 |
| **4/30/2022** | $15399 | $18804 | $15368 |
| **5/31/2022** | $16267 | $18779 | $15664 |
| **6/30/2022** | $14610 | $17208 | $13942 |
| **7/31/2022** | $15544 | $18822 | $15141 |
| **8/31/2022** | $15084 | $18120 | $14678 |
| **9/30/2022** | $13492 | $16440 | $13254 |
| **10/31/2022** | $14663 | $17788 | $14507 |
| **11/30/2022** | $15373 | $18716 | $15424 |
| **12/31/2022** | $14735 | $17620 | $14640 |
| **1/31/2023** | $15929 | $18834 | $15823 |
| **2/28/2023** | $15268 | $18394 | $15316 |
| **3/31/2023** | $14847 | $18886 | $14833 |
| **4/30/2023** | $15002 | $19087 | $14834 |
| **5/31/2023** | $14243 | $19161 | $14176 |
| **6/30/2023** | $15282 | $20469 | $15406 |
| **7/31/2023** | $15901 | $21203 | $16077 |
| **8/31/2023** | $15662 | $20794 | $15508 |
| **9/30/2023** | $15044 | $19803 | $14719 |
| **10/31/2023** | $14524 | $19278 | $13990 |
| **11/30/2023** | $15353 | $21076 | $15309 |
| **12/31/2023** | $16246 | $22194 | $16501 |
| **1/31/2024** | $16246 | $22440 | $16206 |
| **2/29/2024** | $16585 | $23655 | $16980 |
| **3/31/2024** | $17351 | $24418 | $17859 |
| **4/30/2024** | $16497 | $23343 | $16924 |
| **5/31/2024** | $16821 | $24446 | $17532 |
| **6/30/2024** | $16364 | $25203 | $17251 |
| **7/31/2024** | $17645 | $25672 | $18293 |
| **8/31/2024** | $17778 | $26230 | $18638 |
| **9/30/2024** | $17704 | $26773 | $18989 |
| **10/31/2024** | $17454 | $26576 | $18751 |
| **11/30/2024** | $18559 | $28344 | $20131 |
| **12/31/2024** | $17414 | $27478 | $18658 |
| **1/31/2025** | $17996 | $28345 | $19314 |
| **2/28/2025** | $17980 | $27802 | $18962 |
| **3/31/2025** | $17786 | $26180 | $18264 |
| **4/30/2025** | $17349 | $26005 | $17811 |
| **5/31/2025** | $17689 | $27653 | $18588 |
| **6/30/2025** | $18190 | $29058 | $19241 |
| **7/31/2025** | $18223 | $29698 | $19586 |
| **8/31/2025** | $19113 | $30385 | $20173 |
| **9/30/2025** | $18935 | $31434 | $20430 |
| **10/31/2025** | $18530 | $32108 | $20224 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CBE | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class R4 | 6.17% | 12.40% | 7.43% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.51% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 8.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class R4

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Mid Cap Value Opportunities

# Class R6

## MVTRX
October 31, 2025

## Fund Overview
Transamerica Mid Cap Value Opportunities (the "Fund") seeks to provide investors with long-term capital growth. 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 R6 | $77 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 6.38%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 7.86% over the same period.

* The Fund underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* At the sector level, real estate and telecommunications were the top contributors to performance during the period. Within real estate, an underweight allocation to the sector was the primary contributor, with stock selection also positive.

* In telecommunications, positive stock selection was the primary contributor, with an overweight allocation to the sector also contributing to benchmark relative performance. Within telecommunications, positions in EchoStar Corp., Class A., a satellite TV and internet provider, and Liberty Broadband Corp. Class C, a tracking stock for Charter Communications, were the primary contributors. EchoStar Corp., Class A, benefitted from an agreement to sell spectrum rights to AT&T and SpaceX for nearly $40 billion. Liberty Broadband Corp., Class C, shares moved higher following a proposed merger.

* At the sector level, the primary detractors were health care and technology. Within health care, overweights to Baxter International, Inc., a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors. Shares of Baxter International, Inc. were adversely impacted by a recall in their infusion pump business, and macro headwinds in health care. Shares in Centene Corp., were negatively impacted by weakness in the company's U.S. government benefits business.

* Within technology, an underweight to the software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, Inc., a holding company engaged in media and hospitality businesses, were the primary detractors. Clarivate, PLC was adversely impacted by negative sentiment related to academic and health care spending, while IAC, Inc. underperformed on weaker than anticipated share buy-backs.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Mid Cap Value Opportunities

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g32u71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **7/25/2016** | $10000 | $10000 | $10000 |
| **7/31/2016** | $10034 | $10007 | $10044 |
| **8/31/2016** | $10093 | $10033 | $10023 |
| **9/30/2016** | $10160 | $10049 | $10065 |
| **10/31/2016** | $10000 | $9831 | $9821 |
| **11/30/2016** | $10312 | $10271 | $10436 |
| **12/31/2016** | $10492 | $10472 | $10621 |
| **1/31/2017** | $10701 | $10669 | $10800 |
| **2/28/2017** | $11009 | $11065 | $11101 |
| **3/31/2017** | $11009 | $11073 | $11020 |
| **4/30/2017** | $10982 | $11190 | $11041 |
| **5/31/2017** | $11018 | $11305 | $11007 |
| **6/30/2017** | $11227 | $11407 | $11171 |
| **7/31/2017** | $11381 | $11622 | $11319 |
| **8/31/2017** | $10973 | $11644 | $11107 |
| **9/30/2017** | $10991 | $11928 | $11410 |
| **10/31/2017** | $10909 | $12189 | $11502 |
| **11/30/2017** | $11399 | $12559 | $11891 |
| **12/31/2017** | $11518 | $12684 | $12038 |
| **1/31/2018** | $11734 | $13353 | $12315 |
| **2/28/2018** | $11361 | $12861 | $11708 |
| **3/31/2018** | $11332 | $12602 | $11737 |
| **4/30/2018** | $11351 | $12650 | $11795 |
| **5/31/2018** | $11332 | $13007 | $11923 |
| **6/30/2018** | $11656 | $13093 | $12019 |
| **7/31/2018** | $11989 | $13527 | $12346 |
| **8/31/2018** | $12156 | $14002 | $12514 |
| **9/30/2018** | $12195 | $14025 | $12415 |
| **10/31/2018** | $11479 | $12993 | $11521 |
| **11/30/2018** | $11832 | $13253 | $11797 |
| **12/31/2018** | $10573 | $12019 | $10559 |
| **1/31/2019** | $11694 | $13051 | $11646 |
| **2/28/2019** | $11940 | $13510 | $12016 |
| **3/31/2019** | $12036 | $13707 | $12076 |
| **4/30/2019** | $12506 | $14255 | $12474 |
| **5/31/2019** | $11790 | $13332 | $11673 |
| **6/30/2019** | $12410 | $14269 | $12462 |
| **7/31/2019** | $12570 | $14481 | $12565 |
| **8/31/2019** | $12015 | $14185 | $12122 |
| **9/30/2019** | $12634 | $14434 | $12614 |
| **10/31/2019** | $12634 | $14745 | $12682 |
| **11/30/2019** | $12848 | $15306 | $13020 |
| **12/31/2019** | $13197 | $15748 | $13416 |
| **1/31/2020** | $13019 | $15730 | $13155 |
| **2/29/2020** | $11764 | $14443 | $11852 |
| **3/31/2020** | $8920 | $12456 | $9162 |
| **4/30/2020** | $10164 | $14106 | $10386 |
| **5/31/2020** | $10720 | $14861 | $10867 |
| **6/30/2020** | $10753 | $15200 | $10990 |
| **7/31/2020** | $11042 | $16063 | $11509 |
| **8/31/2020** | $11542 | $17227 | $11964 |
| **9/30/2020** | $11164 | $16600 | $11693 |
| **10/31/2020** | $11320 | $16242 | $11802 |
| **11/30/2020** | $13064 | $18217 | $13459 |
| **12/31/2020** | $13756 | $19037 | $14082 |
| **1/31/2021** | $13700 | $18952 | $14050 |
| **2/28/2021** | $14519 | $19545 | $15138 |
| **3/31/2021** | $15428 | $20245 | $15920 |
| **4/30/2021** | $16213 | $21289 | $16690 |
| **5/31/2021** | $16639 | $21386 | $17019 |
| **6/30/2021** | $16303 | $21913 | $16821 |
| **7/31/2021** | $16269 | $22284 | $16925 |
| **8/31/2021** | $16696 | $22919 | $17288 |
| **9/30/2021** | $16224 | $21891 | $16651 |
| **10/31/2021** | $16763 | $23371 | $17538 |
| **11/30/2021** | $16236 | $23016 | $17005 |
| **12/31/2021** | $17343 | $23922 | $18073 |
| **1/31/2022** | $17127 | $22515 | $17301 |
| **2/28/2022** | $17084 | $21947 | $17220 |
| **3/31/2022** | $17676 | $22659 | $17744 |
| **4/30/2022** | $16910 | $20626 | $16689 |
| **5/31/2022** | $17863 | $20598 | $17010 |
| **6/30/2022** | $16058 | $18875 | $15140 |
| **7/31/2022** | $17084 | $20646 | $16443 |
| **8/31/2022** | $16564 | $19875 | $15940 |
| **9/30/2022** | $14831 | $18032 | $14394 |
| **10/31/2022** | $16116 | $19511 | $15753 |
| **11/30/2022** | $16896 | $20529 | $16749 |
| **12/31/2022** | $16196 | $19327 | $15898 |
| **1/31/2023** | $17526 | $20658 | $17182 |
| **2/28/2023** | $16784 | $20176 | $16632 |
| **3/31/2023** | $16336 | $20715 | $16108 |
| **4/30/2023** | $16506 | $20936 | $16109 |
| **5/31/2023** | $15671 | $21017 | $15395 |
| **6/30/2023** | $16815 | $22452 | $16730 |
| **7/31/2023** | $17495 | $23257 | $17458 |
| **8/31/2023** | $17232 | $22808 | $16841 |
| **9/30/2023** | $16567 | $21722 | $15984 |
| **10/31/2023** | $15980 | $21146 | $15192 |
| **11/30/2023** | $16907 | $23118 | $16624 |
| **12/31/2023** | $17888 | $24344 | $17920 |
| **1/31/2024** | $17888 | $24614 | $17599 |
| **2/29/2024** | $18261 | $25946 | $18439 |
| **3/31/2024** | $19105 | $26783 | $19393 |
| **4/30/2024** | $18164 | $25605 | $18379 |
| **5/31/2024** | $18537 | $26814 | $19038 |
| **6/30/2024** | $18034 | $27645 | $18734 |
| **7/31/2024** | $19446 | $28158 | $19866 |
| **8/31/2024** | $19608 | $28771 | $20240 |
| **9/30/2024** | $19511 | $29367 | $20622 |
| **10/31/2024** | $19235 | $29151 | $20362 |
| **11/30/2024** | $20468 | $31090 | $21861 |
| **12/31/2024** | $19211 | $30140 | $20262 |
| **1/31/2025** | $19854 | $31091 | $20974 |
| **2/28/2025** | $19836 | $30496 | $20591 |
| **3/31/2025** | $19622 | $28717 | $19834 |
| **4/30/2025** | $19139 | $28524 | $19342 |
| **5/31/2025** | $19514 | $30332 | $20186 |
| **6/30/2025** | $20068 | $31873 | $20894 |
| **7/31/2025** | $20104 | $32575 | $21269 |
| **8/31/2025** | $21105 | $33329 | $21907 |
| **9/30/2025** | $20891 | $34479 | $22186 |
| **10/31/2025** | $20462 | $35218 | $21963 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6CBB | **1 Year** | **5 Years** | **Since Inception 7/25/16** |
| Class R6 | 6.38% | 12.57% | 8.03% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell Midcap<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 7.86% | 13.23% | 8.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe. 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 | $938728907 |
| Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7206521 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Health Care | 16.6% |
| Consumer Staples | 15.8 |
| Materials | 10.5 |
| Financials | 10.0 |
| Industrials | 9.5 |
| Communication Services | 8.3 |
| Utilities | 5.9 |
| Energy | 5.9 |
| Information Technology | 5.1 |
| Consumer Discretionary | 4.8 |
| Real Estate | 2.0 |
| Repurchase Agreements | 5.8 |
| Other Investment Company | 1.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.8) |

---

---

| | |
|:---|:---|
| 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 Mid Cap Value Opportunities

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 2.8% |
| LKQ Corp. | 2.7 |
| Dominion Energy, Inc. | 2.5 |
| Graphic Packaging Holding Co. | 2.5 |
| Conagra Brands, Inc. | 2.3 |
| Evergy, Inc. | 2.2 |
| Zimmer Biomet Holdings, Inc. | 2.1 |
| Molson Coors Beverage Co., Class B | 2.1 |
| Huntington Ingalls Industries, Inc. | 2.0 |
| Perrigo Co. PLC | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Mid Cap Value Opportunities

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class A

## TASHX
October 31, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing 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 | $104 | 0.97% |

---

## 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 15.05%. 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 Multi-Asset Income Blended Benchmark, returned 9.44% over the same period.

* The Fund at NAV underperformed its primary benchmark, the S&P 500<sup>®</sup> Index, and at NAV, outperformed its secondary composite benchmark (50% Russell 1000 Value, 45% ICE BofAML U.S. High Yield BB-B Rated Constrained Index, 5% ICE BofAML Fixed Rate Preferreds Securities Index) during the fiscal year ended October 31, 2025. 

* All three asset classes in which the Fund invests posted positive returns during the fiscal year, with common equity fairing best. The S&P 500<sup>®</sup> Index returned 21.45%, driven largely by the technology sector, which benefitted from continued artificial intelligence narratives throughout much of the period. High yield corporate credit and preferred equities lagged the strong returns of the S&P 500<sup>®</sup> Index for the fiscal year. 

* The Fund's common equity sleeve outperformed the S&P 500<sup>®</sup> Index. However, while the Fund's allocations to both preferred equity and corporate credit generated positive returns on an absolute basis, those allocations detracted from performance relative to the Fund's all-equity primary benchmark.

* At the sector level within equities, financials and industrials contributed the most to benchmark relative performance. Positive security selection in both sectors drove the relative performance. Conversely, the consumer discretionary and real estate sectors detracted the most from performance. Within consumer discretionary, negative security selection and an underweight allocation detracted from performance. In real estate, the overweight allocation to a lagging sector drove the underperformance.

* During the fiscal year, the Fund reduced its corporate credit allocation in favor of relatively more attractive opportunities in common equities.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Multi-Asset Income

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g22k29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **S&P 500<sup>®</sup> Index** | **Transamerica Multi-Asset Income Blended Benchmark** |
| **10/31/2015** | $9450 | $10000 | $10000 |
| **11/30/2015** | $9403 | $10030 | $9941 |
| **12/31/2015** | $9276 | $9872 | $9738 |
| **1/31/2016** | $9007 | $9382 | $9432 |
| **2/29/2016** | $9017 | $9369 | $9464 |
| **3/31/2016** | $9404 | $10005 | $9967 |
| **4/30/2016** | $9433 | $10043 | $10226 |
| **5/31/2016** | $9549 | $10224 | $10328 |
| **6/30/2016** | $9598 | $10250 | $10419 |
| **7/31/2016** | $9862 | $10628 | $10693 |
| **8/31/2016** | $9949 | $10643 | $10834 |
| **9/30/2016** | $9945 | $10645 | $10841 |
| **10/31/2016** | $9817 | $10451 | $10762 |
| **11/30/2016** | $9945 | $10838 | $11023 |
| **12/31/2016** | $10121 | $11052 | $11245 |
| **1/31/2017** | $10250 | $11262 | $11358 |
| **2/28/2017** | $10458 | $11709 | $11638 |
| **3/31/2017** | $10510 | $11723 | $11574 |
| **4/30/2017** | $10620 | $11843 | $11636 |
| **5/31/2017** | $10630 | $12010 | $11678 |
| **6/30/2017** | $10734 | $12085 | $11787 |
| **7/31/2017** | $10825 | $12333 | $11925 |
| **8/31/2017** | $10876 | $12371 | $11863 |
| **9/30/2017** | $11015 | $12626 | $12082 |
| **10/31/2017** | $11168 | $12921 | $12152 |
| **11/30/2017** | $11341 | $13317 | $12324 |
| **12/31/2017** | $11467 | $13465 | $12426 |
| **1/31/2018** | $11745 | $14236 | $12678 |
| **2/28/2018** | $11508 | $13711 | $12323 |
| **3/31/2018** | $11322 | $13363 | $12186 |
| **4/30/2018** | $11395 | $13414 | $12232 |
| **5/31/2018** | $11488 | $13737 | $12266 |
| **6/30/2018** | $11467 | $13822 | $12299 |
| **7/31/2018** | $11750 | $14336 | $12604 |
| **8/31/2018** | $11928 | $14803 | $12747 |
| **9/30/2018** | $11969 | $14887 | $12782 |
| **10/31/2018** | $11515 | $13870 | $12357 |
| **11/30/2018** | $11589 | $14153 | $12497 |
| **12/31/2018** | $11034 | $12875 | $11785 |
| **1/31/2019** | $11498 | $13906 | $12512 |
| **2/28/2019** | $11725 | $14353 | $12816 |
| **3/31/2019** | $11903 | $14632 | $12928 |
| **4/30/2019** | $12208 | $15224 | $13239 |
| **5/31/2019** | $11772 | $14257 | $12754 |
| **6/30/2019** | $12231 | $15262 | $13370 |
| **7/31/2019** | $12406 | $15481 | $13471 |
| **8/31/2019** | $12395 | $15236 | $13323 |
| **9/30/2019** | $12633 | $15521 | $13586 |
| **10/31/2019** | $12865 | $15857 | $13706 |
| **11/30/2019** | $13009 | $16433 | $13953 |
| **12/31/2019** | $13255 | $16928 | $14258 |
| **1/31/2020** | $13210 | $16922 | $14115 |
| **2/29/2020** | $12563 | $15529 | $13321 |
| **3/31/2020** | $10849 | $13611 | $11494 |
| **4/30/2020** | $11729 | $15356 | $12392 |
| **5/31/2020** | $12293 | $16087 | $12855 |
| **6/30/2020** | $12513 | $16407 | $12847 |
| **7/31/2020** | $13048 | $17332 | $13406 |
| **8/31/2020** | $13572 | $18578 | $13740 |
| **9/30/2020** | $13308 | $17872 | $13490 |
| **10/31/2020** | $13239 | $17397 | $13433 |
| **11/30/2020** | $14341 | $19301 | $14566 |
| **12/31/2020** | $14760 | $20043 | $14963 |
| **1/31/2021** | $14841 | $19841 | $14890 |
| **2/28/2021** | $14992 | $20388 | $15342 |
| **3/31/2021** | $15471 | $21281 | $15808 |
| **4/30/2021** | $15961 | $22416 | $16210 |
| **5/31/2021** | $16195 | $22573 | $16418 |
| **6/30/2021** | $16313 | $23100 | $16429 |
| **7/31/2021** | $16524 | $23649 | $16529 |
| **8/31/2021** | $16748 | $24368 | $16734 |
| **9/30/2021** | $16344 | $23234 | $16439 |
| **10/31/2021** | $16853 | $24862 | $16842 |
| **11/30/2021** | $16687 | $24690 | $16456 |
| **12/31/2021** | $17344 | $25797 | $17132 |
| **1/31/2022** | $17078 | $24462 | $16689 |
| **2/28/2022** | $16752 | $23729 | $16498 |
| **3/31/2022** | $16830 | $24610 | $16658 |
| **4/30/2022** | $16129 | $22464 | $15873 |
| **5/31/2022** | $16247 | $22505 | $16089 |
| **6/30/2022** | $15047 | $20648 | $14865 |
| **7/31/2022** | $15964 | $22552 | $15814 |
| **8/31/2022** | $15552 | $21632 | $15359 |
| **9/30/2022** | $14571 | $19640 | $14391 |
| **10/31/2022** | $15421 | $21230 | $15308 |
| **11/30/2022** | $16010 | $22416 | $15960 |
| **12/31/2022** | $15529 | $21125 | $15569 |
| **1/31/2023** | $16165 | $22452 | $16298 |
| **2/28/2023** | $15788 | $21904 | $15886 |
| **3/31/2023** | $15806 | $22708 | $15925 |
| **4/30/2023** | $15956 | $23063 | $16117 |
| **5/31/2023** | $15643 | $23163 | $15726 |
| **6/30/2023** | $16256 | $24693 | $16355 |
| **7/31/2023** | $16648 | $25487 | $16749 |
| **8/31/2023** | $16422 | $25081 | $16528 |
| **9/30/2023** | $16004 | $23885 | $16105 |
| **10/31/2023** | $15643 | $23383 | $15724 |
| **11/30/2023** | $16449 | $25518 | $16700 |
| **12/31/2023** | $17083 | $26678 | $17442 |
| **1/31/2024** | $17181 | $27126 | $17481 |
| **2/29/2024** | $17446 | $28574 | $17814 |
| **3/31/2024** | $17918 | $29494 | $18362 |
| **4/30/2024** | $17514 | $28289 | $17870 |
| **5/31/2024** | $17966 | $29692 | $18258 |
| **6/30/2024** | $18308 | $30757 | $18264 |
| **7/31/2024** | $18630 | $31132 | $18870 |
| **8/31/2024** | $19038 | $31887 | $19280 |
| **9/30/2024** | $19347 | $32568 | $19536 |
| **10/31/2024** | $19264 | $32272 | $19355 |
| **11/30/2024** | $19749 | $34167 | $20063 |
| **12/31/2024** | $19526 | $33352 | $19314 |
| **1/31/2025** | $19942 | $34281 | $19884 |
| **2/28/2025** | $20012 | $33834 | $19996 |
| **3/31/2025** | $19476 | $31928 | $19625 |
| **4/30/2025** | $19327 | $31711 | $19319 |
| **5/31/2025** | $19960 | $33707 | $19794 |
| **6/30/2025** | $20708 | $35421 | $20316 |
| **7/31/2025** | $21023 | $36216 | $20415 |
| **8/31/2025** | $21367 | $36950 | $20859 |
| **9/30/2025** | $21921 | $38299 | $21109 |
| **10/31/2025** | $22163 | $39196 | $21181 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CX1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 8.70% | 9.61% | 8.28% |
| Class A | 15.05% | 10.85% | 8.90% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |
| Transamerica Multi-Asset Income Blended Benchmark<sup>Footnote Reference(b)</sup> | 9.44% | 9.54% | 7.79% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Multi-Asset Income Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) and 40% ICE BofAML U.S. High Yield BB-B Rated Constrained Index (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 | $835391869 |
| Number of Portfolio Holdings | 197 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4305902 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 57.6% |
| Corporate Debt Securities | 36.9 |
| Preferred Stocks | 4.1 |
| Other Investment Company | 3.1 |
| Repurchase Agreements | 0.4 |
| U.S. Government Obligations | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.4) |

---

---

| | |
|:---|:---|
| 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 Multi-Asset Income

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 3.8% |
| Microsoft Corp. | 2.9 |
| Broadcom, Inc. | 2.6 |
| Apple, Inc. | 2.4 |
| International Business Machines Corp. | 2.4 |
| Goldman Sachs Group, Inc. | 2.3 |
| NVIDIA Corp. | 2.1 |
| Blackrock, Inc. | 1.9 |
| AbbVie, Inc. | 1.6 |
| Merck & Co., Inc. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Multi-Asset Income

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class C

## TCSHX
October 31, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing 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 | $181 | 1.69% |

---

## 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 14.21%. 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 Multi-Asset Income Blended Benchmark, returned 9.44% over the same period.

* The Fund at NAV underperformed its primary benchmark, the S&P 500<sup>®</sup> Index, and at NAV, outperformed its secondary composite benchmark (50% Russell 1000 Value, 45% ICE BofAML U.S. High Yield BB-B Rated Constrained Index, 5% ICE BofAML Fixed Rate Preferreds Securities Index) during the fiscal year ended October 31, 2025. 

* All three asset classes in which the Fund invests posted positive returns during the fiscal year, with common equity fairing best. The S&P 500<sup>®</sup> Index returned 21.45%, driven largely by the technology sector, which benefitted from continued artificial intelligence narratives throughout much of the period. High yield corporate credit and preferred equities lagged the strong returns of the S&P 500<sup>®</sup> Index for the fiscal year. 

* The Fund's common equity sleeve outperformed the S&P 500<sup>®</sup> Index. However, while the Fund's allocations to both preferred equity and corporate credit generated positive returns on an absolute basis, those allocations detracted from performance relative to the Fund's all-equity primary benchmark.

* At the sector level within equities, financials and industrials contributed the most to benchmark relative performance. Positive security selection in both sectors drove the relative performance. Conversely, the consumer discretionary and real estate sectors detracted the most from performance. Within consumer discretionary, negative security selection and an underweight allocation detracted from performance. In real estate, the overweight allocation to a lagging sector drove the underperformance.

* During the fiscal year, the Fund reduced its corporate credit allocation in favor of relatively more attractive opportunities in common equities.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Multi-Asset Income

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g88n04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **S&P 500<sup>®</sup> Index** | **Transamerica Multi-Asset Income Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9950 | $10030 | $9941 |
| **12/31/2015** | $9802 | $9872 | $9738 |
| **1/31/2016** | $9517 | $9382 | $9432 |
| **2/29/2016** | $9517 | $9369 | $9464 |
| **3/31/2016** | $9930 | $10005 | $9967 |
| **4/30/2016** | $9950 | $10043 | $10226 |
| **5/31/2016** | $10073 | $10224 | $10328 |
| **6/30/2016** | $10106 | $10250 | $10419 |
| **7/31/2016** | $10384 | $10628 | $10693 |
| **8/31/2016** | $10477 | $10643 | $10834 |
| **9/30/2016** | $10462 | $10645 | $10841 |
| **10/31/2016** | $10317 | $10451 | $10762 |
| **11/30/2016** | $10452 | $10838 | $11023 |
| **12/31/2016** | $10620 | $11052 | $11245 |
| **1/31/2017** | $10756 | $11262 | $11358 |
| **2/28/2017** | $10964 | $11709 | $11638 |
| **3/31/2017** | $11009 | $11723 | $11574 |
| **4/30/2017** | $11124 | $11843 | $11636 |
| **5/31/2017** | $11114 | $12010 | $11678 |
| **6/30/2017** | $11221 | $12085 | $11787 |
| **7/31/2017** | $11317 | $12333 | $11925 |
| **8/31/2017** | $11349 | $12371 | $11863 |
| **10/31/2017** | $11655 | $12921 | $12152 |
| **11/30/2017** | $11816 | $13317 | $12324 |
| **12/31/2017** | $11947 | $13465 | $12426 |
| **1/31/2018** | $12227 | $14236 | $12678 |
| **2/28/2018** | $11979 | $13711 | $12323 |
| **3/31/2018** | $11772 | $13363 | $12186 |
| **4/30/2018** | $11847 | $13414 | $12232 |
| **5/31/2018** | $11934 | $13737 | $12266 |
| **6/30/2018** | $11912 | $13822 | $12299 |
| **7/31/2018** | $12195 | $14336 | $12604 |
| **8/31/2018** | $12359 | $14803 | $12747 |
| **9/30/2018** | $12400 | $14887 | $12782 |
| **10/31/2018** | $11917 | $13870 | $12357 |
| **11/30/2018** | $11994 | $14153 | $12497 |
| **12/31/2018** | $11419 | $12875 | $11785 |
| **1/31/2019** | $11878 | $13906 | $12512 |
| **2/28/2019** | $12114 | $14353 | $12816 |
| **3/31/2019** | $12288 | $14632 | $12928 |
| **4/30/2019** | $12593 | $15224 | $13239 |
| **5/31/2019** | $12142 | $14257 | $12754 |
| **6/30/2019** | $12605 | $15262 | $13370 |
| **7/31/2019** | $12775 | $15481 | $13471 |
| **8/31/2019** | $12764 | $15236 | $13323 |
| **9/30/2019** | $12999 | $15521 | $13586 |
| **10/31/2019** | $13227 | $15857 | $13706 |
| **11/30/2019** | $13364 | $16433 | $13953 |
| **12/31/2019** | $13619 | $16928 | $14258 |
| **1/31/2020** | $13550 | $16922 | $14115 |
| **2/29/2020** | $12883 | $15529 | $13321 |
| **3/31/2020** | $11115 | $13611 | $11494 |
| **4/30/2020** | $12009 | $15356 | $12392 |
| **5/31/2020** | $12577 | $16087 | $12855 |
| **6/30/2020** | $12794 | $16407 | $12847 |
| **7/31/2020** | $13344 | $17332 | $13406 |
| **8/31/2020** | $13858 | $18578 | $13740 |
| **9/30/2020** | $13596 | $17872 | $13490 |
| **10/31/2020** | $13514 | $17397 | $13433 |
| **11/30/2020** | $14632 | $19301 | $14566 |
| **12/31/2020** | $15035 | $20043 | $14963 |
| **1/31/2021** | $15118 | $19841 | $14890 |
| **2/28/2021** | $15272 | $20388 | $15342 |
| **3/31/2021** | $15734 | $21281 | $15808 |
| **4/30/2021** | $16235 | $22416 | $16210 |
| **5/31/2021** | $16462 | $22573 | $16418 |
| **6/30/2021** | $16564 | $23100 | $16429 |
| **7/31/2021** | $16779 | $23649 | $16529 |
| **8/31/2021** | $16983 | $24368 | $16734 |
| **9/30/2021** | $16577 | $23234 | $16439 |
| **10/31/2021** | $17071 | $24862 | $16842 |
| **11/30/2021** | $16902 | $24690 | $16456 |
| **12/31/2021** | $17552 | $25797 | $17132 |
| **1/31/2022** | $17282 | $24462 | $16689 |
| **2/28/2022** | $16926 | $23729 | $16498 |
| **3/31/2022** | $16999 | $24610 | $16658 |
| **4/30/2022** | $16278 | $22464 | $15873 |
| **5/31/2022** | $16400 | $22505 | $16089 |
| **6/30/2022** | $15175 | $20648 | $14865 |
| **7/31/2022** | $16094 | $22552 | $15814 |
| **8/31/2022** | $15655 | $21632 | $15359 |
| **9/30/2022** | $14666 | $19640 | $14391 |
| **10/31/2022** | $15516 | $21230 | $15308 |
| **11/30/2022** | $16102 | $22416 | $15960 |
| **12/31/2022** | $15597 | $21125 | $15569 |
| **1/31/2023** | $16241 | $22452 | $16298 |
| **2/28/2023** | $15839 | $21904 | $15886 |
| **3/31/2023** | $15861 | $22708 | $15925 |
| **4/30/2023** | $15989 | $23063 | $16117 |
| **5/31/2023** | $15677 | $23163 | $15726 |
| **6/30/2023** | $16271 | $24693 | $16355 |
| **7/31/2023** | $16655 | $25487 | $16749 |
| **8/31/2023** | $16431 | $25081 | $16528 |
| **9/30/2023** | $16001 | $23885 | $16105 |
| **10/31/2023** | $15617 | $23383 | $15724 |
| **11/30/2023** | $16415 | $25518 | $16700 |
| **12/31/2023** | $17040 | $26678 | $17442 |
| **1/31/2024** | $17128 | $27126 | $17481 |
| **2/29/2024** | $17384 | $28574 | $17814 |
| **3/31/2024** | $17845 | $29494 | $18362 |
| **4/30/2024** | $17431 | $28289 | $17870 |
| **5/31/2024** | $17871 | $29692 | $18258 |
| **6/30/2024** | $18202 | $30757 | $18264 |
| **7/31/2024** | $18512 | $31132 | $18870 |
| **8/31/2024** | $18908 | $31887 | $19280 |
| **9/30/2024** | $19191 | $32568 | $19536 |
| **10/31/2024** | $19110 | $32272 | $19355 |
| **11/30/2024** | $19581 | $34167 | $20063 |
| **12/31/2024** | $19348 | $33352 | $19314 |
| **1/31/2025** | $19736 | $34281 | $19884 |
| **2/28/2025** | $19808 | $33834 | $19996 |
| **3/31/2025** | $19250 | $31928 | $19625 |
| **4/30/2025** | $19105 | $31711 | $19319 |
| **5/31/2025** | $19721 | $33707 | $19794 |
| **6/30/2025** | $20437 | $35421 | $20316 |
| **7/31/2025** | $20723 | $36216 | $20415 |
| **8/31/2025** | $21065 | $36950 | $20859 |
| **9/30/2025** | $21586 | $38299 | $21109 |
| **10/31/2025** | $21826 | $39196 | $21181 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CX3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 13.21% | 10.06% | 8.12% |
| Class C | 14.21% | 10.06% | 8.12% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |
| Transamerica Multi-Asset Income Blended Benchmark<sup>Footnote Reference(b)</sup> | 9.44% | 9.54% | 7.79% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Multi-Asset Income Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) and 40% ICE BofAML U.S. High Yield BB-B Rated Constrained Index (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 | $835391869 |
| Number of Portfolio Holdings | 197 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4305902 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 57.6% |
| Corporate Debt Securities | 36.9 |
| Preferred Stocks | 4.1 |
| Other Investment Company | 3.1 |
| Repurchase Agreements | 0.4 |
| U.S. Government Obligations | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.4) |

---

---

| | |
|:---|:---|
| 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 Multi-Asset Income

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 3.8% |
| Microsoft Corp. | 2.9 |
| Broadcom, Inc. | 2.6 |
| Apple, Inc. | 2.4 |
| International Business Machines Corp. | 2.4 |
| Goldman Sachs Group, Inc. | 2.3 |
| NVIDIA Corp. | 2.1 |
| Blackrock, Inc. | 1.9 |
| AbbVie, Inc. | 1.6 |
| Merck & Co., Inc. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Multi-Asset Income

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class I

## TSHIX
October 31, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing 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 | $78 | 0.72% |

---

## 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 15.33%. 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 Multi-Asset Income Blended Benchmark, returned 9.44% over the same period.

* The Fund underperformed its primary benchmark, the S&P 500<sup>®</sup> Index, and at NAV, outperformed its secondary composite benchmark (50% Russell 1000 Value, 45% ICE BofAML U.S. High Yield BB-B Rated Constrained Index, 5% ICE BofAML Fixed Rate Preferreds Securities Index) during the fiscal year ended October 31, 2025. 

* All three asset classes in which the Fund invests posted positive returns during the fiscal year, with common equity fairing best. The S&P 500<sup>®</sup> Index returned 21.45%, driven largely by the technology sector, which benefitted from continued artificial intelligence narratives throughout much of the period. High yield corporate credit and preferred equities lagged the strong returns of the S&P 500<sup>®</sup> Index for the fiscal year. 

* The Fund's common equity sleeve outperformed the S&P 500<sup>®</sup> Index. However, while the Fund's allocations to both preferred equity and corporate credit generated positive returns on an absolute basis, those allocations detracted from performance relative to the Fund's all-equity primary benchmark.

* At the sector level within equities, financials and industrials contributed the most to benchmark relative performance. Positive security selection in both sectors drove the relative performance. Conversely, the consumer discretionary and real estate sectors detracted the most from performance. Within consumer discretionary, negative security selection and an underweight allocation detracted from performance. In real estate, the overweight allocation to a lagging sector drove the underperformance.

* During the fiscal year, the Fund reduced its corporate credit allocation in favor of relatively more attractive opportunities in common equities.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Multi-Asset Income

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g73j88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Transamerica Multi-Asset Income Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9950 | $10030 | $9941 |
| **12/31/2015** | $9811 | $9872 | $9738 |
| **1/31/2016** | $9537 | $9382 | $9432 |
| **2/29/2016** | $9547 | $9369 | $9464 |
| **3/31/2016** | $9963 | $10005 | $9967 |
| **4/30/2016** | $9994 | $10043 | $10226 |
| **5/31/2016** | $10127 | $10224 | $10328 |
| **6/30/2016** | $10165 | $10250 | $10419 |
| **7/31/2016** | $10454 | $10628 | $10693 |
| **8/31/2016** | $10558 | $10643 | $10834 |
| **9/30/2016** | $10549 | $10645 | $10841 |
| **10/31/2016** | $10413 | $10451 | $10762 |
| **11/30/2016** | $10559 | $10838 | $11023 |
| **12/31/2016** | $10735 | $11052 | $11245 |
| **1/31/2017** | $10882 | $11262 | $11358 |
| **2/28/2017** | $11093 | $11709 | $11638 |
| **3/31/2017** | $11152 | $11723 | $11574 |
| **4/30/2017** | $11280 | $11843 | $11636 |
| **5/31/2017** | $11290 | $12010 | $11678 |
| **6/30/2017** | $11400 | $12085 | $11787 |
| **7/31/2017** | $11508 | $12333 | $11925 |
| **8/31/2017** | $11551 | $12371 | $11863 |
| **10/31/2017** | $11881 | $12921 | $12152 |
| **11/30/2017** | $12065 | $13317 | $12324 |
| **12/31/2017** | $12207 | $13465 | $12426 |
| **1/31/2018** | $12492 | $14236 | $12678 |
| **2/28/2018** | $12251 | $13711 | $12323 |
| **3/31/2018** | $12048 | $13363 | $12186 |
| **4/30/2018** | $12137 | $13414 | $12232 |
| **5/31/2018** | $12236 | $13737 | $12266 |
| **6/30/2018** | $12222 | $13822 | $12299 |
| **7/31/2018** | $12523 | $14336 | $12604 |
| **8/31/2018** | $12713 | $14803 | $12747 |
| **9/30/2018** | $12753 | $14887 | $12782 |
| **10/31/2018** | $12269 | $13870 | $12357 |
| **11/30/2018** | $12359 | $14153 | $12497 |
| **12/31/2018** | $11776 | $12875 | $11785 |
| **1/31/2019** | $12259 | $13906 | $12512 |
| **2/28/2019** | $12501 | $14353 | $12816 |
| **3/31/2019** | $12710 | $14632 | $12928 |
| **4/30/2019** | $13035 | $15224 | $13239 |
| **5/31/2019** | $12570 | $14257 | $12754 |
| **6/30/2019** | $13060 | $15262 | $13370 |
| **7/31/2019** | $13247 | $15481 | $13471 |
| **8/31/2019** | $13247 | $15236 | $13323 |
| **9/30/2019** | $13511 | $15521 | $13586 |
| **10/31/2019** | $13759 | $15857 | $13706 |
| **11/30/2019** | $13913 | $16433 | $13953 |
| **12/31/2019** | $14185 | $16928 | $14258 |
| **1/31/2020** | $14125 | $16922 | $14115 |
| **2/29/2020** | $13445 | $15529 | $13321 |
| **3/31/2020** | $11612 | $13611 | $11494 |
| **4/30/2020** | $12554 | $15356 | $12392 |
| **5/31/2020** | $13157 | $16087 | $12855 |
| **6/30/2020** | $13406 | $16407 | $12847 |
| **7/31/2020** | $13992 | $17332 | $13406 |
| **8/31/2020** | $14541 | $18578 | $13740 |
| **9/30/2020** | $14270 | $17872 | $13490 |
| **10/31/2020** | $14196 | $17397 | $13433 |
| **11/30/2020** | $15390 | $19301 | $14566 |
| **12/31/2020** | $15836 | $20043 | $14963 |
| **1/31/2021** | $15923 | $19841 | $14890 |
| **2/28/2021** | $16097 | $20388 | $15342 |
| **3/31/2021** | $16610 | $21281 | $15808 |
| **4/30/2021** | $17149 | $22416 | $16210 |
| **5/31/2021** | $17399 | $22573 | $16418 |
| **6/30/2021** | $17519 | $23100 | $16429 |
| **7/31/2021** | $17759 | $23649 | $16529 |
| **8/31/2021** | $17998 | $24368 | $16734 |
| **9/30/2021** | $17575 | $23234 | $16439 |
| **10/31/2021** | $18122 | $24862 | $16842 |
| **11/30/2021** | $17944 | $24690 | $16456 |
| **12/31/2021** | $18663 | $25797 | $17132 |
| **1/31/2022** | $18377 | $24462 | $16689 |
| **2/28/2022** | $18027 | $23729 | $16498 |
| **3/31/2022** | $18121 | $24610 | $16658 |
| **4/30/2022** | $17371 | $22464 | $15873 |
| **5/31/2022** | $17502 | $22505 | $16089 |
| **6/30/2022** | $16214 | $20648 | $14865 |
| **7/31/2022** | $17205 | $22552 | $15814 |
| **8/31/2022** | $16765 | $21632 | $15359 |
| **9/30/2022** | $15712 | $19640 | $14391 |
| **10/31/2022** | $16636 | $21230 | $15308 |
| **11/30/2022** | $17274 | $22416 | $15960 |
| **12/31/2022** | $16750 | $21125 | $15569 |
| **1/31/2023** | $17453 | $22452 | $16298 |
| **2/28/2023** | $17036 | $21904 | $15886 |
| **3/31/2023** | $17073 | $22708 | $15925 |
| **4/30/2023** | $17225 | $23063 | $16117 |
| **5/31/2023** | $16904 | $23163 | $15726 |
| **6/30/2023** | $17571 | $24693 | $16355 |
| **7/31/2023** | $17998 | $25487 | $16749 |
| **8/31/2023** | $17758 | $25081 | $16528 |
| **9/30/2023** | $17310 | $23885 | $16105 |
| **10/31/2023** | $16910 | $23383 | $15724 |
| **11/30/2023** | $17785 | $25518 | $16700 |
| **12/31/2023** | $18475 | $26678 | $17442 |
| **1/31/2024** | $18600 | $27126 | $17481 |
| **2/29/2024** | $18890 | $28574 | $17814 |
| **3/31/2024** | $19391 | $29494 | $18362 |
| **4/30/2024** | $18972 | $28289 | $17870 |
| **5/31/2024** | $19466 | $29692 | $18258 |
| **6/30/2024** | $19840 | $30757 | $18264 |
| **7/31/2024** | $20194 | $31132 | $18870 |
| **8/31/2024** | $20641 | $31887 | $19280 |
| **9/30/2024** | $20964 | $32568 | $19536 |
| **10/31/2024** | $20893 | $32272 | $19355 |
| **11/30/2024** | $21423 | $34167 | $20063 |
| **12/31/2024** | $21186 | $33352 | $19314 |
| **1/31/2025** | $21626 | $34281 | $19884 |
| **2/28/2025** | $21721 | $33834 | $19996 |
| **3/31/2025** | $21129 | $31928 | $19625 |
| **4/30/2025** | $20987 | $31711 | $19319 |
| **5/31/2025** | $21679 | $33707 | $19794 |
| **6/30/2025** | $22495 | $35421 | $20316 |
| **7/31/2025** | $22827 | $36216 | $20415 |
| **8/31/2025** | $23221 | $36950 | $20859 |
| **9/30/2025** | $23827 | $38299 | $21109 |
| **10/31/2025** | $24095 | $39196 | $21181 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CX8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 15.33% | 11.16% | 9.19% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |
| Transamerica Multi-Asset Income Blended Benchmark<sup>Footnote Reference(b)</sup> | 9.44% | 9.54% | 7.79% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Multi-Asset Income Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) and 40% ICE BofAML U.S. High Yield BB-B Rated Constrained Index (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 | $835391869 |
| Number of Portfolio Holdings | 197 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4305902 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 57.6% |
| Corporate Debt Securities | 36.9 |
| Preferred Stocks | 4.1 |
| Other Investment Company | 3.1 |
| Repurchase Agreements | 0.4 |
| U.S. Government Obligations | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.4) |

---

---

| | |
|:---|:---|
| 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 Multi-Asset Income

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 3.8% |
| Microsoft Corp. | 2.9 |
| Broadcom, Inc. | 2.6 |
| Apple, Inc. | 2.4 |
| International Business Machines Corp. | 2.4 |
| Goldman Sachs Group, Inc. | 2.3 |
| NVIDIA Corp. | 2.1 |
| Blackrock, Inc. | 1.9 |
| AbbVie, Inc. | 1.6 |
| Merck & Co., Inc. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Multi-Asset Income

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Multi-Asset Income

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica Multi-Asset Income (the "Fund") seeks current income while providing 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 I2 | $68 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 15.45%. 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 Multi-Asset Income Blended Benchmark, returned 9.44% over the same period.

* The Fund underperformed its primary benchmark, the S&P 500<sup>®</sup> Index, and at NAV, outperformed its secondary composite benchmark (50% Russell 1000 Value, 45% ICE BofAML U.S. High Yield BB-B Rated Constrained Index, 5% ICE BofAML Fixed Rate Preferreds Securities Index) during the fiscal year ended October 31, 2025. 

* All three asset classes in which the Fund invests posted positive returns during the fiscal year, with common equity fairing best. The S&P 500<sup>®</sup> Index returned 21.45%, driven largely by the technology sector, which benefitted from continued artificial intelligence narratives throughout much of the period. High yield corporate credit and preferred equities lagged the strong returns of the S&P 500<sup>®</sup> Index for the fiscal year. 

* The Fund's common equity sleeve outperformed the S&P 500<sup>®</sup> Index. However, while the Fund's allocations to both preferred equity and corporate credit generated positive returns on an absolute basis, those allocations detracted from performance relative to the Fund's all-equity primary benchmark.

* At the sector level within equities, financials and industrials contributed the most to benchmark relative performance. Positive security selection in both sectors drove the relative performance. Conversely, the consumer discretionary and real estate sectors detracted the most from performance. Within consumer discretionary, negative security selection and an underweight allocation detracted from performance. In real estate, the overweight allocation to a lagging sector drove the underperformance.

* During the fiscal year, the Fund reduced its corporate credit allocation in favor of relatively more attractive opportunities in common equities.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC 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 Multi-Asset Income

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g32i24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **S&P 500<sup>®</sup> Index** | **Transamerica Multi-Asset Income Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9919 | $10030 | $9941 |
| **12/31/2015** | $9769 | $9872 | $9738 |
| **1/31/2016** | $9492 | $9382 | $9432 |
| **2/29/2016** | $9472 | $9369 | $9464 |
| **3/31/2016** | $9843 | $10005 | $9967 |
| **4/30/2016** | $9864 | $10043 | $10226 |
| **5/31/2016** | $9936 | $10224 | $10328 |
| **6/30/2016** | $10003 | $10250 | $10419 |
| **7/31/2016** | $10264 | $10628 | $10693 |
| **8/31/2016** | $10327 | $10643 | $10834 |
| **9/30/2016** | $10296 | $10645 | $10841 |
| **10/31/2016** | $10138 | $10451 | $10762 |
| **11/30/2016** | $10244 | $10838 | $11023 |
| **12/31/2016** | $10415 | $11052 | $11245 |
| **1/31/2017** | $10564 | $11262 | $11358 |
| **2/28/2017** | $10776 | $11709 | $11638 |
| **3/31/2017** | $10830 | $11723 | $11574 |
| **4/30/2017** | $10948 | $11843 | $11636 |
| **5/31/2017** | $10958 | $12010 | $11678 |
| **6/30/2017** | $11070 | $12085 | $11787 |
| **7/31/2017** | $11167 | $12333 | $11925 |
| **8/31/2017** | $11221 | $12371 | $11863 |
| **10/31/2017** | $11527 | $12921 | $12152 |
| **11/30/2017** | $11702 | $13317 | $12324 |
| **12/31/2017** | $11837 | $13465 | $12426 |
| **1/31/2018** | $12125 | $14236 | $12678 |
| **2/28/2018** | $11882 | $13711 | $12323 |
| **3/31/2018** | $11688 | $13363 | $12186 |
| **4/30/2018** | $11777 | $13414 | $12232 |
| **5/31/2018** | $11867 | $13737 | $12266 |
| **6/30/2018** | $11853 | $13822 | $12299 |
| **7/31/2018** | $12146 | $14336 | $12604 |
| **8/31/2018** | $12327 | $14803 | $12747 |
| **9/30/2018** | $12369 | $14887 | $12782 |
| **10/31/2018** | $11925 | $13870 | $12357 |
| **11/30/2018** | $12005 | $14153 | $12497 |
| **12/31/2018** | $11431 | $12875 | $11785 |
| **1/31/2019** | $11910 | $13906 | $12512 |
| **2/28/2019** | $12143 | $14353 | $12816 |
| **3/31/2019** | $12343 | $14632 | $12928 |
| **4/30/2019** | $12661 | $15224 | $13239 |
| **5/31/2019** | $12202 | $14257 | $12754 |
| **6/30/2019** | $12685 | $15262 | $13370 |
| **7/31/2019** | $12863 | $15481 | $13471 |
| **8/31/2019** | $12863 | $15236 | $13323 |
| **9/30/2019** | $13120 | $15521 | $13586 |
| **10/31/2019** | $13360 | $15857 | $13706 |
| **11/30/2019** | $13516 | $16433 | $13953 |
| **12/31/2019** | $13783 | $16928 | $14258 |
| **1/31/2020** | $13735 | $16922 | $14115 |
| **2/29/2020** | $13068 | $15529 | $13321 |
| **3/31/2020** | $11281 | $13611 | $11494 |
| **4/30/2020** | $12201 | $15356 | $12392 |
| **5/31/2020** | $12790 | $16087 | $12855 |
| **6/30/2020** | $13031 | $16407 | $12847 |
| **7/31/2020** | $13590 | $17332 | $13406 |
| **8/31/2020** | $14136 | $18578 | $13740 |
| **9/30/2020** | $13873 | $17872 | $13490 |
| **10/31/2020** | $13798 | $17397 | $13433 |
| **11/30/2020** | $14964 | $19301 | $14566 |
| **12/31/2020** | $15383 | $20043 | $14963 |
| **1/31/2021** | $15484 | $19841 | $14890 |
| **2/28/2021** | $15649 | $20388 | $15342 |
| **3/31/2021** | $16148 | $21281 | $15808 |
| **4/30/2021** | $16672 | $22416 | $16210 |
| **5/31/2021** | $16914 | $22573 | $16418 |
| **6/30/2021** | $17039 | $23100 | $16429 |
| **7/31/2021** | $17270 | $23649 | $16529 |
| **8/31/2021** | $17502 | $24368 | $16734 |
| **9/30/2021** | $17088 | $23234 | $16439 |
| **10/31/2021** | $17633 | $24862 | $16842 |
| **11/30/2021** | $17464 | $24690 | $16456 |
| **12/31/2021** | $18150 | $25797 | $17132 |
| **1/31/2022** | $17885 | $24462 | $16689 |
| **2/28/2022** | $17540 | $23729 | $16498 |
| **3/31/2022** | $17627 | $24610 | $16658 |
| **4/30/2022** | $16902 | $22464 | $15873 |
| **5/31/2022** | $17037 | $22505 | $16089 |
| **6/30/2022** | $15775 | $20648 | $14865 |
| **7/31/2022** | $16736 | $22552 | $15814 |
| **8/31/2022** | $16315 | $21632 | $15359 |
| **9/30/2022** | $15293 | $19640 | $14391 |
| **10/31/2022** | $16195 | $21230 | $15308 |
| **11/30/2022** | $16809 | $22416 | $15960 |
| **12/31/2022** | $16302 | $21125 | $15569 |
| **1/31/2023** | $16982 | $22452 | $16298 |
| **2/28/2023** | $16584 | $21904 | $15886 |
| **3/31/2023** | $16624 | $22708 | $15925 |
| **4/30/2023** | $16767 | $23063 | $16117 |
| **5/31/2023** | $16454 | $23163 | $15726 |
| **6/30/2023** | $17111 | $24693 | $16355 |
| **7/31/2023** | $17522 | $25487 | $16749 |
| **8/31/2023** | $17292 | $25081 | $16528 |
| **9/30/2023** | $16861 | $23885 | $16105 |
| **10/31/2023** | $16481 | $23383 | $15724 |
| **11/30/2023** | $17338 | $25518 | $16700 |
| **12/31/2023** | $18006 | $26678 | $17442 |
| **1/31/2024** | $18121 | $27126 | $17481 |
| **2/29/2024** | $18406 | $28574 | $17814 |
| **3/31/2024** | $18893 | $29494 | $18362 |
| **4/30/2024** | $18494 | $28289 | $17870 |
| **5/31/2024** | $18974 | $29692 | $18258 |
| **6/30/2024** | $19331 | $30757 | $18264 |
| **7/31/2024** | $19682 | $31132 | $18870 |
| **8/31/2024** | $20114 | $31887 | $19280 |
| **9/30/2024** | $20434 | $32568 | $19536 |
| **10/31/2024** | $20363 | $32272 | $19355 |
| **11/30/2024** | $20881 | $34167 | $20063 |
| **12/31/2024** | $20654 | $33352 | $19314 |
| **1/31/2025** | $21095 | $34281 | $19884 |
| **2/28/2025** | $21179 | $33834 | $19996 |
| **3/31/2025** | $20616 | $31928 | $19625 |
| **4/30/2025** | $20471 | $31711 | $19319 |
| **5/31/2025** | $21141 | $33707 | $19794 |
| **6/30/2025** | $21940 | $35421 | $20316 |
| **7/31/2025** | $22269 | $36216 | $20415 |
| **8/31/2025** | $22647 | $36950 | $20859 |
| **9/30/2025** | $23245 | $38299 | $21109 |
| **10/31/2025** | $23508 | $39196 | $21181 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CX4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 15.45% | 11.24% | 8.92% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |
| Transamerica Multi-Asset Income Blended Benchmark<sup>Footnote Reference(b)</sup> | 9.44% | 9.54% | 7.79% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Multi-Asset Income Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) and 40% ICE BofAML U.S. High Yield BB-B Rated Constrained Index (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 | $835391869 |
| Number of Portfolio Holdings | 197 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4305902 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 57.6% |
| Corporate Debt Securities | 36.9 |
| Preferred Stocks | 4.1 |
| Other Investment Company | 3.1 |
| Repurchase Agreements | 0.4 |
| U.S. Government Obligations | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.4) |

---

---

| | |
|:---|:---|
| 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 Multi-Asset Income

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Alphabet, Inc., Class C | 3.8% |
| Microsoft Corp. | 2.9 |
| Broadcom, Inc. | 2.6 |
| Apple, Inc. | 2.4 |
| International Business Machines Corp. | 2.4 |
| Goldman Sachs Group, Inc. | 2.3 |
| NVIDIA Corp. | 2.1 |
| Blackrock, Inc. | 1.9 |
| AbbVie, Inc. | 1.6 |
| Merck & Co., Inc. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Multi-Asset Income

Class I2

![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class A

## IBALX
October 31, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This 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 | $101 | 0.95% |

---

## 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 13.41%. For the same period, the Fund's broad-based equity benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The Fund's broad-based fixed-income benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

* For the fiscal year ended October 31, 2025, performance of the equity portion of the Fund (the "Equity Sleeve") relative to the S&P 500 Index was largely driven by technology and artificial intelligence-related stocks.

* Within the Fund's Equity Sleeve, stock selection in the media and health services & systems sectors detracted from performance, while the financial services and REITs sectors contributed to performance.

* Overweight allocations to Howmet Aerospace, the U.S.-based aerospace company, and Seagate Technology Holdings, an American data storage company, contributed positively to relative returns.

* An underweight position in Palantir, the U.S. defense software company, negatively impacted returns, as did an overweight position in NXP Semiconductors, a designer and manufacturer of semiconductors.

* For the fiscal year ended October 31, 2025, performance for the fixed-income portion of the Fund (the "Fixed-Income Sleeve") was driven by an overweight to credit compared to the Bloomberg US Aggregate Bond Index. This positioning contributed to relative returns as it generated additional yield.

* While overall duration positioning was managed relatively in line with the Fixed-Income Benchmark, overweight Fund positioning around the 5- to 10-year portion of the curve benefited relative performance.

* Credit spread and other price-related impacts detracted from returns.

* At a sector level, selection within investment grade corporate credit, an underweight allocation to government securities and a modest off benchmark allocation to high yield corporate credit were the largest contributors to returns.

* Selection in government securities detracted given the Fund's allocation to longer-duration Treasury securities in an effort to achieve desired overall duration positioning. Positioning in agency residential mortgage-backed securities also detracted.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC and J.P. Morgan Investment 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 Multi-Managed Balanced

# Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g21d95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $9449 | $10000 | $10000 |
| **11/30/2015** | $9453 | $10030 | $9974 |
| **12/31/2015** | $9349 | $9872 | $9941 |
| **1/31/2016** | $9079 | $9382 | $10078 |
| **2/29/2016** | $9052 | $9369 | $10150 |
| **3/31/2016** | $9457 | $10005 | $10243 |
| **4/30/2016** | $9504 | $10043 | $10282 |
| **5/31/2016** | $9621 | $10224 | $10285 |
| **6/30/2016** | $9646 | $10250 | $10469 |
| **7/31/2016** | $9916 | $10628 | $10536 |
| **8/31/2016** | $9920 | $10643 | $10524 |
| **9/30/2016** | $9904 | $10645 | $10517 |
| **10/31/2016** | $9786 | $10451 | $10437 |
| **11/30/2016** | $9947 | $10838 | $10190 |
| **12/31/2016** | $10050 | $11052 | $10205 |
| **1/31/2017** | $10196 | $11262 | $10225 |
| **2/28/2017** | $10458 | $11709 | $10293 |
| **3/31/2017** | $10477 | $11723 | $10288 |
| **4/30/2017** | $10577 | $11843 | $10367 |
| **5/31/2017** | $10672 | $12010 | $10447 |
| **6/30/2017** | $10685 | $12085 | $10437 |
| **7/31/2017** | $10836 | $12333 | $10481 |
| **8/31/2017** | $10900 | $12371 | $10575 |
| **9/30/2017** | $11001 | $12626 | $10525 |
| **10/31/2017** | $11145 | $12921 | $10531 |
| **11/30/2017** | $11341 | $13317 | $10518 |
| **12/31/2017** | $11441 | $13465 | $10566 |
| **1/31/2018** | $11760 | $14236 | $10444 |
| **2/28/2018** | $11416 | $13711 | $10345 |
| **3/31/2018** | $11254 | $13363 | $10412 |
| **4/30/2018** | $11221 | $13414 | $10334 |
| **5/31/2018** | $11389 | $13737 | $10408 |
| **6/30/2018** | $11440 | $13822 | $10395 |
| **7/31/2018** | $11716 | $14336 | $10398 |
| **8/31/2018** | $11951 | $14803 | $10464 |
| **9/30/2018** | $11972 | $14887 | $10397 |
| **10/31/2018** | $11374 | $13870 | $10315 |
| **11/30/2018** | $11555 | $14153 | $10377 |
| **12/31/2018** | $10990 | $12875 | $10567 |
| **1/31/2019** | $11564 | $13906 | $10679 |
| **2/28/2019** | $11768 | $14353 | $10673 |
| **3/31/2019** | $11984 | $14632 | $10878 |
| **4/30/2019** | $12291 | $15224 | $10881 |
| **5/31/2019** | $11865 | $14257 | $11074 |
| **6/30/2019** | $12416 | $15262 | $11213 |
| **7/31/2019** | $12523 | $15481 | $11238 |
| **8/31/2019** | $12492 | $15236 | $11529 |
| **9/30/2019** | $12602 | $15521 | $11468 |
| **10/31/2019** | $12799 | $15857 | $11502 |
| **11/30/2019** | $13085 | $16433 | $11496 |
| **12/31/2019** | $13332 | $16928 | $11488 |
| **1/31/2020** | $13448 | $16922 | $11709 |
| **2/29/2020** | $12908 | $15529 | $11920 |
| **3/31/2020** | $11789 | $13611 | $11850 |
| **4/30/2020** | $12839 | $15356 | $12061 |
| **5/31/2020** | $13265 | $16087 | $12117 |
| **6/30/2020** | $13521 | $16407 | $12193 |
| **7/31/2020** | $14087 | $17332 | $12375 |
| **8/31/2020** | $14704 | $18578 | $12275 |
| **9/30/2020** | $14313 | $17872 | $12269 |
| **10/31/2020** | $14048 | $17397 | $12214 |
| **11/30/2020** | $15033 | $19301 | $12334 |
| **12/31/2020** | $15407 | $20043 | $12351 |
| **1/31/2021** | $15295 | $19841 | $12262 |
| **2/28/2021** | $15431 | $20388 | $12085 |
| **3/31/2021** | $15813 | $21281 | $11934 |
| **4/30/2021** | $16415 | $22416 | $12028 |
| **5/31/2021** | $16502 | $22573 | $12068 |
| **6/30/2021** | $16784 | $23100 | $12152 |
| **7/31/2021** | $17094 | $23649 | $12288 |
| **8/31/2021** | $17357 | $24368 | $12265 |
| **9/30/2021** | $16773 | $23234 | $12159 |
| **10/31/2021** | $17532 | $24862 | $12155 |
| **11/30/2021** | $17498 | $24690 | $12191 |
| **12/31/2021** | $17960 | $25797 | $12160 |
| **1/31/2022** | $17281 | $24462 | $11898 |
| **2/28/2022** | $16898 | $23729 | $11765 |
| **3/31/2022** | $17065 | $24610 | $11439 |
| **4/30/2022** | $15908 | $22464 | $11005 |
| **5/31/2022** | $15939 | $22505 | $11075 |
| **6/30/2022** | $15032 | $20648 | $10902 |
| **7/31/2022** | $16015 | $22552 | $11168 |
| **8/31/2022** | $15443 | $21632 | $10853 |
| **9/30/2022** | $14317 | $19640 | $10384 |
| **10/31/2022** | $14865 | $21230 | $10249 |
| **11/30/2022** | $15600 | $22416 | $10626 |
| **12/31/2022** | $14996 | $21125 | $10578 |
| **1/31/2023** | $15765 | $22452 | $10904 |
| **2/28/2023** | $15402 | $21904 | $10622 |
| **3/31/2023** | $15884 | $22708 | $10891 |
| **4/30/2023** | $16082 | $23063 | $10957 |
| **5/31/2023** | $16071 | $23163 | $10838 |
| **6/30/2023** | $16704 | $24693 | $10799 |
| **7/31/2023** | $17037 | $25487 | $10792 |
| **8/31/2023** | $16854 | $25081 | $10723 |
| **9/30/2023** | $16210 | $23885 | $10451 |
| **10/31/2023** | $15907 | $23383 | $10286 |
| **11/30/2023** | $17047 | $25518 | $10751 |
| **12/31/2023** | $17759 | $26678 | $11163 |
| **1/31/2024** | $17943 | $27126 | $11132 |
| **2/29/2024** | $18438 | $28574 | $10975 |
| **3/31/2024** | $18863 | $29494 | $11076 |
| **4/30/2024** | $18238 | $28289 | $10797 |
| **5/31/2024** | $18903 | $29692 | $10980 |
| **6/30/2024** | $19411 | $30757 | $11084 |
| **7/31/2024** | $19652 | $31132 | $11342 |
| **8/31/2024** | $20072 | $31887 | $11505 |
| **9/30/2024** | $20404 | $32568 | $11660 |
| **10/31/2024** | $20117 | $32272 | $11370 |
| **11/30/2024** | $20832 | $34167 | $11491 |
| **12/31/2024** | $20335 | $33352 | $11303 |
| **1/31/2025** | $20635 | $34281 | $11362 |
| **2/28/2025** | $20659 | $33834 | $11612 |
| **3/31/2025** | $19933 | $31928 | $11617 |
| **4/30/2025** | $19861 | $31711 | $11663 |
| **5/31/2025** | $20572 | $33707 | $11579 |
| **6/30/2025** | $21368 | $35421 | $11757 |
| **7/31/2025** | $21634 | $36216 | $11726 |
| **8/31/2025** | $21991 | $36950 | $11866 |
| **9/30/2025** | $22505 | $38299 | $11996 |
| **10/31/2025** | $22814 | $39196 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDK1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 7.17% | 8.94% | 8.60% |
| Class A | 13.41% | 10.18% | 9.22% |
| 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 | $1514511181 |
| Number of Portfolio Holdings | 669 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8244307 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.05 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Multi-Managed Balanced

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 20.7% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.7 |
| BBB | 8.1 |
| BB | 1.2 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.9% |
| Corporate Debt Securities | 12.8 |
| U.S. Government Obligations | 11.2 |
| U.S. Government Agency Obligations | 9.5 |
| Commercial Paper | 6.5 |
| Mortgage-Backed Securities | 2.3 |
| Short-Term U.S. Government Obligations | 1.7 |
| Asset-Backed Securities | 1.6 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.3 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.1) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.5% |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Amazon.com, Inc. | 2.7 |
| Broadcom, Inc. | 1.8 |
| Alphabet, Inc., Class A | 1.8 |
| Meta Platforms, Inc., Class A | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.6 |
| Tesla, Inc. | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 1.2 |

---

# Transamerica Multi-Managed Balanced
Class A

## 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](g66697g70e46.jpg)

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

# Transamerica Multi-Managed Balanced

# Class A
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class C

## IBLLX
October 31, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This 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 | $182 | 1.71% |

---

## 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 12.58%. For the same period, the Fund's broad-based equity benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The Fund's broad-based fixed-income benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

* For the fiscal year ended October 31, 2025, performance of the equity portion of the Fund (the "Equity Sleeve") relative to the S&P 500 Index was largely driven by technology and artificial intelligence-related stocks.

* Within the Fund's Equity Sleeve, stock selection in the media and health services & systems sectors detracted from performance, while the financial services and REITs sectors contributed to performance.

* Overweight allocations to Howmet Aerospace, the U.S.-based aerospace company, and Seagate Technology Holdings, an American data storage company, contributed positively to relative returns.

* An underweight position in Palantir, the U.S. defense software company, negatively impacted returns, as did an overweight position in NXP Semiconductors, a designer and manufacturer of semiconductors.

* For the fiscal year ended October 31, 2025, performance for the fixed-income portion of the Fund (the "Fixed-Income Sleeve") was driven by an overweight to credit compared to the Bloomberg US Aggregate Bond Index. This positioning contributed to relative returns as it generated additional yield.

* While overall duration positioning was managed relatively in line with the Fixed-Income Benchmark, overweight Fund positioning around the 5- to 10-year portion of the curve benefited relative performance.

* Credit spread and other price-related impacts detracted from returns.

* At a sector level, selection within investment grade corporate credit, an underweight allocation to government securities and a modest off benchmark allocation to high yield corporate credit were the largest contributors to returns.

* Selection in government securities detracted given the Fund's allocation to longer-duration Treasury securities in an effort to achieve desired overall duration positioning. Positioning in agency residential mortgage-backed securities also detracted.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC and J.P. Morgan Investment 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 Multi-Managed Balanced

# Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g07s13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10000 | $10030 | $9974 |
| **12/31/2015** | $9884 | $9872 | $9941 |
| **1/31/2016** | $9594 | $9382 | $10078 |
| **2/29/2016** | $9560 | $9369 | $10150 |
| **3/31/2016** | $9978 | $10005 | $10243 |
| **4/30/2016** | $10025 | $10043 | $10282 |
| **5/31/2016** | $10142 | $10224 | $10285 |
| **6/30/2016** | $10162 | $10250 | $10469 |
| **7/31/2016** | $10439 | $10628 | $10536 |
| **8/31/2016** | $10435 | $10643 | $10524 |
| **9/30/2016** | $10414 | $10645 | $10517 |
| **10/31/2016** | $10284 | $10451 | $10437 |
| **11/30/2016** | $10444 | $10838 | $10190 |
| **12/31/2016** | $10550 | $11052 | $10205 |
| **1/31/2017** | $10694 | $11262 | $10225 |
| **2/28/2017** | $10964 | $11709 | $10293 |
| **3/31/2017** | $10973 | $11723 | $10288 |
| **4/30/2017** | $11071 | $11843 | $10367 |
| **5/31/2017** | $11164 | $12010 | $10447 |
| **6/30/2017** | $11173 | $12085 | $10437 |
| **7/31/2017** | $11321 | $12333 | $10481 |
| **8/31/2017** | $11381 | $12371 | $10575 |
| **9/30/2017** | $11478 | $12626 | $10525 |
| **10/31/2017** | $11623 | $12921 | $10531 |
| **11/30/2017** | $11822 | $13317 | $10518 |
| **12/31/2017** | $11915 | $13465 | $10566 |
| **1/31/2018** | $12240 | $14236 | $10444 |
| **2/28/2018** | $11876 | $13711 | $10345 |
| **3/31/2018** | $11698 | $13363 | $10412 |
| **4/30/2018** | $11659 | $13414 | $10334 |
| **5/31/2018** | $11824 | $13737 | $10408 |
| **6/30/2018** | $11869 | $13822 | $10395 |
| **7/31/2018** | $12147 | $14336 | $10398 |
| **8/31/2018** | $12382 | $14803 | $10464 |
| **9/30/2018** | $12399 | $14887 | $10397 |
| **10/31/2018** | $11767 | $13870 | $10315 |
| **11/30/2018** | $11950 | $14153 | $10377 |
| **12/31/2018** | $11358 | $12875 | $10567 |
| **1/31/2019** | $11944 | $13906 | $10679 |
| **2/28/2019** | $12149 | $14353 | $10673 |
| **3/31/2019** | $12359 | $14632 | $10878 |
| **4/30/2019** | $12672 | $15224 | $10881 |
| **5/31/2019** | $12224 | $14257 | $11074 |
| **6/30/2019** | $12784 | $15262 | $11213 |
| **7/31/2019** | $12887 | $15481 | $11238 |
| **8/31/2019** | $12845 | $15236 | $11529 |
| **9/30/2019** | $12951 | $15521 | $11468 |
| **10/31/2019** | $13147 | $15857 | $11502 |
| **11/30/2019** | $13428 | $16433 | $11496 |
| **12/31/2019** | $13677 | $16928 | $11488 |
| **1/31/2020** | $13783 | $16922 | $11709 |
| **2/29/2020** | $13228 | $15529 | $11920 |
| **3/31/2020** | $12070 | $13611 | $11850 |
| **4/30/2020** | $13137 | $15356 | $12061 |
| **5/31/2020** | $13566 | $16087 | $12117 |
| **6/30/2020** | $13814 | $16407 | $12193 |
| **7/31/2020** | $14384 | $17332 | $12375 |
| **8/31/2020** | $15003 | $18578 | $12275 |
| **9/30/2020** | $14597 | $17872 | $12269 |
| **10/31/2020** | $14317 | $17397 | $12214 |
| **11/30/2020** | $15312 | $19301 | $12334 |
| **12/31/2020** | $15683 | $20043 | $12351 |
| **1/31/2021** | $15562 | $19841 | $12262 |
| **2/28/2021** | $15688 | $20388 | $12085 |
| **3/31/2021** | $16070 | $21281 | $11934 |
| **4/30/2021** | $16669 | $22416 | $12028 |
| **5/31/2021** | $16744 | $22573 | $12068 |
| **6/30/2021** | $17021 | $23100 | $12152 |
| **7/31/2021** | $17323 | $23649 | $12288 |
| **8/31/2021** | $17580 | $24368 | $12265 |
| **9/30/2021** | $16976 | $23234 | $12159 |
| **10/31/2021** | $17736 | $24862 | $12155 |
| **11/30/2021** | $17690 | $24690 | $12191 |
| **12/31/2021** | $18143 | $25797 | $12160 |
| **1/31/2022** | $17452 | $24462 | $11898 |
| **2/28/2022** | $17050 | $23729 | $11765 |
| **3/31/2022** | $17211 | $24610 | $11439 |
| **4/30/2022** | $16033 | $22464 | $11005 |
| **5/31/2022** | $16054 | $22505 | $11075 |
| **6/30/2022** | $15129 | $20648 | $10902 |
| **7/31/2022** | $16110 | $22552 | $11168 |
| **8/31/2022** | $15526 | $21632 | $10853 |
| **9/30/2022** | $14384 | $19640 | $10384 |
| **10/31/2022** | $14926 | $21230 | $10249 |
| **11/30/2022** | $15650 | $22416 | $10626 |
| **12/31/2022** | $15038 | $21125 | $10578 |
| **1/31/2023** | $15800 | $22452 | $10904 |
| **2/28/2023** | $15427 | $21904 | $10622 |
| **3/31/2023** | $15896 | $22708 | $10891 |
| **4/30/2023** | $16088 | $23063 | $10957 |
| **5/31/2023** | $16066 | $23163 | $10838 |
| **6/30/2023** | $16688 | $24693 | $10799 |
| **7/31/2023** | $17013 | $25487 | $10792 |
| **8/31/2023** | $16815 | $25081 | $10723 |
| **9/30/2023** | $16167 | $23885 | $10451 |
| **10/31/2023** | $15853 | $23383 | $10286 |
| **11/30/2023** | $16978 | $25518 | $10751 |
| **12/31/2023** | $17679 | $26678 | $11163 |
| **1/31/2024** | $17849 | $27126 | $11132 |
| **2/29/2024** | $18326 | $28574 | $10975 |
| **3/31/2024** | $18736 | $29494 | $11076 |
| **4/30/2024** | $18105 | $28289 | $10797 |
| **5/31/2024** | $18754 | $29692 | $10980 |
| **6/30/2024** | $19247 | $30757 | $11084 |
| **7/31/2024** | $19474 | $31132 | $11342 |
| **8/31/2024** | $19879 | $31887 | $11505 |
| **9/30/2024** | $20190 | $32568 | $11660 |
| **10/31/2024** | $19893 | $32272 | $11370 |
| **11/30/2024** | $20596 | $34167 | $11491 |
| **12/31/2024** | $20087 | $33352 | $11303 |
| **1/31/2025** | $20367 | $34281 | $11362 |
| **2/28/2025** | $20379 | $33834 | $11612 |
| **3/31/2025** | $19653 | $31928 | $11617 |
| **4/30/2025** | $19574 | $31711 | $11663 |
| **5/31/2025** | $20258 | $33707 | $11579 |
| **6/30/2025** | $21031 | $35421 | $11757 |
| **7/31/2025** | $21281 | $36216 | $11726 |
| **8/31/2025** | $21612 | $36950 | $11866 |
| **9/30/2025** | $22107 | $38299 | $11996 |
| **10/31/2025** | $22395 | $39196 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDK3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 11.58% | 9.36% | 8.40% |
| Class C | 12.58% | 9.36% | 8.40% |
| 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 | $1514511181 |
| Number of Portfolio Holdings | 669 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8244307 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.05 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Multi-Managed Balanced

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 20.7% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.7 |
| BBB | 8.1 |
| BB | 1.2 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.9% |
| Corporate Debt Securities | 12.8 |
| U.S. Government Obligations | 11.2 |
| U.S. Government Agency Obligations | 9.5 |
| Commercial Paper | 6.5 |
| Mortgage-Backed Securities | 2.3 |
| Short-Term U.S. Government Obligations | 1.7 |
| Asset-Backed Securities | 1.6 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.3 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.1) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.5% |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Amazon.com, Inc. | 2.7 |
| Broadcom, Inc. | 1.8 |
| Alphabet, Inc., Class A | 1.8 |
| Meta Platforms, Inc., Class A | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.6 |
| Tesla, Inc. | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 1.2 |

---

# Transamerica Multi-Managed Balanced
Class C

## 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](g66697g70e46.jpg)

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

# Transamerica Multi-Managed Balanced

# Class C
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class I

## TBLIX
October 31, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This 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 | $79 | 0.74% |

---

## 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 13.65%. For the same period, the Fund's broad-based equity benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The Fund's broad-based fixed-income benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

* For the fiscal year ended October 31, 2025, performance of the equity portion of the Fund (the "Equity Sleeve") relative to the S&P 500 Index was largely driven by technology and artificial intelligence-related stocks.

* Within the Fund's Equity Sleeve, stock selection in the media and health services & systems sectors detracted from performance, while the financial services and REITs sectors contributed to performance.

* Overweight allocations to Howmet Aerospace, the U.S.-based aerospace company, and Seagate Technology Holdings, an American data storage company, contributed positively to relative returns.

* An underweight position in Palantir, the U.S. defense software company, negatively impacted returns, as did an overweight position in NXP Semiconductors, a designer and manufacturer of semiconductors.

* For the fiscal year ended October 31, 2025, performance for the fixed-income portion of the Fund (the "Fixed-Income Sleeve") was driven by an overweight to credit compared to the Bloomberg US Aggregate Bond Index. This positioning contributed to relative returns as it generated additional yield.

* While overall duration positioning was managed relatively in line with the Fixed-Income Benchmark, overweight Fund positioning around the 5- to 10-year portion of the curve benefited relative performance.

* Credit spread and other price-related impacts detracted from returns.

* At a sector level, selection within investment grade corporate credit, an underweight allocation to government securities and a modest off benchmark allocation to high yield corporate credit were the largest contributors to returns.

* Selection in government securities detracted given the Fund's allocation to longer-duration Treasury securities in an effort to achieve desired overall duration positioning. Positioning in agency residential mortgage-backed securities also detracted.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC and J.P. Morgan Investment 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 Multi-Managed Balanced

# Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g90q03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10008 | $10030 | $9974 |
| **12/31/2015** | $9897 | $9872 | $9941 |
| **1/31/2016** | $9613 | $9382 | $10078 |
| **2/29/2016** | $9588 | $9369 | $10150 |
| **3/31/2016** | $10017 | $10005 | $10243 |
| **4/30/2016** | $10075 | $10043 | $10282 |
| **5/31/2016** | $10198 | $10224 | $10285 |
| **6/30/2016** | $10226 | $10250 | $10469 |
| **7/31/2016** | $10512 | $10628 | $10536 |
| **8/31/2016** | $10520 | $10643 | $10524 |
| **9/30/2016** | $10503 | $10645 | $10517 |
| **10/31/2016** | $10383 | $10451 | $10437 |
| **11/30/2016** | $10553 | $10838 | $10190 |
| **12/31/2016** | $10667 | $11052 | $10205 |
| **1/31/2017** | $10822 | $11262 | $10225 |
| **2/28/2017** | $11106 | $11709 | $10293 |
| **3/31/2017** | $11124 | $11723 | $10288 |
| **4/30/2017** | $11233 | $11843 | $10367 |
| **5/31/2017** | $11334 | $12010 | $10447 |
| **6/30/2017** | $11353 | $12085 | $10437 |
| **7/31/2017** | $11513 | $12333 | $10481 |
| **8/31/2017** | $11585 | $12371 | $10575 |
| **9/30/2017** | $11694 | $12626 | $10525 |
| **10/31/2017** | $11850 | $12921 | $10531 |
| **11/30/2017** | $12061 | $13317 | $10518 |
| **12/31/2017** | $12170 | $13465 | $10566 |
| **1/31/2018** | $12508 | $14236 | $10444 |
| **2/28/2018** | $12148 | $13711 | $10345 |
| **3/31/2018** | $11974 | $13363 | $10412 |
| **4/30/2018** | $11944 | $13414 | $10334 |
| **5/31/2018** | $12126 | $13737 | $10408 |
| **6/30/2018** | $12182 | $13822 | $10395 |
| **7/31/2018** | $12475 | $14336 | $10398 |
| **8/31/2018** | $12728 | $14803 | $10464 |
| **9/30/2018** | $12757 | $14887 | $10397 |
| **10/31/2018** | $12118 | $13870 | $10315 |
| **11/30/2018** | $12315 | $14153 | $10377 |
| **12/31/2018** | $11713 | $12875 | $10567 |
| **1/31/2019** | $12327 | $13906 | $10679 |
| **2/28/2019** | $12548 | $14353 | $10673 |
| **3/31/2019** | $12779 | $14632 | $10878 |
| **4/30/2019** | $13109 | $15224 | $10881 |
| **5/31/2019** | $12657 | $14257 | $11074 |
| **6/30/2019** | $13250 | $15262 | $11213 |
| **7/31/2019** | $13368 | $15481 | $11238 |
| **8/31/2019** | $13335 | $15236 | $11529 |
| **9/30/2019** | $13455 | $15521 | $11468 |
| **10/31/2019** | $13668 | $15857 | $11502 |
| **11/30/2019** | $13976 | $16433 | $11496 |
| **12/31/2019** | $14242 | $16928 | $11488 |
| **1/31/2020** | $14369 | $16922 | $11709 |
| **2/29/2020** | $13796 | $15529 | $11920 |
| **3/31/2020** | $12600 | $13611 | $11850 |
| **4/30/2020** | $13722 | $15356 | $12061 |
| **5/31/2020** | $14184 | $16087 | $12117 |
| **6/30/2020** | $14455 | $16407 | $12193 |
| **7/31/2020** | $15066 | $17332 | $12375 |
| **8/31/2020** | $15727 | $18578 | $12275 |
| **9/30/2020** | $15315 | $17872 | $12269 |
| **10/31/2020** | $15033 | $17397 | $12214 |
| **11/30/2020** | $16092 | $19301 | $12334 |
| **12/31/2020** | $16493 | $20043 | $12351 |
| **1/31/2021** | $16374 | $19841 | $12262 |
| **2/28/2021** | $16524 | $20388 | $12085 |
| **3/31/2021** | $16934 | $21281 | $11934 |
| **4/30/2021** | $17580 | $22416 | $12028 |
| **5/31/2021** | $17678 | $22573 | $12068 |
| **6/30/2021** | $17982 | $23100 | $12152 |
| **7/31/2021** | $18318 | $23649 | $12288 |
| **8/31/2021** | $18603 | $24368 | $12265 |
| **9/30/2021** | $17980 | $23234 | $12159 |
| **10/31/2021** | $18800 | $24862 | $12155 |
| **11/30/2021** | $18764 | $24690 | $12191 |
| **12/31/2021** | $19267 | $25797 | $12160 |
| **1/31/2022** | $18543 | $24462 | $11898 |
| **2/28/2022** | $18134 | $23729 | $11765 |
| **3/31/2022** | $18316 | $24610 | $11439 |
| **4/30/2022** | $17093 | $22464 | $11005 |
| **5/31/2022** | $17131 | $22505 | $11075 |
| **6/30/2022** | $16161 | $20648 | $10902 |
| **7/31/2022** | $17216 | $22552 | $11168 |
| **8/31/2022** | $16611 | $21632 | $10853 |
| **9/30/2022** | $15396 | $19640 | $10384 |
| **10/31/2022** | $15993 | $21230 | $10249 |
| **11/30/2022** | $16786 | $22416 | $10626 |
| **12/31/2022** | $16143 | $21125 | $10578 |
| **1/31/2023** | $16971 | $22452 | $10904 |
| **2/28/2023** | $16588 | $21904 | $10622 |
| **3/31/2023** | $17102 | $22708 | $10891 |
| **4/30/2023** | $17320 | $23063 | $10957 |
| **5/31/2023** | $17314 | $23163 | $10838 |
| **6/30/2023** | $18002 | $24693 | $10799 |
| **7/31/2023** | $18365 | $25487 | $10792 |
| **8/31/2023** | $18169 | $25081 | $10723 |
| **9/30/2023** | $17476 | $23885 | $10451 |
| **10/31/2023** | $17152 | $23383 | $10286 |
| **11/30/2023** | $18385 | $25518 | $10751 |
| **12/31/2023** | $19159 | $26678 | $11163 |
| **1/31/2024** | $19362 | $27126 | $11132 |
| **2/29/2024** | $19893 | $28574 | $10975 |
| **3/31/2024** | $20360 | $29494 | $11076 |
| **4/30/2024** | $19689 | $28289 | $10797 |
| **5/31/2024** | $20407 | $29692 | $10980 |
| **6/30/2024** | $20958 | $30757 | $11084 |
| **7/31/2024** | $21229 | $31132 | $11342 |
| **8/31/2024** | $21680 | $31887 | $11505 |
| **9/30/2024** | $22041 | $32568 | $11660 |
| **10/31/2024** | $21739 | $32272 | $11370 |
| **11/30/2024** | $22519 | $34167 | $11491 |
| **12/31/2024** | $21978 | $33352 | $11303 |
| **1/31/2025** | $22307 | $34281 | $11362 |
| **2/28/2025** | $22339 | $33834 | $11612 |
| **3/31/2025** | $21558 | $31928 | $11617 |
| **4/30/2025** | $21487 | $31711 | $11663 |
| **5/31/2025** | $22257 | $33707 | $11579 |
| **6/30/2025** | $23125 | $35421 | $11757 |
| **7/31/2025** | $23417 | $36216 | $11726 |
| **8/31/2025** | $23808 | $36950 | $11866 |
| **9/30/2025** | $24366 | $38299 | $11996 |
| **10/31/2025** | $24705 | $39196 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDK8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 13.65% | 10.45% | 9.47% |
| 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 | $1514511181 |
| Number of Portfolio Holdings | 669 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8244307 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.05 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Multi-Managed Balanced

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 20.7% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.7 |
| BBB | 8.1 |
| BB | 1.2 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.9% |
| Corporate Debt Securities | 12.8 |
| U.S. Government Obligations | 11.2 |
| U.S. Government Agency Obligations | 9.5 |
| Commercial Paper | 6.5 |
| Mortgage-Backed Securities | 2.3 |
| Short-Term U.S. Government Obligations | 1.7 |
| Asset-Backed Securities | 1.6 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.3 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.1) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.5% |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Amazon.com, Inc. | 2.7 |
| Broadcom, Inc. | 1.8 |
| Alphabet, Inc., Class A | 1.8 |
| Meta Platforms, Inc., Class A | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.6 |
| Tesla, Inc. | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 1.2 |

---

# Transamerica Multi-Managed Balanced
Class I

## 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](g66697g70e46.jpg)

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

# Transamerica Multi-Managed Balanced

# Class I
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class R

## TAAHX
October 31, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This 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 | $129 | 1.21% |

---

## 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 13.14%. For the same period, the Fund's broad-based equity benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The Fund's broad-based fixed-income benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

* For the fiscal year ended October 31, 2025, performance of the equity portion of the Fund (the "Equity Sleeve") relative to the S&P 500 Index was largely driven by technology and artificial intelligence-related stocks.

* Within the Fund's Equity Sleeve, stock selection in the media and health services & systems sectors detracted from performance, while the financial services and REITs sectors contributed to performance.

* Overweight allocations to Howmet Aerospace, the U.S.-based aerospace company, and Seagate Technology Holdings, an American data storage company, contributed positively to relative returns.

* An underweight position in Palantir, the U.S. defense software company, negatively impacted returns, as did an overweight position in NXP Semiconductors, a designer and manufacturer of semiconductors.

* For the fiscal year ended October 31, 2025, performance for the fixed-income portion of the Fund (the "Fixed-Income Sleeve") was driven by an overweight to credit compared to the Bloomberg US Aggregate Bond Index. This positioning contributed to relative returns as it generated additional yield.

* While overall duration positioning was managed relatively in line with the Fixed-Income Benchmark, overweight Fund positioning around the 5- to 10-year portion of the curve benefited relative performance.

* Credit spread and other price-related impacts detracted from returns.

* At a sector level, selection within investment grade corporate credit, an underweight allocation to government securities and a modest off benchmark allocation to high yield corporate credit were the largest contributors to returns.

* Selection in government securities detracted given the Fund's allocation to longer-duration Treasury securities in an effort to achieve desired overall duration positioning. Positioning in agency residential mortgage-backed securities also detracted.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC and J.P. Morgan Investment 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 Multi-Managed Balanced

# Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g31g05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **3/1/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10172 | $10371 | $9722 |
| **4/30/2022** | $9474 | $9467 | $9353 |
| **5/31/2022** | $9492 | $9484 | $9414 |
| **6/30/2022** | $8948 | $8701 | $9266 |
| **7/31/2022** | $9532 | $9504 | $9492 |
| **8/31/2022** | $9189 | $9116 | $9224 |
| **9/30/2022** | $8527 | $8277 | $8826 |
| **10/31/2022** | $8853 | $8947 | $8711 |
| **11/30/2022** | $9288 | $9447 | $9032 |
| **12/31/2022** | $8931 | $8902 | $8991 |
| **1/31/2023** | $9385 | $9462 | $9267 |
| **2/28/2023** | $9169 | $9231 | $9028 |
| **3/31/2023** | $9451 | $9570 | $9257 |
| **4/30/2023** | $9569 | $9719 | $9313 |
| **5/31/2023** | $9562 | $9761 | $9212 |
| **6/30/2023** | $9941 | $10406 | $9179 |
| **7/31/2023** | $10136 | $10741 | $9173 |
| **8/31/2023** | $10024 | $10570 | $9114 |
| **9/30/2023** | $9641 | $10066 | $8882 |
| **10/31/2023** | $9458 | $9854 | $8742 |
| **11/30/2023** | $10135 | $10754 | $9138 |
| **12/31/2023** | $10557 | $11243 | $9488 |
| **1/31/2024** | $10666 | $11431 | $9462 |
| **2/29/2024** | $10953 | $12042 | $9328 |
| **3/31/2024** | $11205 | $12429 | $9414 |
| **4/30/2024** | $10833 | $11922 | $9177 |
| **5/31/2024** | $11225 | $12513 | $9332 |
| **6/30/2024** | $11523 | $12962 | $9420 |
| **7/31/2024** | $11666 | $13120 | $9640 |
| **8/31/2024** | $11913 | $13438 | $9779 |
| **9/30/2024** | $12105 | $13725 | $9910 |
| **10/31/2024** | $11931 | $13600 | $9664 |
| **11/30/2024** | $12356 | $14399 | $9766 |
| **12/31/2024** | $12057 | $14055 | $9607 |
| **1/31/2025** | $12231 | $14447 | $9657 |
| **2/28/2025** | $12242 | $14258 | $9870 |
| **3/31/2025** | $11811 | $13455 | $9874 |
| **4/30/2025** | $11768 | $13364 | $9912 |
| **5/31/2025** | $12186 | $14205 | $9842 |
| **6/30/2025** | $12657 | $14927 | $9993 |
| **7/31/2025** | $12811 | $15262 | $9966 |
| **8/31/2025** | $13019 | $15572 | $10086 |
| **9/30/2025** | $13320 | $16140 | $10196 |
| **10/31/2025** | $13500 | $16518 | $10259 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| IBDK5 | **1 Year** | **Since Inception 3/1/22** |
| Class R | 13.14% | 8.52% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 14.65% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | 0.70% |

---

---

| | |
|:---|:---|
| 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 | $1514511181 |
| Number of Portfolio Holdings | 669 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8244307 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.05 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Multi-Managed Balanced

# Class R

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 20.7% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.7 |
| BBB | 8.1 |
| BB | 1.2 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.9% |
| Corporate Debt Securities | 12.8 |
| U.S. Government Obligations | 11.2 |
| U.S. Government Agency Obligations | 9.5 |
| Commercial Paper | 6.5 |
| Mortgage-Backed Securities | 2.3 |
| Short-Term U.S. Government Obligations | 1.7 |
| Asset-Backed Securities | 1.6 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.3 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.1) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.5% |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Amazon.com, Inc. | 2.7 |
| Broadcom, Inc. | 1.8 |
| Alphabet, Inc., Class A | 1.8 |
| Meta Platforms, Inc., Class A | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.6 |
| Tesla, Inc. | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 1.2 |

---

# Transamerica Multi-Managed Balanced
Class R

## 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](g66697g70e46.jpg)

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

# Transamerica Multi-Managed Balanced

# Class R
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Multi-Managed Balanced

# Class R6

## TAMMX
October 31, 2025

## Fund Overview
Transamerica Multi-Managed Balanced (the "Fund") seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments. This 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 R6 | $68 | 0.64% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 13.78%. For the same period, the Fund's broad-based equity benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The Fund's broad-based fixed-income benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

* For the fiscal year ended October 31, 2025, performance of the equity portion of the Fund (the "Equity Sleeve") relative to the S&P 500 Index was largely driven by technology and artificial intelligence-related stocks.

* Within the Fund's Equity Sleeve, stock selection in the media and health services & systems sectors detracted from performance, while the financial services and REITs sectors contributed to performance.

* Overweight allocations to Howmet Aerospace, the U.S.-based aerospace company, and Seagate Technology Holdings, an American data storage company, contributed positively to relative returns.

* An underweight position in Palantir, the U.S. defense software company, negatively impacted returns, as did an overweight position in NXP Semiconductors, a designer and manufacturer of semiconductors.

* For the fiscal year ended October 31, 2025, performance for the fixed-income portion of the Fund (the "Fixed-Income Sleeve") was driven by an overweight to credit compared to the Bloomberg US Aggregate Bond Index. This positioning contributed to relative returns as it generated additional yield.

* While overall duration positioning was managed relatively in line with the Fixed-Income Benchmark, overweight Fund positioning around the 5- to 10-year portion of the curve benefited relative performance.

* Credit spread and other price-related impacts detracted from returns.

* At a sector level, selection within investment grade corporate credit, an underweight allocation to government securities and a modest off benchmark allocation to high yield corporate credit were the largest contributors to returns.

* Selection in government securities detracted given the Fund's allocation to longer-duration Treasury securities in an effort to achieve desired overall duration positioning. Positioning in agency residential mortgage-backed securities also detracted.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC and J.P. Morgan Investment 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 Multi-Managed Balanced

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g86t09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10012 | $10030 | $9974 |
| **12/31/2015** | $9899 | $9872 | $9941 |
| **1/31/2016** | $9623 | $9382 | $10078 |
| **2/29/2016** | $9595 | $9369 | $10150 |
| **3/31/2016** | $10026 | $10005 | $10243 |
| **4/30/2016** | $10084 | $10043 | $10282 |
| **5/31/2016** | $10208 | $10224 | $10285 |
| **6/30/2016** | $10238 | $10250 | $10469 |
| **7/31/2016** | $10524 | $10628 | $10536 |
| **8/31/2016** | $10533 | $10643 | $10524 |
| **9/30/2016** | $10519 | $10645 | $10517 |
| **10/31/2016** | $10399 | $10451 | $10437 |
| **11/30/2016** | $10573 | $10838 | $10190 |
| **12/31/2016** | $10686 | $11052 | $10205 |
| **1/31/2017** | $10845 | $11262 | $10225 |
| **2/28/2017** | $11126 | $11709 | $10293 |
| **3/31/2017** | $11151 | $11723 | $10288 |
| **4/30/2017** | $11256 | $11843 | $10367 |
| **5/31/2017** | $11361 | $12010 | $10447 |
| **6/30/2017** | $11379 | $12085 | $10437 |
| **7/31/2017** | $11544 | $12333 | $10481 |
| **8/31/2017** | $11616 | $12371 | $10575 |
| **9/30/2017** | $11724 | $12626 | $10525 |
| **10/31/2017** | $11880 | $12921 | $10531 |
| **11/30/2017** | $12097 | $13317 | $10518 |
| **12/31/2017** | $12204 | $13465 | $10566 |
| **1/31/2018** | $12548 | $14236 | $10444 |
| **2/28/2018** | $12183 | $13711 | $10345 |
| **3/31/2018** | $12012 | $13363 | $10412 |
| **4/30/2018** | $11985 | $13414 | $10334 |
| **5/31/2018** | $12169 | $13737 | $10408 |
| **6/30/2018** | $12224 | $13822 | $10395 |
| **7/31/2018** | $12521 | $14336 | $10398 |
| **8/31/2018** | $12775 | $14803 | $10464 |
| **9/30/2018** | $12804 | $14887 | $10397 |
| **10/31/2018** | $12162 | $13870 | $10315 |
| **11/30/2018** | $12364 | $14153 | $10377 |
| **12/31/2018** | $11759 | $12875 | $10567 |
| **1/31/2019** | $12380 | $13906 | $10679 |
| **2/28/2019** | $12602 | $14353 | $10673 |
| **3/31/2019** | $12833 | $14632 | $10878 |
| **4/30/2019** | $13169 | $15224 | $10881 |
| **5/31/2019** | $12715 | $14257 | $11074 |
| **6/30/2019** | $13309 | $15262 | $11213 |
| **7/31/2019** | $13428 | $15481 | $11238 |
| **8/31/2019** | $13399 | $15236 | $11529 |
| **9/30/2019** | $13518 | $15521 | $11468 |
| **10/31/2019** | $13733 | $15857 | $11502 |
| **11/30/2019** | $14043 | $16433 | $11496 |
| **12/31/2019** | $14313 | $16928 | $11488 |
| **1/31/2020** | $14441 | $16922 | $11709 |
| **2/29/2020** | $13865 | $15529 | $11920 |
| **3/31/2020** | $12668 | $13611 | $11850 |
| **4/30/2020** | $13795 | $15356 | $12061 |
| **5/31/2020** | $14260 | $16087 | $12117 |
| **6/30/2020** | $14535 | $16407 | $12193 |
| **7/31/2020** | $15150 | $17332 | $12375 |
| **8/31/2020** | $15820 | $18578 | $12275 |
| **9/30/2020** | $15404 | $17872 | $12269 |
| **10/31/2020** | $15121 | $17397 | $12214 |
| **11/30/2020** | $16185 | $19301 | $12334 |
| **12/31/2020** | $16593 | $20043 | $12351 |
| **1/31/2021** | $16474 | $19841 | $12262 |
| **2/28/2021** | $16624 | $20388 | $12085 |
| **3/31/2021** | $17046 | $21281 | $11934 |
| **4/30/2021** | $17696 | $22416 | $12028 |
| **5/31/2021** | $17790 | $22573 | $12068 |
| **6/30/2021** | $18105 | $23100 | $12152 |
| **7/31/2021** | $18439 | $23649 | $12288 |
| **8/31/2021** | $18731 | $24368 | $12265 |
| **9/30/2021** | $18103 | $23234 | $12159 |
| **10/31/2021** | $18933 | $24862 | $12155 |
| **11/30/2021** | $18897 | $24690 | $12191 |
| **12/31/2021** | $19403 | $25797 | $12160 |
| **1/31/2022** | $18674 | $24462 | $11898 |
| **2/28/2022** | $18262 | $23729 | $11765 |
| **3/31/2022** | $18450 | $24610 | $11439 |
| **4/30/2022** | $17201 | $22464 | $11005 |
| **5/31/2022** | $17240 | $22505 | $11075 |
| **6/30/2022** | $16267 | $20648 | $10902 |
| **7/31/2022** | $17330 | $22552 | $11168 |
| **8/31/2022** | $16720 | $21632 | $10853 |
| **9/30/2022** | $15500 | $19640 | $10384 |
| **10/31/2022** | $16101 | $21230 | $10249 |
| **11/30/2022** | $16899 | $22416 | $10626 |
| **12/31/2022** | $16256 | $21125 | $10578 |
| **1/31/2023** | $17090 | $22452 | $10904 |
| **2/28/2023** | $16704 | $21904 | $10622 |
| **3/31/2023** | $17226 | $22708 | $10891 |
| **4/30/2023** | $17445 | $23063 | $10957 |
| **5/31/2023** | $17439 | $23163 | $10838 |
| **6/30/2023** | $18136 | $24693 | $10799 |
| **7/31/2023** | $18496 | $25487 | $10792 |
| **8/31/2023** | $18304 | $25081 | $10723 |
| **9/30/2023** | $17611 | $23885 | $10451 |
| **10/31/2023** | $17285 | $23383 | $10286 |
| **11/30/2023** | $18527 | $25518 | $10751 |
| **12/31/2023** | $19311 | $26678 | $11163 |
| **1/31/2024** | $19516 | $27126 | $11132 |
| **2/29/2024** | $20050 | $28574 | $10975 |
| **3/31/2024** | $20520 | $29494 | $11076 |
| **4/30/2024** | $19850 | $28289 | $10797 |
| **5/31/2024** | $20574 | $29692 | $10980 |
| **6/30/2024** | $21133 | $30757 | $11084 |
| **7/31/2024** | $21406 | $31132 | $11342 |
| **8/31/2024** | $21868 | $31887 | $11505 |
| **9/30/2024** | $22231 | $32568 | $11660 |
| **10/31/2024** | $21926 | $32272 | $11370 |
| **11/30/2024** | $22713 | $34167 | $11491 |
| **12/31/2024** | $22172 | $33352 | $11303 |
| **1/31/2025** | $22504 | $34281 | $11362 |
| **2/28/2025** | $22536 | $33834 | $11612 |
| **3/31/2025** | $21754 | $31928 | $11617 |
| **4/30/2025** | $21682 | $31711 | $11663 |
| **5/31/2025** | $22466 | $33707 | $11579 |
| **6/30/2025** | $23340 | $35421 | $11757 |
| **7/31/2025** | $23635 | $36216 | $11726 |
| **8/31/2025** | $24029 | $36950 | $11866 |
| **9/30/2025** | $24598 | $38299 | $11996 |
| **10/31/2025** | $24947 | $39196 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDKB | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 13.78% | 10.53% | 9.57% |
| 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 | $1514511181 |
| Number of Portfolio Holdings | 669 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8244307 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.05 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Multi-Managed Balanced

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 20.7% |
| AAA | 3.6 |
| AA | 0.3 |
| A | 3.7 |
| BBB | 8.1 |
| BB | 1.2 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.9% |
| Corporate Debt Securities | 12.8 |
| U.S. Government Obligations | 11.2 |
| U.S. Government Agency Obligations | 9.5 |
| Commercial Paper | 6.5 |
| Mortgage-Backed Securities | 2.3 |
| Short-Term U.S. Government Obligations | 1.7 |
| Asset-Backed Securities | 1.6 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.3 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (8.1) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.5% |
| Microsoft Corp. | 4.4 |
| Apple, Inc. | 4.4 |
| Amazon.com, Inc. | 2.7 |
| Broadcom, Inc. | 1.8 |
| Alphabet, Inc., Class A | 1.8 |
| Meta Platforms, Inc., Class A | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.6 |
| Tesla, Inc. | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 1.2 |

---

# Transamerica Multi-Managed Balanced
Class R6

## 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](g66697g70e46.jpg)

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

# Transamerica Multi-Managed Balanced

# Class R6
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class A

## ITAAX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 | $75 | 0.73% |

---

## 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 5.29%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g59i18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **10/31/2015** | $9751 | $10000 | $10000 |
| **11/30/2015** | $9730 | $9964 | $9980 |
| **12/31/2015** | $9698 | $9914 | $9967 |
| **1/31/2016** | $9695 | $10023 | $10019 |
| **2/29/2016** | $9684 | $10094 | $10030 |
| **3/31/2016** | $9778 | $10218 | $10065 |
| **4/30/2016** | $9844 | $10288 | $10078 |
| **5/31/2016** | $9871 | $10296 | $10072 |
| **6/30/2016** | $9897 | $10477 | $10131 |
| **7/31/2016** | $9949 | $10563 | $10133 |
| **8/31/2016** | $9970 | $10575 | $10123 |
| **9/30/2016** | $9988 | $10577 | $10134 |
| **10/31/2016** | $10005 | $10507 | $10130 |
| **11/30/2016** | $9963 | $10271 | $10089 |
| **12/31/2016** | $9979 | $10301 | $10095 |
| **1/31/2017** | $10017 | $10338 | $10113 |
| **2/28/2017** | $10054 | $10418 | $10130 |
| **3/31/2017** | $10061 | $10414 | $10135 |
| **4/30/2017** | $10087 | $10500 | $10151 |
| **5/31/2017** | $10124 | $10581 | $10169 |
| **6/30/2017** | $10129 | $10572 | $10166 |
| **7/31/2017** | $10167 | $10625 | $10192 |
| **8/31/2017** | $10183 | $10717 | $10212 |
| **9/30/2017** | $10190 | $10679 | $10200 |
| **10/31/2017** | $10195 | $10692 | $10198 |
| **11/30/2017** | $10181 | $10676 | $10178 |
| **12/31/2017** | $10197 | $10723 | $10181 |
| **1/31/2018** | $10173 | $10620 | $10156 |
| **2/28/2018** | $10161 | $10519 | $10148 |
| **3/31/2018** | $10158 | $10572 | $10162 |
| **4/30/2018** | $10167 | $10501 | $10154 |
| **5/31/2018** | $10196 | $10559 | $10191 |
| **6/30/2018** | $10196 | $10543 | $10192 |
| **7/31/2018** | $10217 | $10565 | $10199 |
| **8/31/2018** | $10257 | $10618 | $10234 |
| **9/30/2018** | $10258 | $10572 | $10227 |
| **10/31/2018** | $10249 | $10484 | $10240 |
| **11/30/2018** | $10251 | $10531 | $10269 |
| **12/31/2018** | $10273 | $10695 | $10348 |
| **1/31/2019** | $10347 | $10843 | $10388 |
| **2/28/2019** | $10390 | $10855 | $10405 |
| **3/31/2019** | $10464 | $11051 | $10473 |
| **4/30/2019** | $10497 | $11066 | $10499 |
| **5/31/2019** | $10560 | $11236 | $10569 |
| **6/30/2019** | $10635 | $11395 | $10628 |
| **7/31/2019** | $10647 | $11429 | $10625 |
| **8/31/2019** | $10722 | $11687 | $10709 |
| **9/30/2019** | $10723 | $11637 | $10704 |
| **10/31/2019** | $10766 | $11674 | $10742 |
| **11/30/2019** | $10777 | $11672 | $10742 |
| **12/31/2019** | $10798 | $11689 | $10769 |
| **1/31/2020** | $10872 | $11899 | $10828 |
| **2/29/2020** | $10934 | $12077 | $10913 |
| **3/31/2020** | $10269 | $11841 | $10940 |
| **4/30/2020** | $10553 | $12078 | $11010 |
| **5/31/2020** | $10710 | $12191 | $11048 |
| **6/30/2020** | $10887 | $12293 | $11073 |
| **7/31/2020** | $10968 | $12509 | $11096 |
| **8/31/2020** | $11006 | $12437 | $11102 |
| **9/30/2020** | $11012 | $12414 | $11104 |
| **10/31/2020** | $11027 | $12370 | $11105 |
| **11/30/2020** | $11095 | $12531 | $11119 |
| **12/31/2020** | $11152 | $12575 | $11129 |
| **1/31/2021** | $11187 | $12496 | $11131 |
| **2/28/2021** | $11180 | $12334 | $11126 |
| **3/31/2021** | $11160 | $12191 | $11126 |
| **4/30/2021** | $11184 | $12293 | $11135 |
| **5/31/2021** | $11218 | $12340 | $11148 |
| **6/30/2021** | $11219 | $12430 | $11133 |
| **7/31/2021** | $11231 | $12555 | $11151 |
| **8/31/2021** | $11231 | $12547 | $11152 |
| **9/30/2021** | $11221 | $12440 | $11143 |
| **10/31/2021** | $11189 | $12429 | $11108 |
| **11/30/2021** | $11166 | $12444 | $11106 |
| **12/31/2021** | $11154 | $12436 | $11083 |
| **1/31/2022** | $11088 | $12163 | $11008 |
| **2/28/2022** | $11023 | $11998 | $10953 |
| **3/31/2022** | $10903 | $11676 | $10797 |
| **4/30/2022** | $10828 | $11240 | $10739 |
| **5/31/2022** | $10830 | $11302 | $10799 |
| **6/30/2022** | $10736 | $11076 | $10730 |
| **7/31/2022** | $10807 | $11355 | $10775 |
| **8/31/2022** | $10758 | $11060 | $10702 |
| **9/30/2022** | $10624 | $10583 | $10569 |
| **10/31/2022** | $10590 | $10467 | $10555 |
| **11/30/2022** | $10701 | $10857 | $10639 |
| **12/31/2022** | $10748 | $10820 | $10663 |
| **1/31/2023** | $10874 | $11156 | $10746 |
| **2/28/2023** | $10813 | $10882 | $10671 |
| **3/31/2023** | $10897 | $11137 | $10822 |
| **4/30/2023** | $10947 | $11205 | $10858 |
| **5/31/2023** | $10932 | $11089 | $10827 |
| **6/30/2023** | $10907 | $11072 | $10785 |
| **7/31/2023** | $10971 | $11083 | $10832 |
| **8/31/2023** | $11014 | $11016 | $10872 |
| **9/30/2023** | $11002 | $10753 | $10869 |
| **10/31/2023** | $11013 | $10592 | $10903 |
| **11/30/2023** | $11161 | $11068 | $11027 |
| **12/31/2023** | $11322 | $11488 | $11157 |
| **1/31/2024** | $11380 | $11461 | $11204 |
| **2/29/2024** | $11359 | $11323 | $11165 |
| **3/31/2024** | $11431 | $11435 | $11208 |
| **4/30/2024** | $11388 | $11167 | $11175 |
| **5/31/2024** | $11484 | $11352 | $11256 |
| **6/30/2024** | $11547 | $11456 | $11318 |
| **7/31/2024** | $11669 | $11716 | $11451 |
| **8/31/2024** | $11768 | $11889 | $11555 |
| **9/30/2024** | $11867 | $12052 | $11651 |
| **10/31/2024** | $11789 | $11778 | $11588 |
| **11/30/2024** | $11841 | $11902 | $11625 |
| **12/31/2024** | $11858 | $11722 | $11653 |
| **1/31/2025** | $11909 | $11793 | $11706 |
| **2/28/2025** | $12010 | $12037 | $11787 |
| **3/31/2025** | $12051 | $12034 | $11840 |
| **4/30/2025** | $12117 | $12077 | $11927 |
| **5/31/2025** | $12133 | $12015 | $11913 |
| **6/30/2025** | $12223 | $12203 | $11989 |
| **7/31/2025** | $12229 | $12185 | $11990 |
| **8/31/2025** | $12331 | $12331 | $12091 |
| **9/30/2025** | $12384 | $12462 | $12134 |
| **10/31/2025** | $12413 | $12544 | $12175 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBBG1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 2.62% | 1.89% | 2.19% |
| Class A | 5.29% | 2.40% | 2.44% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 1.86% | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class A

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class A
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class C

## ITACX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 | $151 | 1.48% |

---

## 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 4.60%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g88a17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9972 | $9964 | $9980 |
| **12/31/2015** | $9933 | $9914 | $9967 |
| **1/31/2016** | $9923 | $10023 | $10019 |
| **2/29/2016** | $9906 | $10094 | $10030 |
| **3/31/2016** | $9996 | $10218 | $10065 |
| **4/30/2016** | $10057 | $10288 | $10078 |
| **5/31/2016** | $10078 | $10296 | $10072 |
| **6/30/2016** | $10108 | $10477 | $10131 |
| **7/31/2016** | $10145 | $10563 | $10133 |
| **8/31/2016** | $10160 | $10575 | $10123 |
| **9/30/2016** | $10172 | $10577 | $10134 |
| **10/31/2016** | $10182 | $10507 | $10130 |
| **11/30/2016** | $10133 | $10271 | $10089 |
| **12/31/2016** | $10143 | $10301 | $10095 |
| **1/31/2017** | $10174 | $10338 | $10113 |
| **2/28/2017** | $10206 | $10418 | $10130 |
| **3/31/2017** | $10206 | $10414 | $10135 |
| **4/30/2017** | $10226 | $10500 | $10151 |
| **5/31/2017** | $10257 | $10581 | $10169 |
| **6/30/2017** | $10256 | $10572 | $10166 |
| **7/31/2017** | $10287 | $10625 | $10192 |
| **8/31/2017** | $10297 | $10717 | $10212 |
| **10/31/2017** | $10296 | $10692 | $10198 |
| **11/30/2017** | $10275 | $10676 | $10178 |
| **12/31/2017** | $10285 | $10723 | $10181 |
| **1/31/2018** | $10254 | $10620 | $10156 |
| **2/28/2018** | $10236 | $10519 | $10148 |
| **3/31/2018** | $10226 | $10572 | $10162 |
| **4/30/2018** | $10229 | $10501 | $10154 |
| **5/31/2018** | $10252 | $10559 | $10191 |
| **6/30/2018** | $10245 | $10543 | $10192 |
| **7/31/2018** | $10259 | $10565 | $10199 |
| **8/31/2018** | $10293 | $10618 | $10234 |
| **9/30/2018** | $10287 | $10572 | $10227 |
| **10/31/2018** | $10272 | $10484 | $10240 |
| **11/30/2018** | $10267 | $10531 | $10269 |
| **12/31/2018** | $10283 | $10695 | $10348 |
| **1/31/2019** | $10350 | $10843 | $10388 |
| **2/28/2019** | $10387 | $10855 | $10405 |
| **3/31/2019** | $10454 | $11051 | $10473 |
| **4/30/2019** | $10490 | $11066 | $10499 |
| **5/31/2019** | $10536 | $11236 | $10569 |
| **6/30/2019** | $10603 | $11395 | $10628 |
| **7/31/2019** | $10608 | $11429 | $10625 |
| **8/31/2019** | $10676 | $11687 | $10709 |
| **9/30/2019** | $10671 | $11637 | $10704 |
| **10/31/2019** | $10706 | $11674 | $10742 |
| **11/30/2019** | $10711 | $11672 | $10742 |
| **12/31/2019** | $10724 | $11689 | $10769 |
| **1/31/2020** | $10790 | $11899 | $10828 |
| **2/29/2020** | $10845 | $12077 | $10913 |
| **3/31/2020** | $10177 | $11841 | $10940 |
| **4/30/2020** | $10463 | $12078 | $11010 |
| **5/31/2020** | $10612 | $12191 | $11048 |
| **6/30/2020** | $10770 | $12293 | $11073 |
| **7/31/2020** | $10843 | $12509 | $11096 |
| **8/31/2020** | $10873 | $12437 | $11102 |
| **9/30/2020** | $10883 | $12414 | $11104 |
| **10/31/2020** | $10880 | $12370 | $11105 |
| **11/30/2020** | $10940 | $12531 | $11119 |
| **12/31/2020** | $10989 | $12575 | $11129 |
| **1/31/2021** | $11016 | $12496 | $11131 |
| **2/28/2021** | $11002 | $12334 | $11126 |
| **3/31/2021** | $10975 | $12191 | $11126 |
| **4/30/2021** | $11002 | $12293 | $11135 |
| **5/31/2021** | $11017 | $12340 | $11148 |
| **6/30/2021** | $11011 | $12430 | $11133 |
| **7/31/2021** | $11026 | $12555 | $11151 |
| **8/31/2021** | $11009 | $12547 | $11152 |
| **9/30/2021** | $10992 | $12440 | $11143 |
| **10/31/2021** | $10953 | $12429 | $11108 |
| **11/30/2021** | $10924 | $12444 | $11106 |
| **12/31/2021** | $10905 | $12436 | $11083 |
| **1/31/2022** | $10833 | $12163 | $11008 |
| **2/28/2022** | $10763 | $11998 | $10953 |
| **3/31/2022** | $10638 | $11676 | $10797 |
| **4/30/2022** | $10558 | $11240 | $10739 |
| **5/31/2022** | $10553 | $11302 | $10799 |
| **6/30/2022** | $10454 | $11076 | $10730 |
| **7/31/2022** | $10517 | $11355 | $10775 |
| **8/31/2022** | $10463 | $11060 | $10702 |
| **9/30/2022** | $10325 | $10583 | $10569 |
| **10/31/2022** | $10295 | $10467 | $10555 |
| **11/30/2022** | $10387 | $10857 | $10639 |
| **12/31/2022** | $10425 | $10820 | $10663 |
| **1/31/2023** | $10541 | $11156 | $10746 |
| **2/28/2023** | $10475 | $10882 | $10671 |
| **3/31/2023** | $10549 | $11137 | $10822 |
| **4/30/2023** | $10591 | $11205 | $10858 |
| **5/31/2023** | $10570 | $11089 | $10827 |
| **6/30/2023** | $10538 | $11072 | $10785 |
| **7/31/2023** | $10604 | $11083 | $10832 |
| **8/31/2023** | $10628 | $11016 | $10872 |
| **9/30/2023** | $10609 | $10753 | $10869 |
| **10/31/2023** | $10613 | $10592 | $10903 |
| **11/30/2023** | $10761 | $11068 | $11027 |
| **12/31/2023** | $10897 | $11488 | $11157 |
| **1/31/2024** | $10958 | $11461 | $11204 |
| **2/29/2024** | $10930 | $11323 | $11165 |
| **3/31/2024** | $10981 | $11435 | $11208 |
| **4/30/2024** | $10933 | $11167 | $11175 |
| **5/31/2024** | $11018 | $11352 | $11256 |
| **6/30/2024** | $11072 | $11456 | $11318 |
| **7/31/2024** | $11182 | $11716 | $11451 |
| **8/31/2024** | $11269 | $11889 | $11555 |
| **9/30/2024** | $11357 | $12052 | $11651 |
| **10/31/2024** | $11275 | $11778 | $11588 |
| **11/30/2024** | $11318 | $11902 | $11625 |
| **12/31/2024** | $11338 | $11722 | $11653 |
| **1/31/2025** | $11380 | $11793 | $11706 |
| **2/28/2025** | $11469 | $12037 | $11787 |
| **3/31/2025** | $11490 | $12034 | $11840 |
| **4/30/2025** | $11545 | $12077 | $11927 |
| **5/31/2025** | $11554 | $12015 | $11913 |
| **6/30/2025** | $11632 | $12203 | $11989 |
| **7/31/2025** | $11641 | $12185 | $11990 |
| **8/31/2025** | $11731 | $12331 | $12091 |
| **9/30/2025** | $11762 | $12462 | $12134 |
| **10/31/2025** | $11794 | $12544 | $12175 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBBG3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 3.60% | 1.63% | 1.66% |
| Class C | 4.60% | 1.63% | 1.66% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 1.86% | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class C

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class C
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class I

## TSTIX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 | $52 | 0.51% |

---

## 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 5.55%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g57r61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9989 | $9964 | $9980 |
| **12/31/2015** | $9947 | $9914 | $9967 |
| **1/31/2016** | $9946 | $10023 | $10019 |
| **2/29/2016** | $9946 | $10094 | $10030 |
| **3/31/2016** | $10045 | $10218 | $10065 |
| **4/30/2016** | $10116 | $10288 | $10078 |
| **5/31/2016** | $10135 | $10296 | $10072 |
| **6/30/2016** | $10174 | $10477 | $10131 |
| **7/31/2016** | $10220 | $10563 | $10133 |
| **8/31/2016** | $10244 | $10575 | $10123 |
| **9/30/2016** | $10273 | $10577 | $10134 |
| **10/31/2016** | $10282 | $10507 | $10130 |
| **11/30/2016** | $10250 | $10271 | $10089 |
| **12/31/2016** | $10269 | $10301 | $10095 |
| **1/31/2017** | $10299 | $10338 | $10113 |
| **2/28/2017** | $10339 | $10418 | $10130 |
| **3/31/2017** | $10348 | $10414 | $10135 |
| **4/30/2017** | $10387 | $10500 | $10151 |
| **5/31/2017** | $10427 | $10581 | $10169 |
| **6/30/2017** | $10424 | $10572 | $10166 |
| **7/31/2017** | $10464 | $10625 | $10192 |
| **8/31/2017** | $10483 | $10717 | $10212 |
| **10/31/2017** | $10509 | $10692 | $10198 |
| **11/30/2017** | $10496 | $10676 | $10178 |
| **12/31/2017** | $10504 | $10723 | $10181 |
| **1/31/2018** | $10491 | $10620 | $10156 |
| **2/28/2018** | $10469 | $10519 | $10148 |
| **3/31/2018** | $10478 | $10572 | $10162 |
| **4/30/2018** | $10489 | $10501 | $10154 |
| **5/31/2018** | $10521 | $10559 | $10191 |
| **6/30/2018** | $10512 | $10543 | $10192 |
| **7/31/2018** | $10546 | $10565 | $10199 |
| **8/31/2018** | $10579 | $10618 | $10234 |
| **9/30/2018** | $10581 | $10572 | $10227 |
| **10/31/2018** | $10584 | $10484 | $10240 |
| **11/30/2018** | $10587 | $10531 | $10269 |
| **12/31/2018** | $10612 | $10695 | $10348 |
| **1/31/2019** | $10691 | $10843 | $10388 |
| **2/28/2019** | $10737 | $10855 | $10405 |
| **3/31/2019** | $10817 | $11051 | $10473 |
| **4/30/2019** | $10853 | $11066 | $10499 |
| **5/31/2019** | $10922 | $11236 | $10569 |
| **6/30/2019** | $10990 | $11395 | $10628 |
| **7/31/2019** | $11005 | $11429 | $10625 |
| **8/31/2019** | $11085 | $11687 | $10709 |
| **9/30/2019** | $11088 | $11637 | $10704 |
| **10/31/2019** | $11134 | $11674 | $10742 |
| **11/30/2019** | $11147 | $11672 | $10742 |
| **12/31/2019** | $11171 | $11689 | $10769 |
| **1/31/2020** | $11260 | $11899 | $10828 |
| **2/29/2020** | $11317 | $12077 | $10913 |
| **3/31/2020** | $10640 | $11841 | $10940 |
| **4/30/2020** | $10941 | $12078 | $11010 |
| **5/31/2020** | $11096 | $12191 | $11048 |
| **6/30/2020** | $11285 | $12293 | $11073 |
| **7/31/2020** | $11360 | $12509 | $11096 |
| **8/31/2020** | $11402 | $12437 | $11102 |
| **9/30/2020** | $11421 | $12414 | $11104 |
| **10/31/2020** | $11439 | $12370 | $11105 |
| **11/30/2020** | $11501 | $12531 | $11119 |
| **12/31/2020** | $11563 | $12575 | $11129 |
| **1/31/2021** | $11601 | $12496 | $11131 |
| **2/28/2021** | $11595 | $12334 | $11126 |
| **3/31/2021** | $11576 | $12191 | $11126 |
| **4/30/2021** | $11614 | $12293 | $11135 |
| **5/31/2021** | $11640 | $12340 | $11148 |
| **6/30/2021** | $11643 | $12430 | $11133 |
| **7/31/2021** | $11669 | $12555 | $11151 |
| **8/31/2021** | $11660 | $12547 | $11152 |
| **9/30/2021** | $11662 | $12440 | $11143 |
| **10/31/2021** | $11618 | $12429 | $11108 |
| **11/30/2021** | $11596 | $12444 | $11106 |
| **12/31/2021** | $11597 | $12436 | $11083 |
| **1/31/2022** | $11529 | $12163 | $11008 |
| **2/28/2022** | $11462 | $11998 | $10953 |
| **3/31/2022** | $11336 | $11676 | $10797 |
| **4/30/2022** | $11270 | $11240 | $10739 |
| **5/31/2022** | $11274 | $11302 | $10799 |
| **6/30/2022** | $11187 | $11076 | $10730 |
| **7/31/2022** | $11253 | $11355 | $10775 |
| **8/31/2022** | $11215 | $11060 | $10702 |
| **9/30/2022** | $11074 | $10583 | $10569 |
| **10/31/2022** | $11043 | $10467 | $10555 |
| **11/30/2022** | $11162 | $10857 | $10639 |
| **12/31/2022** | $11202 | $10820 | $10663 |
| **1/31/2023** | $11337 | $11156 | $10746 |
| **2/28/2023** | $11274 | $10882 | $10671 |
| **3/31/2023** | $11364 | $11137 | $10822 |
| **4/30/2023** | $11419 | $11205 | $10858 |
| **5/31/2023** | $11405 | $11089 | $10827 |
| **6/30/2023** | $11391 | $11072 | $10785 |
| **7/31/2023** | $11461 | $11083 | $10832 |
| **8/31/2023** | $11496 | $11016 | $10872 |
| **9/30/2023** | $11484 | $10753 | $10869 |
| **10/31/2023** | $11509 | $10592 | $10903 |
| **11/30/2023** | $11668 | $11068 | $11027 |
| **12/31/2023** | $11828 | $11488 | $11157 |
| **1/31/2024** | $11904 | $11461 | $11204 |
| **2/29/2024** | $11883 | $11323 | $11165 |
| **3/31/2024** | $11949 | $11435 | $11208 |
| **4/30/2024** | $11904 | $11167 | $11175 |
| **5/31/2024** | $12008 | $11352 | $11256 |
| **6/30/2024** | $12077 | $11456 | $11318 |
| **7/31/2024** | $12208 | $11716 | $11451 |
| **8/31/2024** | $12315 | $11889 | $11555 |
| **9/30/2024** | $12421 | $12052 | $11651 |
| **10/31/2024** | $12340 | $11778 | $11588 |
| **11/30/2024** | $12397 | $11902 | $11625 |
| **12/31/2024** | $12429 | $11722 | $11653 |
| **1/31/2025** | $12486 | $11793 | $11706 |
| **2/28/2025** | $12582 | $12037 | $11787 |
| **3/31/2025** | $12627 | $12034 | $11840 |
| **4/30/2025** | $12698 | $12077 | $11927 |
| **5/31/2025** | $12718 | $12015 | $11913 |
| **6/30/2025** | $12815 | $12203 | $11989 |
| **7/31/2025** | $12822 | $12185 | $11990 |
| **8/31/2025** | $12933 | $12331 | $12091 |
| **9/30/2025** | $12992 | $12462 | $12134 |
| **10/31/2025** | $13025 | $12544 | $12175 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBBG8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.55% | 2.63% | 2.68% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 1.86% | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class I

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class I
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class I2

## TSIWX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 I2 | $42 | 0.41% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 5.65%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g88t32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9980 | $9964 | $9980 |
| **12/31/2015** | $9949 | $9914 | $9967 |
| **1/31/2016** | $9948 | $10023 | $10019 |
| **2/29/2016** | $9939 | $10094 | $10030 |
| **3/31/2016** | $10039 | $10218 | $10065 |
| **4/30/2016** | $10110 | $10288 | $10078 |
| **5/31/2016** | $10131 | $10296 | $10072 |
| **6/30/2016** | $10171 | $10477 | $10131 |
| **7/31/2016** | $10228 | $10563 | $10133 |
| **8/31/2016** | $10252 | $10575 | $10123 |
| **9/30/2016** | $10272 | $10577 | $10134 |
| **10/31/2016** | $10281 | $10507 | $10130 |
| **11/30/2016** | $10250 | $10271 | $10089 |
| **12/31/2016** | $10269 | $10301 | $10095 |
| **1/31/2017** | $10301 | $10338 | $10113 |
| **2/28/2017** | $10342 | $10418 | $10130 |
| **3/31/2017** | $10361 | $10414 | $10135 |
| **4/30/2017** | $10391 | $10500 | $10151 |
| **5/31/2017** | $10432 | $10581 | $10169 |
| **6/30/2017** | $10430 | $10572 | $10166 |
| **7/31/2017** | $10471 | $10625 | $10192 |
| **8/31/2017** | $10501 | $10717 | $10212 |
| **10/31/2017** | $10519 | $10692 | $10198 |
| **11/30/2017** | $10506 | $10676 | $10178 |
| **12/31/2017** | $10515 | $10723 | $10181 |
| **1/31/2018** | $10503 | $10620 | $10156 |
| **2/28/2018** | $10492 | $10519 | $10148 |
| **3/31/2018** | $10492 | $10572 | $10162 |
| **4/30/2018** | $10503 | $10501 | $10154 |
| **5/31/2018** | $10526 | $10559 | $10191 |
| **6/30/2018** | $10528 | $10543 | $10192 |
| **7/31/2018** | $10563 | $10565 | $10199 |
| **8/31/2018** | $10597 | $10618 | $10234 |
| **9/30/2018** | $10600 | $10572 | $10227 |
| **10/31/2018** | $10603 | $10484 | $10240 |
| **11/30/2018** | $10608 | $10531 | $10269 |
| **12/31/2018** | $10634 | $10695 | $10348 |
| **1/31/2019** | $10714 | $10843 | $10388 |
| **2/28/2019** | $10761 | $10855 | $10405 |
| **3/31/2019** | $10842 | $11051 | $10473 |
| **4/30/2019** | $10879 | $11066 | $10499 |
| **5/31/2019** | $10948 | $11236 | $10569 |
| **6/30/2019** | $11029 | $11395 | $10628 |
| **7/31/2019** | $11034 | $11429 | $10625 |
| **8/31/2019** | $11115 | $11687 | $10709 |
| **9/30/2019** | $11130 | $11637 | $10704 |
| **10/31/2019** | $11178 | $11674 | $10742 |
| **11/30/2019** | $11180 | $11672 | $10742 |
| **12/31/2019** | $11205 | $11689 | $10769 |
| **1/31/2020** | $11296 | $11899 | $10828 |
| **2/29/2020** | $11353 | $12077 | $10913 |
| **3/31/2020** | $10675 | $11841 | $10940 |
| **4/30/2020** | $10977 | $12078 | $11010 |
| **5/31/2020** | $11134 | $12191 | $11048 |
| **6/30/2020** | $11325 | $12293 | $11073 |
| **7/31/2020** | $11401 | $12509 | $11096 |
| **8/31/2020** | $11444 | $12437 | $11102 |
| **9/30/2020** | $11464 | $12414 | $11104 |
| **10/31/2020** | $11471 | $12370 | $11105 |
| **11/30/2020** | $11546 | $12531 | $11119 |
| **12/31/2020** | $11609 | $12575 | $11129 |
| **1/31/2021** | $11649 | $12496 | $11131 |
| **2/28/2021** | $11643 | $12334 | $11126 |
| **3/31/2021** | $11625 | $12191 | $11126 |
| **4/30/2021** | $11664 | $12293 | $11135 |
| **5/31/2021** | $11692 | $12340 | $11148 |
| **6/30/2021** | $11696 | $12430 | $11133 |
| **7/31/2021** | $11722 | $12555 | $11151 |
| **8/31/2021** | $11714 | $12547 | $11152 |
| **9/30/2021** | $11706 | $12440 | $11143 |
| **10/31/2021** | $11674 | $12429 | $11108 |
| **11/30/2021** | $11653 | $12444 | $11106 |
| **12/31/2021** | $11655 | $12436 | $11083 |
| **1/31/2022** | $11587 | $12163 | $11008 |
| **2/28/2022** | $11509 | $11998 | $10953 |
| **3/31/2022** | $11395 | $11676 | $10797 |
| **4/30/2022** | $11318 | $11240 | $10739 |
| **5/31/2022** | $11323 | $11302 | $10799 |
| **6/30/2022** | $11225 | $11076 | $10730 |
| **7/31/2022** | $11304 | $11355 | $10775 |
| **8/31/2022** | $11255 | $11060 | $10702 |
| **9/30/2022** | $11114 | $10583 | $10569 |
| **10/31/2022** | $11091 | $10467 | $10555 |
| **11/30/2022** | $11213 | $10857 | $10639 |
| **12/31/2022** | $11254 | $10820 | $10663 |
| **1/31/2023** | $11390 | $11156 | $10746 |
| **2/28/2023** | $11328 | $10882 | $10671 |
| **3/31/2023** | $11419 | $11137 | $10822 |
| **4/30/2023** | $11475 | $11205 | $10858 |
| **5/31/2023** | $11461 | $11089 | $10827 |
| **6/30/2023** | $11448 | $11072 | $10785 |
| **7/31/2023** | $11519 | $11083 | $10832 |
| **8/31/2023** | $11555 | $11016 | $10872 |
| **9/30/2023** | $11545 | $10753 | $10869 |
| **10/31/2023** | $11559 | $10592 | $10903 |
| **11/30/2023** | $11732 | $11068 | $11027 |
| **12/31/2023** | $11894 | $11488 | $11157 |
| **1/31/2024** | $11970 | $11461 | $11204 |
| **2/29/2024** | $11949 | $11323 | $11165 |
| **3/31/2024** | $12016 | $11435 | $11208 |
| **4/30/2024** | $11972 | $11167 | $11175 |
| **5/31/2024** | $12078 | $11352 | $11256 |
| **6/30/2024** | $12148 | $11456 | $11318 |
| **7/31/2024** | $12281 | $11716 | $11451 |
| **8/31/2024** | $12389 | $11889 | $11555 |
| **9/30/2024** | $12497 | $12052 | $11651 |
| **10/31/2024** | $12416 | $11778 | $11588 |
| **11/30/2024** | $12475 | $11902 | $11625 |
| **12/31/2024** | $12508 | $11722 | $11653 |
| **1/31/2025** | $12566 | $11793 | $11706 |
| **2/28/2025** | $12676 | $12037 | $11787 |
| **3/31/2025** | $12711 | $12034 | $11840 |
| **4/30/2025** | $12783 | $12077 | $11927 |
| **5/31/2025** | $12817 | $12015 | $11913 |
| **6/30/2025** | $12903 | $12203 | $11989 |
| **7/31/2025** | $12924 | $12185 | $11990 |
| **8/31/2025** | $13024 | $12331 | $12091 |
| **9/30/2025** | $13084 | $12462 | $12134 |
| **10/31/2025** | $13118 | $12544 | $12175 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBBG4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 5.65% | 2.72% | 2.75% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 1.86% | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class I2

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class I2
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class I3

## TAAQX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 I3 | $42 | 0.41% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 5.65%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g49l36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **12/9/2022** | $10000 | $10000 | $10000 |
| **12/31/2022** | $10019 | $9877 | $10011 |
| **01/31/2023** | $10140 | $10183 | $10089 |
| **02/28/2023** | $10084 | $9933 | $10018 |
| **03/31/2023** | $10166 | $10166 | $10160 |
| **04/30/2023** | $10216 | $10228 | $10194 |
| **05/31/2023** | $10204 | $10122 | $10165 |
| **06/30/2023** | $10192 | $10106 | $10125 |
| **07/31/2023** | $10256 | $10116 | $10169 |
| **08/31/2023** | $10288 | $10055 | $10207 |
| **09/30/2023** | $10278 | $9816 | $10204 |
| **10/31/2023** | $10291 | $9668 | $10236 |
| **11/30/2023** | $10445 | $10103 | $10353 |
| **12/31/2023** | $10589 | $10487 | $10474 |
| **01/31/2024** | $10647 | $10461 | $10518 |
| **02/29/2024** | $10640 | $10336 | $10482 |
| **03/31/2024** | $10700 | $10437 | $10522 |
| **04/30/2024** | $10660 | $10194 | $10491 |
| **05/31/2024** | $10754 | $10363 | $10567 |
| **06/30/2024** | $10817 | $10457 | $10626 |
| **07/31/2024** | $10924 | $10695 | $10751 |
| **08/31/2024** | $11032 | $10852 | $10848 |
| **09/30/2024** | $11128 | $11001 | $10938 |
| **10/31/2024** | $11056 | $10751 | $10879 |
| **11/30/2024** | $11108 | $10864 | $10914 |
| **12/31/2024** | $11137 | $10700 | $10940 |
| **01/31/2025** | $11189 | $10765 | $10990 |
| **02/28/2025** | $11276 | $10987 | $11066 |
| **03/31/2025** | $11318 | $10985 | $11116 |
| **04/30/2025** | $11383 | $11024 | $11197 |
| **05/31/2025** | $11401 | $10968 | $11184 |
| **06/30/2025** | $11489 | $11139 | $11256 |
| **07/31/2025** | $11508 | $11123 | $11256 |
| **08/31/2025** | $11597 | $11256 | $11352 |
| **09/30/2025** | $11651 | $11375 | $11392 |
| **10/31/2025** | $11681 | $11451 | $11430 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| IBBGD | **1 Year** | **Since Inception 12/9/22** |
| Class I3 | 5.65% | 5.53% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 4.80% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 4.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class I3

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class I3

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class I3
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class R

## TAASX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 | $93 | 0.91% |

---

## 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 5.10%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g65z35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **12/9/2022** | $10000 | $10000 | $10000 |
| **12/31/2022** | $10016 | $9877 | $10011 |
| **01/31/2023** | $10131 | $10183 | $10089 |
| **02/28/2023** | $10073 | $9933 | $10018 |
| **03/31/2023** | $10149 | $10166 | $10160 |
| **04/30/2023** | $10195 | $10228 | $10194 |
| **05/31/2023** | $10179 | $10122 | $10165 |
| **06/30/2023** | $10154 | $10106 | $10125 |
| **07/31/2023** | $10212 | $10116 | $10169 |
| **08/31/2023** | $10251 | $10055 | $10207 |
| **09/30/2023** | $10238 | $9816 | $10204 |
| **10/31/2023** | $10246 | $9668 | $10236 |
| **11/30/2023** | $10383 | $10103 | $10353 |
| **12/31/2023** | $10530 | $10487 | $10474 |
| **01/31/2024** | $10583 | $10461 | $10518 |
| **02/29/2024** | $10562 | $10336 | $10482 |
| **03/31/2024** | $10617 | $10437 | $10522 |
| **04/30/2024** | $10585 | $10194 | $10491 |
| **05/31/2024** | $10663 | $10363 | $10567 |
| **06/30/2024** | $10730 | $10457 | $10626 |
| **07/31/2024** | $10831 | $10695 | $10751 |
| **08/31/2024** | $10932 | $10852 | $10848 |
| **09/30/2024** | $11022 | $11001 | $10938 |
| **10/31/2024** | $10948 | $10751 | $10879 |
| **11/30/2024** | $10995 | $10864 | $10914 |
| **12/31/2024** | $11008 | $10700 | $10940 |
| **01/31/2025** | $11055 | $10765 | $10990 |
| **02/28/2025** | $11146 | $10987 | $11066 |
| **03/31/2025** | $11183 | $10985 | $11116 |
| **04/30/2025** | $11242 | $11024 | $11197 |
| **05/31/2025** | $11256 | $10968 | $11184 |
| **06/30/2025** | $11338 | $11139 | $11256 |
| **07/31/2025** | $11341 | $11123 | $11256 |
| **08/31/2025** | $11434 | $11256 | $11352 |
| **09/30/2025** | $11482 | $11375 | $11392 |
| **10/31/2025** | $11507 | $11451 | $11430 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| IBBG5 | **1 Year** | **Since Inception 12/9/22** |
| Class R | 5.10% | 4.98% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 4.80% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 4.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class R

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class R

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class R
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class R4

## TAAUX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 | $67 | 0.65% |

---

## 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 5.38%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g55z49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **12/9/2022** | $10000 | $10000 | $10000 |
| **12/31/2022** | $10017 | $9877 | $10011 |
| **01/31/2023** | $10135 | $10183 | $10089 |
| **02/28/2023** | $10079 | $9933 | $10018 |
| **03/31/2023** | $10157 | $10166 | $10160 |
| **04/30/2023** | $10205 | $10228 | $10194 |
| **05/31/2023** | $10192 | $10122 | $10165 |
| **06/30/2023** | $10168 | $10106 | $10125 |
| **07/31/2023** | $10229 | $10116 | $10169 |
| **08/31/2023** | $10270 | $10055 | $10207 |
| **09/30/2023** | $10259 | $9816 | $10204 |
| **10/31/2023** | $10270 | $9668 | $10236 |
| **11/30/2023** | $10409 | $10103 | $10353 |
| **12/31/2023** | $10559 | $10487 | $10474 |
| **01/31/2024** | $10615 | $10461 | $10518 |
| **02/29/2024** | $10596 | $10336 | $10482 |
| **03/31/2024** | $10663 | $10437 | $10522 |
| **04/30/2024** | $10623 | $10194 | $10491 |
| **05/31/2024** | $10714 | $10363 | $10567 |
| **06/30/2024** | $10774 | $10457 | $10626 |
| **07/31/2024** | $10888 | $10695 | $10751 |
| **08/31/2024** | $10981 | $10852 | $10848 |
| **09/30/2024** | $11074 | $11001 | $10938 |
| **10/31/2024** | $11002 | $10751 | $10879 |
| **11/30/2024** | $11051 | $10864 | $10914 |
| **12/31/2024** | $11078 | $10700 | $10940 |
| **01/31/2025** | $11128 | $10765 | $10990 |
| **02/28/2025** | $11211 | $10987 | $11066 |
| **03/31/2025** | $11251 | $10985 | $11116 |
| **04/30/2025** | $11312 | $11024 | $11197 |
| **05/31/2025** | $11328 | $10968 | $11184 |
| **06/30/2025** | $11413 | $11139 | $11256 |
| **07/31/2025** | $11430 | $11123 | $11256 |
| **08/31/2025** | $11527 | $11256 | $11352 |
| **09/30/2025** | $11566 | $11375 | $11392 |
| **10/31/2025** | $11594 | $11451 | $11430 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| IBBGE | **1 Year** | **Since Inception 12/9/22** |
| Class R4 | 5.38% | 5.26% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 4.80% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 4.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class R4

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class R4

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class R4
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Short-Term Bond

# Class R6

## TASTX
October 31, 2025

## Fund Overview
Transamerica Short-Term Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. This 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 R6 | $42 | 0.41% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 5.65%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the ICE Bofa 1-3 Year US Corporate & Government Index, returned 5.06% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which benefitted from both the additional yield and the positive impact of spread compression on security pricing during the fiscal year.

* Duration positioning also contributed to benchmark relative performance. For much of the fiscal year, the Fund was overweight duration relative to the benchmark, given the sub-adviser's interest rate outlook. This positioning caused the Fund to benefit more than the benchmark from the decline in interest rates on the front end of the yield curve.

* At a sector level, the underweight allocation to government securities, combined with the corresponding overweight allocation to corporate credit and ex-index allocations to commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and non-agency residential mortgage-backed securities (non-agency RMBS), were the largest contributors to relative returns. There were no notable detractors during the fiscal year.

* Within corporate credit, the largest contributors to relative returns were the overweight allocation to banking and security selection in consumer non-cyclicals and technology. Detractors included security selection in electric, energy and finance companies.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Investment grade corporate credit remains a core holding in the Fund, and the sub-adviser modestly increased allocations to the sector during the fiscal year when attractive entry points emerged due to market volatility. Additionally, while still being managed to relatively low levels based on historical averages, the sub-adviser opportunistically increased high yield corporate credit exposure during the fiscal year.

* Allocations to ABS and non-agency RMBS declined during the fiscal year, mainly due to naturally occurring amortization within the sectors, as opposed to a shift in relative value views of the sub-adviser.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 Short-Term Bond

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g00d93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US Universal Bond Index** | **ICE Bofa 1-3 Year US Corporate & Government Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9980 | $9964 | $9980 |
| **12/31/2015** | $9949 | $9914 | $9967 |
| **1/31/2016** | $9938 | $10023 | $10019 |
| **2/29/2016** | $9939 | $10094 | $10030 |
| **3/31/2016** | $10039 | $10218 | $10065 |
| **4/30/2016** | $10110 | $10288 | $10078 |
| **5/31/2016** | $10131 | $10296 | $10072 |
| **6/30/2016** | $10171 | $10477 | $10131 |
| **7/31/2016** | $10218 | $10563 | $10133 |
| **8/31/2016** | $10242 | $10575 | $10123 |
| **9/30/2016** | $10272 | $10577 | $10134 |
| **10/31/2016** | $10282 | $10507 | $10130 |
| **11/30/2016** | $10251 | $10271 | $10089 |
| **12/31/2016** | $10270 | $10301 | $10095 |
| **1/31/2017** | $10302 | $10338 | $10113 |
| **2/28/2017** | $10343 | $10418 | $10130 |
| **3/31/2017** | $10352 | $10414 | $10135 |
| **4/30/2017** | $10393 | $10500 | $10151 |
| **5/31/2017** | $10423 | $10581 | $10169 |
| **6/30/2017** | $10431 | $10572 | $10166 |
| **7/31/2017** | $10473 | $10625 | $10192 |
| **8/31/2017** | $10492 | $10717 | $10212 |
| **10/31/2017** | $10509 | $10692 | $10198 |
| **11/30/2017** | $10507 | $10676 | $10178 |
| **12/31/2017** | $10516 | $10723 | $10181 |
| **1/31/2018** | $10505 | $10620 | $10156 |
| **2/28/2018** | $10484 | $10519 | $10148 |
| **3/31/2018** | $10494 | $10572 | $10162 |
| **4/30/2018** | $10506 | $10501 | $10154 |
| **5/31/2018** | $10539 | $10559 | $10191 |
| **6/30/2018** | $10542 | $10543 | $10192 |
| **7/31/2018** | $10565 | $10565 | $10199 |
| **8/31/2018** | $10611 | $10618 | $10234 |
| **9/30/2018** | $10613 | $10572 | $10227 |
| **10/31/2018** | $10607 | $10484 | $10240 |
| **11/30/2018** | $10611 | $10531 | $10269 |
| **12/31/2018** | $10637 | $10695 | $10348 |
| **1/31/2019** | $10717 | $10843 | $10388 |
| **2/28/2019** | $10764 | $10855 | $10405 |
| **3/31/2019** | $10845 | $11051 | $10473 |
| **4/30/2019** | $10882 | $11066 | $10499 |
| **5/31/2019** | $10952 | $11236 | $10569 |
| **6/30/2019** | $11033 | $11395 | $10628 |
| **7/31/2019** | $11037 | $11429 | $10625 |
| **8/31/2019** | $11118 | $11687 | $10709 |
| **9/30/2019** | $11133 | $11637 | $10704 |
| **10/31/2019** | $11181 | $11674 | $10742 |
| **11/30/2019** | $11184 | $11672 | $10742 |
| **12/31/2019** | $11220 | $11689 | $10769 |
| **1/31/2020** | $11300 | $11899 | $10828 |
| **2/29/2020** | $11368 | $12077 | $10913 |
| **3/31/2020** | $10678 | $11841 | $10940 |
| **4/30/2020** | $10981 | $12078 | $11010 |
| **5/31/2020** | $11150 | $12191 | $11048 |
| **6/30/2020** | $11328 | $12293 | $11073 |
| **7/31/2020** | $11405 | $12509 | $11096 |
| **8/31/2020** | $11460 | $12437 | $11102 |
| **9/30/2020** | $11468 | $12414 | $11104 |
| **10/31/2020** | $11487 | $12370 | $11105 |
| **11/30/2020** | $11562 | $12531 | $11119 |
| **12/31/2020** | $11625 | $12575 | $11129 |
| **1/31/2021** | $11664 | $12496 | $11131 |
| **2/28/2021** | $11659 | $12334 | $11126 |
| **3/31/2021** | $11641 | $12191 | $11126 |
| **4/30/2021** | $11680 | $12293 | $11135 |
| **5/31/2021** | $11707 | $12340 | $11148 |
| **6/30/2021** | $11711 | $12430 | $11133 |
| **7/31/2021** | $11738 | $12555 | $11151 |
| **8/31/2021** | $11730 | $12547 | $11152 |
| **9/30/2021** | $11722 | $12440 | $11143 |
| **10/31/2021** | $11690 | $12429 | $11108 |
| **11/30/2021** | $11669 | $12444 | $11106 |
| **12/31/2021** | $11670 | $12436 | $11083 |
| **1/31/2022** | $11603 | $12163 | $11008 |
| **2/28/2022** | $11524 | $11998 | $10953 |
| **3/31/2022** | $11411 | $11676 | $10797 |
| **4/30/2022** | $11333 | $11240 | $10739 |
| **5/31/2022** | $11338 | $11302 | $10799 |
| **6/30/2022** | $11240 | $11076 | $10730 |
| **7/31/2022** | $11319 | $11355 | $10775 |
| **8/31/2022** | $11270 | $11060 | $10702 |
| **9/30/2022** | $11129 | $10583 | $10569 |
| **10/31/2022** | $11106 | $10467 | $10555 |
| **11/30/2022** | $11227 | $10857 | $10639 |
| **12/31/2022** | $11269 | $10820 | $10663 |
| **1/31/2023** | $11405 | $11156 | $10746 |
| **2/28/2023** | $11343 | $10882 | $10671 |
| **3/31/2023** | $11434 | $11137 | $10822 |
| **4/30/2023** | $11491 | $11205 | $10858 |
| **5/31/2023** | $11477 | $11089 | $10827 |
| **6/30/2023** | $11464 | $11072 | $10785 |
| **7/31/2023** | $11535 | $11083 | $10832 |
| **8/31/2023** | $11571 | $11016 | $10872 |
| **9/30/2023** | $11561 | $10753 | $10869 |
| **10/31/2023** | $11587 | $10592 | $10903 |
| **11/30/2023** | $11748 | $11068 | $11027 |
| **12/31/2023** | $11910 | $11488 | $11157 |
| **1/31/2024** | $11975 | $11461 | $11204 |
| **2/29/2024** | $11967 | $11323 | $11165 |
| **3/31/2024** | $12034 | $11435 | $11208 |
| **4/30/2024** | $11990 | $11167 | $11175 |
| **5/31/2024** | $12096 | $11352 | $11256 |
| **6/30/2024** | $12166 | $11456 | $11318 |
| **7/31/2024** | $12287 | $11716 | $11451 |
| **8/31/2024** | $12408 | $11889 | $11555 |
| **9/30/2024** | $12516 | $12052 | $11651 |
| **10/31/2024** | $12435 | $11778 | $11588 |
| **11/30/2024** | $12493 | $11902 | $11625 |
| **12/31/2024** | $12527 | $11722 | $11653 |
| **1/31/2025** | $12585 | $11793 | $11706 |
| **2/28/2025** | $12683 | $12037 | $11787 |
| **3/31/2025** | $12730 | $12034 | $11840 |
| **4/30/2025** | $12802 | $12077 | $11927 |
| **5/31/2025** | $12823 | $12015 | $11913 |
| **6/30/2025** | $12922 | $12203 | $11989 |
| **7/31/2025** | $12931 | $12185 | $11990 |
| **8/31/2025** | $13044 | $12331 | $12091 |
| **9/30/2025** | $13104 | $12462 | $12134 |
| **10/31/2025** | $13138 | $12544 | $12175 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBBGB | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 5.65% | 2.72% | 2.77% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| ICE Bofa 1-3 Year US Corporate & Government Index<sup>Footnote Reference(b)</sup> | 5.06% | 1.86% | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;ICE BofAML U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year. 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 | $3611043000 |
| Number of Portfolio Holdings | 360 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $12358371 |
| Average Maturity<sup>Footnote Reference§</sup> | 1.82 years |
| Duration<sup>Footnote Reference†</sup> | 1.87 years |

---

---

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

---

# Transamerica Short-Term Bond

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 8.3% |
| AAA | 14.8 |
| AA | 3.2 |
| A | 24.7 |
| BBB | 42.2 |
| BB | 3.4 |
| B | 0.4 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 70.0% |
| Asset-Backed Securities | 11.2 |
| Mortgage-Backed Securities | 8.0 |
| U.S. Government Obligations | 7.1 |
| Repurchase Agreements | 1.2 |
| U.S. Government Agency Obligations | 1.2 |
| Short-Term U.S. Government Obligations | 0.5 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.38%, 07/15/2027 | 2.9% |
| U.S. Treasury Notes, 4.25%, 02/15/2028 | 1.2 |
| U.S. Treasury Notes, 3.88%, 03/15/2028 | 1 |
| U.S. Treasury Notes, 4.25%, 02/28/2029 | 1 |
| U.S. Treasury Notes, 4.00%, 02/28/2030 | 1 |
| Wells Fargo & Co., 3-Month Term SOFR, 3.58%, 05/22/2028 | 0.9 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 | 0.8 |
| Citigroup, Inc., 1-Day SOFR, 1.46%, 06/09/2027 | 0.7 |
| Bank of America Corp., 1-Day SOFR, 4.38%, 04/27/2028 | 0.7 |
| Barclays PLC, 1-Year CMT, 7.33%, 11/02/2026 | 0.7 |

---

# Transamerica Short-Term Bond
Class R6

## 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](g66697g70e46.jpg)

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

# Transamerica Short-Term Bond

# Class R6
![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class A

## ASGTX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 | $142 | 1.40% |

---

## 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 3.04%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund at NAV underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g26z70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/31/2015** | $9447 | $10000 | $10000 |
| **11/30/2015** | $9580 | $10055 | $10366 |
| **12/31/2015** | $9184 | $9849 | $9872 |
| **1/31/2016** | $8573 | $9293 | $8802 |
| **2/29/2016** | $8605 | $9290 | $8740 |
| **3/31/2016** | $9136 | $9944 | $9410 |
| **4/30/2016** | $9345 | $10006 | $9504 |
| **5/31/2016** | $9586 | $10185 | $9760 |
| **6/30/2016** | $9698 | $10206 | $9715 |
| **7/31/2016** | $10149 | $10611 | $10350 |
| **8/31/2016** | $10229 | $10638 | $10460 |
| **9/30/2016** | $10334 | $10655 | $10610 |
| **10/31/2016** | $9771 | $10424 | $9951 |
| **11/30/2016** | $10728 | $10891 | $10841 |
| **12/31/2016** | $10963 | $11103 | $10989 |
| **1/31/2017** | $11052 | $11312 | $11168 |
| **2/28/2017** | $11196 | $11733 | $11442 |
| **3/31/2017** | $11446 | $11741 | $11577 |
| **4/30/2017** | $11518 | $11865 | $11790 |
| **5/31/2017** | $11572 | $11987 | $11683 |
| **6/30/2017** | $11751 | $12095 | $12085 |
| **7/31/2017** | $11715 | $12323 | $12188 |
| **8/31/2017** | $11482 | $12347 | $12174 |
| **9/30/2017** | $12091 | $12648 | $12837 |
| **10/31/2017** | $12342 | $12924 | $13036 |
| **11/30/2017** | $12593 | $13316 | $13410 |
| **12/31/2017** | $12620 | $13450 | $13425 |
| **1/31/2018** | $12798 | $14158 | $13949 |
| **2/28/2018** | $12402 | $13637 | $13551 |
| **3/31/2018** | $12719 | $13363 | $13734 |
| **4/30/2018** | $12838 | $13414 | $13747 |
| **5/31/2018** | $13533 | $13792 | $14613 |
| **6/30/2018** | $13810 | $13883 | $14727 |
| **7/31/2018** | $14029 | $14343 | $14980 |
| **8/31/2018** | $14802 | $14847 | $15913 |
| **9/30/2018** | $14564 | $14871 | $15541 |
| **10/31/2018** | $12898 | $13776 | $13574 |
| **11/30/2018** | $13275 | $14052 | $13787 |
| **12/31/2018** | $11656 | $12745 | $12176 |
| **1/31/2019** | $13038 | $13838 | $13582 |
| **2/28/2019** | $13617 | $14325 | $14459 |
| **3/31/2019** | $13350 | $14534 | $14263 |
| **4/30/2019** | $14063 | $15115 | $14697 |
| **5/31/2019** | $13439 | $14137 | $13607 |
| **6/30/2019** | $14352 | $15129 | $14655 |
| **7/31/2019** | $14843 | $15354 | $14798 |
| **8/31/2019** | $14263 | $15041 | $14160 |
| **9/30/2019** | $14085 | $15305 | $14044 |
| **10/31/2019** | $14330 | $15635 | $14443 |
| **11/30/2019** | $14887 | $16229 | $15293 |
| **12/31/2019** | $15047 | $16698 | $15644 |
| **1/31/2020** | $15262 | $16680 | $15471 |
| **2/29/2020** | $14305 | $15314 | $14354 |
| **3/31/2020** | $11722 | $13208 | $11613 |
| **4/30/2020** | $13301 | $14957 | $13343 |
| **5/31/2020** | $14760 | $15757 | $14604 |
| **6/30/2020** | $15023 | $16117 | $15165 |
| **7/31/2020** | $16076 | $17033 | $15686 |
| **8/31/2020** | $16554 | $18266 | $16606 |
| **9/30/2020** | $15884 | $17601 | $16250 |
| **10/31/2020** | $15669 | $17221 | $16374 |
| **11/30/2020** | $17846 | $19317 | $19261 |
| **12/31/2020** | $19823 | $20186 | $21061 |
| **1/31/2021** | $19745 | $20096 | $22077 |
| **2/28/2021** | $21099 | $20724 | $22806 |
| **3/31/2021** | $20865 | $21467 | $22088 |
| **4/30/2021** | $21829 | $22573 | $22570 |
| **5/31/2021** | $21125 | $22676 | $21925 |
| **6/30/2021** | $22272 | $23236 | $22954 |
| **7/31/2021** | $22610 | $23628 | $22118 |
| **8/31/2021** | $23105 | $24302 | $22520 |
| **9/30/2021** | $22115 | $23212 | $21656 |
| **10/31/2021** | $23782 | $24782 | $22670 |
| **11/30/2021** | $22766 | $24404 | $21563 |
| **12/31/2021** | $23264 | $25365 | $21659 |
| **1/31/2022** | $20155 | $23873 | $18756 |
| **2/28/2022** | $19568 | $23272 | $18837 |
| **3/31/2022** | $19245 | $24026 | $18924 |
| **4/30/2022** | $17104 | $21870 | $16602 |
| **5/31/2022** | $16957 | $21841 | $16288 |
| **6/30/2022** | $16253 | $20014 | $15280 |
| **7/31/2022** | $17690 | $21891 | $16991 |
| **8/31/2022** | $17221 | $21074 | $16831 |
| **9/30/2022** | $15813 | $19120 | $15317 |
| **10/31/2022** | $16605 | $20688 | $16771 |
| **11/30/2022** | $16986 | $21768 | $17044 |
| **12/31/2022** | $16015 | $20493 | $15950 |
| **1/31/2023** | $17488 | $21905 | $17536 |
| **2/28/2023** | $17457 | $21393 | $17346 |
| **3/31/2023** | $17549 | $21965 | $16918 |
| **4/30/2023** | $17488 | $22199 | $16722 |
| **5/31/2023** | $17027 | $22285 | $16725 |
| **6/30/2023** | $18285 | $23807 | $18112 |
| **7/31/2023** | $18960 | $24661 | $18958 |
| **8/31/2023** | $18868 | $24185 | $17972 |
| **9/30/2023** | $17549 | $23032 | $16786 |
| **10/31/2023** | $16322 | $22422 | $15492 |
| **11/30/2023** | $17702 | $24513 | $16902 |
| **12/31/2023** | $19158 | $25813 | $18926 |
| **1/31/2024** | $18578 | $26099 | $18319 |
| **2/29/2024** | $19931 | $27512 | $19807 |
| **3/31/2024** | $20446 | $28399 | $20361 |
| **4/30/2024** | $18997 | $27150 | $18793 |
| **5/31/2024** | $19480 | $28432 | $19799 |
| **6/30/2024** | $19512 | $29313 | $19766 |
| **7/31/2024** | $20446 | $29857 | $21385 |
| **8/31/2024** | $19802 | $30507 | $21148 |
| **9/30/2024** | $19866 | $31138 | $21429 |
| **10/31/2024** | $19319 | $30910 | $21144 |
| **11/30/2024** | $21991 | $32966 | $23737 |
| **12/31/2024** | $20273 | $31958 | $21794 |
| **1/31/2025** | $21155 | $32967 | $22483 |
| **2/28/2025** | $19722 | $32336 | $20961 |
| **3/31/2025** | $18363 | $30449 | $19371 |
| **4/30/2025** | $18327 | $30245 | $19247 |
| **5/31/2025** | $18804 | $32162 | $20483 |
| **6/30/2025** | $19061 | $33796 | $21689 |
| **7/31/2025** | $19539 | $34540 | $22059 |
| **8/31/2025** | $19869 | $35340 | $23363 |
| **9/30/2025** | $19612 | $36559 | $24334 |
| **10/31/2025** | $19906 | $37343 | $25121 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CI1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | (2.64%) | 3.73% | 7.13% |
| Class A | 3.04% | 4.90% | 7.74% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 9.65% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class C

## CSGTX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 | $216 | 2.13% |

---

## 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 2.42%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund at NAV underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g89x17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10127 | $10055 | $10366 |
| **12/31/2015** | $9707 | $9849 | $9872 |
| **1/31/2016** | $9053 | $9293 | $8802 |
| **2/29/2016** | $9079 | $9290 | $8740 |
| **3/31/2016** | $9637 | $9944 | $9410 |
| **4/30/2016** | $9846 | $10006 | $9504 |
| **5/31/2016** | $10090 | $10185 | $9760 |
| **6/30/2016** | $10212 | $10206 | $9715 |
| **7/31/2016** | $10674 | $10611 | $10350 |
| **8/31/2016** | $10752 | $10638 | $10460 |
| **9/30/2016** | $10857 | $10655 | $10610 |
| **10/31/2016** | $10256 | $10424 | $9951 |
| **11/30/2016** | $11249 | $10891 | $10841 |
| **12/31/2016** | $11488 | $11103 | $10989 |
| **1/31/2017** | $11589 | $11312 | $11168 |
| **2/28/2017** | $11730 | $11733 | $11442 |
| **3/31/2017** | $11973 | $11741 | $11577 |
| **4/30/2017** | $12034 | $11865 | $11790 |
| **5/31/2017** | $12094 | $11987 | $11683 |
| **6/30/2017** | $12276 | $12095 | $12085 |
| **7/31/2017** | $12236 | $12323 | $12188 |
| **8/31/2017** | $11973 | $12347 | $12174 |
| **10/31/2017** | $12843 | $12924 | $13036 |
| **11/30/2017** | $13106 | $13316 | $13410 |
| **12/31/2017** | $13136 | $13450 | $13425 |
| **1/31/2018** | $13317 | $14158 | $13949 |
| **2/28/2018** | $12888 | $13637 | $13551 |
| **3/31/2018** | $13204 | $13363 | $13734 |
| **4/30/2018** | $13340 | $13414 | $13747 |
| **5/31/2018** | $14041 | $13792 | $14613 |
| **6/30/2018** | $14312 | $13883 | $14727 |
| **7/31/2018** | $14538 | $14343 | $14980 |
| **8/31/2018** | $15329 | $14847 | $15913 |
| **9/30/2018** | $15081 | $14871 | $15541 |
| **10/31/2018** | $13340 | $13776 | $13574 |
| **11/30/2018** | $13724 | $14052 | $13787 |
| **12/31/2018** | $12037 | $12745 | $12176 |
| **1/31/2019** | $13451 | $13838 | $13582 |
| **2/28/2019** | $14043 | $14325 | $14459 |
| **3/31/2019** | $13760 | $14534 | $14263 |
| **4/30/2019** | $14480 | $15115 | $14697 |
| **5/31/2019** | $13837 | $14137 | $13607 |
| **6/30/2019** | $14763 | $15129 | $14655 |
| **7/31/2019** | $15252 | $15354 | $14798 |
| **8/31/2019** | $14660 | $15041 | $14160 |
| **9/30/2019** | $14454 | $15305 | $14044 |
| **10/31/2019** | $14711 | $15635 | $14443 |
| **11/30/2019** | $15252 | $16229 | $15293 |
| **12/31/2019** | $15408 | $16698 | $15644 |
| **1/31/2020** | $15631 | $16680 | $15471 |
| **2/29/2020** | $14655 | $15314 | $14354 |
| **3/31/2020** | $11981 | $13208 | $11613 |
| **4/30/2020** | $13624 | $14957 | $13343 |
| **5/31/2020** | $15101 | $15757 | $14604 |
| **6/30/2020** | $15352 | $16117 | $15165 |
| **7/31/2020** | $16411 | $17033 | $15686 |
| **8/31/2020** | $16884 | $18266 | $16606 |
| **9/30/2020** | $16188 | $17601 | $16250 |
| **10/31/2020** | $15965 | $17221 | $16374 |
| **11/30/2020** | $18194 | $19317 | $19261 |
| **12/31/2020** | $20161 | $20186 | $21061 |
| **1/31/2021** | $20069 | $20096 | $22077 |
| **2/28/2021** | $21452 | $20724 | $22806 |
| **3/31/2021** | $21175 | $21467 | $22088 |
| **4/30/2021** | $22159 | $22573 | $22570 |
| **5/31/2021** | $21421 | $22676 | $21925 |
| **6/30/2021** | $22589 | $23236 | $22954 |
| **7/31/2021** | $22927 | $23628 | $22118 |
| **8/31/2021** | $23388 | $24302 | $22520 |
| **9/30/2021** | $22374 | $23212 | $21656 |
| **10/31/2021** | $24064 | $24782 | $22670 |
| **11/30/2021** | $23019 | $24404 | $21563 |
| **12/31/2021** | $23513 | $25365 | $21659 |
| **1/31/2022** | $20366 | $23873 | $18756 |
| **2/28/2022** | $19730 | $23272 | $18837 |
| **3/31/2022** | $19412 | $24026 | $18924 |
| **4/30/2022** | $17255 | $21870 | $16602 |
| **5/31/2022** | $17078 | $21841 | $16288 |
| **6/30/2022** | $16371 | $20014 | $15280 |
| **7/31/2022** | $17821 | $21891 | $16991 |
| **8/31/2022** | $17361 | $21074 | $16831 |
| **9/30/2022** | $15911 | $19120 | $15317 |
| **10/31/2022** | $16724 | $20688 | $16771 |
| **11/30/2022** | $17078 | $21768 | $17044 |
| **12/31/2022** | $16083 | $20493 | $15950 |
| **1/31/2023** | $17539 | $21905 | $17536 |
| **2/28/2023** | $17539 | $21393 | $17346 |
| **3/31/2023** | $17613 | $21965 | $16918 |
| **4/30/2023** | $17539 | $22199 | $16722 |
| **5/31/2023** | $17053 | $22285 | $16725 |
| **6/30/2023** | $18322 | $23807 | $18112 |
| **7/31/2023** | $18994 | $24661 | $18958 |
| **8/31/2023** | $18845 | $24185 | $17972 |
| **9/30/2023** | $17539 | $23032 | $16786 |
| **10/31/2023** | $16307 | $22422 | $15492 |
| **11/30/2023** | $17650 | $24513 | $16902 |
| **12/31/2023** | $19123 | $25813 | $18926 |
| **1/31/2024** | $18529 | $26099 | $18319 |
| **2/29/2024** | $19876 | $27512 | $19807 |
| **3/31/2024** | $20351 | $28399 | $20361 |
| **4/30/2024** | $18886 | $27150 | $18793 |
| **5/31/2024** | $19361 | $28432 | $19799 |
| **6/30/2024** | $19400 | $29313 | $19766 |
| **7/31/2024** | $20311 | $29857 | $21385 |
| **8/31/2024** | $19678 | $30507 | $21148 |
| **9/30/2024** | $19717 | $31138 | $21429 |
| **10/31/2024** | $19123 | $30910 | $21144 |
| **11/30/2024** | $21816 | $32966 | $23737 |
| **12/31/2024** | $20101 | $31958 | $21794 |
| **1/31/2025** | $20943 | $32967 | $22483 |
| **2/28/2025** | $19493 | $32336 | $20961 |
| **3/31/2025** | $18185 | $30449 | $19371 |
| **4/30/2025** | $18091 | $30245 | $19247 |
| **5/31/2025** | $18558 | $32162 | $20483 |
| **6/30/2025** | $18839 | $33796 | $21689 |
| **7/31/2025** | $19260 | $34540 | $22059 |
| **8/31/2025** | $19587 | $35340 | $23363 |
| **9/30/2025** | $19306 | $36559 | $24334 |
| **10/31/2025** | $19587 | $37343 | $25121 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CI3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 1.56% | 4.17% | 6.95% |
| Class C | 2.42% | 4.17% | 6.95% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 9.65% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class I

## ISCGX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 | $112 | 1.10% |

---

## 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 3.45%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g48v52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10139 | $10055 | $10366 |
| **12/31/2015** | $9724 | $9849 | $9872 |
| **1/31/2016** | $9075 | $9293 | $8802 |
| **2/29/2016** | $9117 | $9290 | $8740 |
| **3/31/2016** | $9682 | $9944 | $9410 |
| **4/30/2016** | $9901 | $10006 | $9504 |
| **5/31/2016** | $10153 | $10185 | $9760 |
| **6/30/2016** | $10280 | $10206 | $9715 |
| **7/31/2016** | $10760 | $10611 | $10350 |
| **8/31/2016** | $10844 | $10638 | $10460 |
| **9/30/2016** | $10962 | $10655 | $10610 |
| **10/31/2016** | $10364 | $10424 | $9951 |
| **11/30/2016** | $11384 | $10891 | $10841 |
| **12/31/2016** | $11622 | $11103 | $10989 |
| **1/31/2017** | $11733 | $11312 | $11168 |
| **2/28/2017** | $11881 | $11733 | $11442 |
| **3/31/2017** | $12158 | $11741 | $11577 |
| **4/30/2017** | $12232 | $11865 | $11790 |
| **5/31/2017** | $12288 | $11987 | $11683 |
| **6/30/2017** | $12491 | $12095 | $12085 |
| **7/31/2017** | $12454 | $12323 | $12188 |
| **8/31/2017** | $12195 | $12347 | $12174 |
| **10/31/2017** | $13101 | $12924 | $13036 |
| **11/30/2017** | $13396 | $13316 | $13410 |
| **12/31/2017** | $13426 | $13450 | $13425 |
| **1/31/2018** | $13610 | $14158 | $13949 |
| **2/28/2018** | $13181 | $13637 | $13551 |
| **3/31/2018** | $13528 | $13363 | $13734 |
| **4/30/2018** | $13671 | $13414 | $13747 |
| **5/31/2018** | $14405 | $13792 | $14613 |
| **6/30/2018** | $14691 | $13883 | $14727 |
| **7/31/2018** | $14936 | $14343 | $14980 |
| **8/31/2018** | $15772 | $14847 | $15913 |
| **9/30/2018** | $15507 | $14871 | $15541 |
| **10/31/2018** | $13732 | $13776 | $13574 |
| **11/30/2018** | $14140 | $14052 | $13787 |
| **12/31/2018** | $12414 | $12745 | $12176 |
| **1/31/2019** | $13897 | $13838 | $13582 |
| **2/28/2019** | $14513 | $14325 | $14459 |
| **3/31/2019** | $14239 | $14534 | $14263 |
| **4/30/2019** | $14992 | $15115 | $14697 |
| **5/31/2019** | $14330 | $14137 | $13607 |
| **6/30/2019** | $15312 | $15129 | $14655 |
| **7/31/2019** | $15837 | $15354 | $14798 |
| **8/31/2019** | $15220 | $15041 | $14160 |
| **9/30/2019** | $15038 | $15305 | $14044 |
| **10/31/2019** | $15312 | $15635 | $14443 |
| **11/30/2019** | $15882 | $16229 | $15293 |
| **12/31/2019** | $16068 | $16698 | $15644 |
| **1/31/2020** | $16312 | $16680 | $15471 |
| **2/29/2020** | $15311 | $15314 | $14354 |
| **3/31/2020** | $12527 | $13208 | $11613 |
| **4/30/2020** | $14237 | $14957 | $13343 |
| **5/31/2020** | $15799 | $15757 | $14604 |
| **6/30/2020** | $16092 | $16117 | $15165 |
| **7/31/2020** | $17216 | $17033 | $15686 |
| **8/31/2020** | $17728 | $18266 | $16606 |
| **9/30/2020** | $16996 | $17601 | $16250 |
| **10/31/2020** | $16776 | $17221 | $16374 |
| **11/30/2020** | $19145 | $19317 | $19261 |
| **12/31/2020** | $21237 | $20186 | $21061 |
| **1/31/2021** | $21158 | $20096 | $22077 |
| **2/28/2021** | $22640 | $20724 | $22806 |
| **3/31/2021** | $22376 | $21467 | $22088 |
| **4/30/2021** | $23435 | $22573 | $22570 |
| **5/31/2021** | $22667 | $22676 | $21925 |
| **6/30/2021** | $23911 | $23236 | $22954 |
| **7/31/2021** | $24309 | $23628 | $22118 |
| **8/31/2021** | $24812 | $24302 | $22520 |
| **9/30/2021** | $23753 | $23212 | $21656 |
| **10/31/2021** | $25553 | $24782 | $22670 |
| **11/30/2021** | $24494 | $24404 | $21563 |
| **12/31/2021** | $25028 | $25365 | $21659 |
| **1/31/2022** | $21681 | $23873 | $18756 |
| **2/28/2022** | $21059 | $23272 | $18837 |
| **3/31/2022** | $20733 | $24026 | $18924 |
| **4/30/2022** | $18423 | $21870 | $16602 |
| **5/31/2022** | $18245 | $21841 | $16288 |
| **6/30/2022** | $17505 | $20014 | $15280 |
| **7/31/2022** | $19045 | $21891 | $16991 |
| **8/31/2022** | $18571 | $21074 | $16831 |
| **9/30/2022** | $17031 | $19120 | $15317 |
| **10/31/2022** | $17920 | $20688 | $16771 |
| **11/30/2022** | $18334 | $21768 | $17044 |
| **12/31/2022** | $17295 | $20493 | $15950 |
| **1/31/2023** | $18870 | $21905 | $17536 |
| **2/28/2023** | $18870 | $21393 | $17346 |
| **3/31/2023** | $18962 | $21965 | $16918 |
| **4/30/2023** | $18870 | $22199 | $16722 |
| **5/31/2023** | $18407 | $22285 | $16725 |
| **6/30/2023** | $19765 | $23807 | $18112 |
| **7/31/2023** | $20507 | $24661 | $18958 |
| **8/31/2023** | $20383 | $24185 | $17972 |
| **9/30/2023** | $18993 | $23032 | $16786 |
| **10/31/2023** | $17634 | $22422 | $15492 |
| **11/30/2023** | $19148 | $24513 | $16902 |
| **12/31/2023** | $20737 | $25813 | $18926 |
| **1/31/2024** | $20123 | $26099 | $18319 |
| **2/29/2024** | $21577 | $27512 | $19807 |
| **3/31/2024** | $22126 | $28399 | $20361 |
| **4/30/2024** | $20575 | $27150 | $18793 |
| **5/31/2024** | $21092 | $28432 | $19799 |
| **6/30/2024** | $21157 | $29313 | $19766 |
| **7/31/2024** | $22158 | $29857 | $21385 |
| **8/31/2024** | $21480 | $30507 | $21148 |
| **9/30/2024** | $21544 | $31138 | $21429 |
| **10/31/2024** | $20931 | $30910 | $21144 |
| **11/30/2024** | $23870 | $32966 | $23737 |
| **12/31/2024** | $22018 | $31958 | $21794 |
| **1/31/2025** | $22966 | $32967 | $22483 |
| **2/28/2025** | $21399 | $32336 | $20961 |
| **3/31/2025** | $19940 | $30449 | $19371 |
| **4/30/2025** | $19904 | $30245 | $19247 |
| **5/31/2025** | $20414 | $32162 | $20483 |
| **6/30/2025** | $20706 | $33796 | $21689 |
| **7/31/2025** | $21216 | $34540 | $22059 |
| **8/31/2025** | $21617 | $35340 | $23363 |
| **9/30/2025** | $21326 | $36559 | $24334 |
| **10/31/2025** | $21654 | $37343 | $25121 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CI8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 3.45% | 5.24% | 8.03% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 9.65% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class I2

## TSPIX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 I2 | $102 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 3.50%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g70e10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10139 | $10055 | $10366 |
| **12/31/2015** | $9725 | $9849 | $9872 |
| **1/31/2016** | $9079 | $9293 | $8802 |
| **2/29/2016** | $9121 | $9290 | $8740 |
| **3/31/2016** | $9683 | $9944 | $9410 |
| **4/30/2016** | $9909 | $10006 | $9504 |
| **5/31/2016** | $10161 | $10185 | $9760 |
| **6/30/2016** | $10287 | $10206 | $9715 |
| **7/31/2016** | $10765 | $10611 | $10350 |
| **8/31/2016** | $10858 | $10638 | $10460 |
| **9/30/2016** | $10967 | $10655 | $10610 |
| **10/31/2016** | $10371 | $10424 | $9951 |
| **11/30/2016** | $11386 | $10891 | $10841 |
| **12/31/2016** | $11633 | $11103 | $10989 |
| **1/31/2017** | $11743 | $11312 | $11168 |
| **2/28/2017** | $11908 | $11733 | $11442 |
| **3/31/2017** | $12164 | $11741 | $11577 |
| **4/30/2017** | $12237 | $11865 | $11790 |
| **5/31/2017** | $12292 | $11987 | $11683 |
| **6/30/2017** | $12493 | $12095 | $12085 |
| **7/31/2017** | $12456 | $12323 | $12188 |
| **8/31/2017** | $12219 | $12347 | $12174 |
| **10/31/2017** | $13133 | $12924 | $13036 |
| **11/30/2017** | $13426 | $13316 | $13410 |
| **12/31/2017** | $13455 | $13450 | $13425 |
| **1/31/2018** | $13637 | $14158 | $13949 |
| **2/28/2018** | $13213 | $13637 | $13551 |
| **3/31/2018** | $13556 | $13363 | $13734 |
| **4/30/2018** | $13697 | $13414 | $13747 |
| **5/31/2018** | $14444 | $13792 | $14613 |
| **6/30/2018** | $14726 | $13883 | $14727 |
| **7/31/2018** | $14988 | $14343 | $14980 |
| **8/31/2018** | $15815 | $14847 | $15913 |
| **9/30/2018** | $15573 | $14871 | $15541 |
| **10/31/2018** | $13798 | $13776 | $13574 |
| **11/30/2018** | $14202 | $14052 | $13787 |
| **12/31/2018** | $12454 | $12745 | $12176 |
| **1/31/2019** | $13963 | $13838 | $13582 |
| **2/28/2019** | $14571 | $14325 | $14459 |
| **3/31/2019** | $14301 | $14534 | $14263 |
| **4/30/2019** | $15067 | $15115 | $14697 |
| **5/31/2019** | $14414 | $14137 | $13607 |
| **6/30/2019** | $15382 | $15129 | $14655 |
| **7/31/2019** | $15900 | $15354 | $14798 |
| **8/31/2019** | $15292 | $15041 | $14160 |
| **9/30/2019** | $15112 | $15305 | $14044 |
| **10/31/2019** | $15382 | $15635 | $14443 |
| **11/30/2019** | $15968 | $16229 | $15293 |
| **12/31/2019** | $16151 | $16698 | $15644 |
| **1/31/2020** | $16415 | $16680 | $15471 |
| **2/29/2020** | $15380 | $15314 | $14354 |
| **3/31/2020** | $12588 | $13208 | $11613 |
| **4/30/2020** | $14321 | $14957 | $13343 |
| **5/31/2020** | $15886 | $15757 | $14604 |
| **6/30/2020** | $16175 | $16117 | $15165 |
| **7/31/2020** | $17330 | $17033 | $15686 |
| **8/31/2020** | $17836 | $18266 | $16606 |
| **9/30/2020** | $17113 | $17601 | $16250 |
| **10/31/2020** | $16897 | $17221 | $16374 |
| **11/30/2020** | $19256 | $19317 | $19261 |
| **12/31/2020** | $21365 | $20186 | $21061 |
| **1/31/2021** | $21287 | $20096 | $22077 |
| **2/28/2021** | $22772 | $20724 | $22806 |
| **3/31/2021** | $22512 | $21467 | $22088 |
| **4/30/2021** | $23580 | $22573 | $22570 |
| **5/31/2021** | $22825 | $22676 | $21925 |
| **6/30/2021** | $24075 | $23236 | $22954 |
| **7/31/2021** | $24466 | $23628 | $22118 |
| **8/31/2021** | $24987 | $24302 | $22520 |
| **9/30/2021** | $23919 | $23212 | $21656 |
| **10/31/2021** | $25743 | $24782 | $22670 |
| **11/30/2021** | $24648 | $24404 | $21563 |
| **12/31/2021** | $25198 | $25365 | $21659 |
| **1/31/2022** | $21856 | $23873 | $18756 |
| **2/28/2022** | $21216 | $23272 | $18837 |
| **3/31/2022** | $20868 | $24026 | $18924 |
| **4/30/2022** | $18572 | $21870 | $16602 |
| **5/31/2022** | $18397 | $21841 | $16288 |
| **6/30/2022** | $17642 | $20014 | $15280 |
| **7/31/2022** | $19211 | $21891 | $16991 |
| **8/31/2022** | $18717 | $21074 | $16831 |
| **9/30/2022** | $17177 | $19120 | $15317 |
| **10/31/2022** | $18048 | $20688 | $16771 |
| **11/30/2022** | $18484 | $21768 | $17044 |
| **12/31/2022** | $17435 | $20493 | $15950 |
| **1/31/2023** | $19009 | $21905 | $17536 |
| **2/28/2023** | $19009 | $21393 | $17346 |
| **3/31/2023** | $19100 | $21965 | $16918 |
| **4/30/2023** | $19040 | $22199 | $16722 |
| **5/31/2023** | $18555 | $22285 | $16725 |
| **6/30/2023** | $19948 | $23807 | $18112 |
| **7/31/2023** | $20674 | $24661 | $18958 |
| **8/31/2023** | $20553 | $24185 | $17972 |
| **9/30/2023** | $19161 | $23032 | $16786 |
| **10/31/2023** | $17799 | $22422 | $15492 |
| **11/30/2023** | $19312 | $24513 | $16902 |
| **12/31/2023** | $20932 | $25813 | $18926 |
| **1/31/2024** | $20299 | $26099 | $18319 |
| **2/29/2024** | $21785 | $27512 | $19807 |
| **3/31/2024** | $22323 | $28399 | $20361 |
| **4/30/2024** | $20742 | $27150 | $18793 |
| **5/31/2024** | $21311 | $28432 | $19799 |
| **6/30/2024** | $21343 | $29313 | $19766 |
| **7/31/2024** | $22386 | $29857 | $21385 |
| **8/31/2024** | $21690 | $30507 | $21148 |
| **9/30/2024** | $21754 | $31138 | $21429 |
| **10/31/2024** | $21153 | $30910 | $21144 |
| **11/30/2024** | $24125 | $32966 | $23737 |
| **12/31/2024** | $22250 | $31958 | $21794 |
| **1/31/2025** | $23209 | $32967 | $22483 |
| **2/28/2025** | $21645 | $32336 | $20961 |
| **3/31/2025** | $20153 | $30449 | $19371 |
| **4/30/2025** | $20117 | $30245 | $19247 |
| **5/31/2025** | $20650 | $32162 | $20483 |
| **6/30/2025** | $20935 | $33796 | $21689 |
| **7/31/2025** | $21468 | $34540 | $22059 |
| **8/31/2025** | $21859 | $35340 | $23363 |
| **9/30/2025** | $21574 | $36559 | $24334 |
| **10/31/2025** | $21894 | $37343 | $25121 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CI4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 3.50% | 5.32% | 8.15% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 9.65% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class I3

## TSPTX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 I3 | $102 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 3.51%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g56u76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10326 | $10025 | $10223 |
| **5/31/2017** | $10388 | $10131 | $10411 |
| **6/30/2017** | $10450 | $10235 | $10316 |
| **7/31/2017** | $10621 | $10327 | $10671 |
| **8/31/2017** | $10590 | $10522 | $10762 |
| **9/30/2017** | $10373 | $10542 | $10750 |
| **10/31/2017** | $11165 | $11035 | $11511 |
| **11/30/2017** | $11398 | $11370 | $11841 |
| **12/31/2017** | $11438 | $11484 | $11855 |
| **1/31/2018** | $11592 | $12089 | $12317 |
| **2/28/2018** | $11232 | $11644 | $11966 |
| **3/31/2018** | $11524 | $11410 | $12127 |
| **4/30/2018** | $11643 | $11453 | $12139 |
| **5/31/2018** | $12277 | $11776 | $12903 |
| **6/30/2018** | $12534 | $11854 | $13004 |
| **7/31/2018** | $12739 | $12247 | $13228 |
| **8/31/2018** | $13458 | $12677 | $14051 |
| **9/30/2018** | $13236 | $12698 | $13723 |
| **10/31/2018** | $11712 | $11763 | $11986 |
| **11/30/2018** | $12054 | $11999 | $12174 |
| **12/31/2018** | $10571 | $10882 | $10751 |
| **1/31/2019** | $11852 | $11816 | $11993 |
| **2/28/2019** | $12368 | $12231 | $12767 |
| **3/31/2019** | $12139 | $12410 | $12594 |
| **4/30/2019** | $12789 | $12906 | $12978 |
| **5/31/2019** | $12215 | $12070 | $12015 |
| **6/30/2019** | $13056 | $12918 | $12941 |
| **7/31/2019** | $13496 | $13110 | $13067 |
| **8/31/2019** | $12980 | $12843 | $12503 |
| **9/30/2019** | $12827 | $13068 | $12401 |
| **10/31/2019** | $13056 | $13350 | $12753 |
| **11/30/2019** | $13553 | $13857 | $13504 |
| **12/31/2019** | $13709 | $14257 | $13814 |
| **1/31/2020** | $13913 | $14242 | $13661 |
| **2/29/2020** | $13055 | $13076 | $12675 |
| **3/31/2020** | $10685 | $11278 | $10254 |
| **4/30/2020** | $12156 | $12771 | $11782 |
| **5/31/2020** | $13484 | $13454 | $12895 |
| **6/30/2020** | $13729 | $13762 | $13391 |
| **7/31/2020** | $14689 | $14543 | $13851 |
| **8/31/2020** | $15118 | $15597 | $14663 |
| **9/30/2020** | $14506 | $15029 | $14349 |
| **10/31/2020** | $14322 | $14704 | $14458 |
| **11/30/2020** | $16324 | $16493 | $17008 |
| **12/31/2020** | $18135 | $17235 | $18597 |
| **1/31/2021** | $18069 | $17159 | $19494 |
| **2/28/2021** | $19329 | $17695 | $20138 |
| **3/31/2021** | $19108 | $18329 | $19504 |
| **4/30/2021** | $20015 | $19274 | $19929 |
| **5/31/2021** | $19351 | $19362 | $19360 |
| **6/30/2021** | $20413 | $19840 | $20268 |
| **7/31/2021** | $20745 | $20175 | $19530 |
| **8/31/2021** | $21187 | $20750 | $19885 |
| **9/30/2021** | $20302 | $19819 | $19123 |
| **10/31/2021** | $21828 | $21160 | $20018 |
| **11/30/2021** | $20899 | $20838 | $19040 |
| **12/31/2021** | $21366 | $21658 | $19125 |
| **1/31/2022** | $18529 | $20384 | $16561 |
| **2/28/2022** | $17986 | $19870 | $16634 |
| **3/31/2022** | $17715 | $20515 | $16710 |
| **4/30/2022** | $15741 | $18674 | $14660 |
| **5/31/2022** | $15593 | $18649 | $14383 |
| **6/30/2022** | $14976 | $17089 | $13492 |
| **7/31/2022** | $16284 | $18692 | $15003 |
| **8/31/2022** | $15864 | $17994 | $14862 |
| **9/30/2022** | $14557 | $16326 | $13525 |
| **10/31/2022** | $15321 | $17665 | $14809 |
| **11/30/2022** | $15667 | $18587 | $15050 |
| **12/31/2022** | $14775 | $17498 | $14084 |
| **1/31/2023** | $16137 | $18703 | $15485 |
| **2/28/2023** | $16137 | $18266 | $15317 |
| **3/31/2023** | $16214 | $18755 | $14939 |
| **4/30/2023** | $16137 | $18955 | $14766 |
| **5/31/2023** | $15726 | $19028 | $14768 |
| **6/30/2023** | $16908 | $20328 | $15993 |
| **7/31/2023** | $17550 | $21056 | $16740 |
| **8/31/2023** | $17448 | $20650 | $15869 |
| **9/30/2023** | $16240 | $19666 | $14822 |
| **10/31/2023** | $15109 | $19145 | $13679 |
| **11/30/2023** | $16368 | $20930 | $14925 |
| **12/31/2023** | $17742 | $22040 | $16712 |
| **1/31/2024** | $17232 | $22285 | $16176 |
| **2/29/2024** | $18467 | $23491 | $17490 |
| **3/31/2024** | $18950 | $24249 | $17979 |
| **4/30/2024** | $17608 | $23182 | $16594 |
| **5/31/2024** | $18064 | $24277 | $17483 |
| **6/30/2024** | $18118 | $25028 | $17454 |
| **7/31/2024** | $18977 | $25494 | $18883 |
| **8/31/2024** | $18386 | $26049 | $18674 |
| **9/30/2024** | $18440 | $26587 | $18922 |
| **10/31/2024** | $17930 | $26392 | $18671 |
| **11/30/2024** | $20453 | $28148 | $20960 |
| **12/31/2024** | $18831 | $27288 | $19244 |
| **1/31/2025** | $19676 | $28149 | $19853 |
| **2/28/2025** | $18318 | $27610 | $18509 |
| **3/31/2025** | $17081 | $25999 | $17105 |
| **4/30/2025** | $17050 | $25825 | $16996 |
| **5/31/2025** | $17503 | $27462 | $18087 |
| **6/30/2025** | $17744 | $28857 | $19152 |
| **7/31/2025** | $18167 | $29492 | $19478 |
| **8/31/2025** | $18529 | $30175 | $20630 |
| **9/30/2025** | $18288 | $31216 | $21487 |
| **10/31/2025** | $18559 | $31885 | $22182 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CID | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class I3 | 3.51% | 5.32% | 7.41% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 9.65% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class I3

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class R

## TSPRX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 | $152 | 1.50% |

---

## 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 3.18%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g02w09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10326 | $10025 | $10223 |
| **5/31/2017** | $10388 | $10131 | $10411 |
| **6/30/2017** | $10419 | $10235 | $10316 |
| **7/31/2017** | $10590 | $10327 | $10671 |
| **8/31/2017** | $10559 | $10522 | $10762 |
| **9/30/2017** | $10342 | $10542 | $10750 |
| **10/31/2017** | $11118 | $11035 | $11511 |
| **11/30/2017** | $11351 | $11370 | $11841 |
| **12/31/2017** | $11376 | $11484 | $11855 |
| **1/31/2018** | $11530 | $12089 | $12317 |
| **2/28/2018** | $11170 | $11644 | $11966 |
| **3/31/2018** | $11444 | $11410 | $12127 |
| **4/30/2018** | $11564 | $11453 | $12139 |
| **5/31/2018** | $12181 | $11776 | $12903 |
| **6/30/2018** | $12421 | $11854 | $13004 |
| **7/31/2018** | $12627 | $12247 | $13228 |
| **8/31/2018** | $13312 | $12677 | $14051 |
| **9/30/2018** | $13106 | $12698 | $13723 |
| **10/31/2018** | $11616 | $11763 | $11986 |
| **11/30/2018** | $11958 | $11999 | $12174 |
| **12/31/2018** | $10474 | $10882 | $10751 |
| **1/31/2019** | $11738 | $11816 | $11993 |
| **2/28/2019** | $12255 | $12231 | $12767 |
| **3/31/2019** | $12006 | $12410 | $12594 |
| **4/30/2019** | $12638 | $12906 | $12978 |
| **5/31/2019** | $12083 | $12070 | $12015 |
| **6/30/2019** | $12906 | $12918 | $12941 |
| **7/31/2019** | $13328 | $13110 | $13067 |
| **8/31/2019** | $12811 | $12843 | $12503 |
| **9/30/2019** | $12657 | $13068 | $12401 |
| **10/31/2019** | $12868 | $13350 | $12753 |
| **11/30/2019** | $13366 | $13857 | $13504 |
| **12/31/2019** | $13522 | $14257 | $13814 |
| **1/31/2020** | $13706 | $14242 | $13661 |
| **2/29/2020** | $12866 | $13076 | $12675 |
| **3/31/2020** | $10531 | $11278 | $10254 |
| **4/30/2020** | $11965 | $12771 | $11782 |
| **5/31/2020** | $13276 | $13454 | $12895 |
| **6/30/2020** | $13501 | $13762 | $13391 |
| **7/31/2020** | $14444 | $14543 | $13851 |
| **8/31/2020** | $14874 | $15597 | $14663 |
| **9/30/2020** | $14259 | $15029 | $14349 |
| **10/31/2020** | $14075 | $14704 | $14458 |
| **11/30/2020** | $16042 | $16493 | $17008 |
| **12/31/2020** | $17797 | $17235 | $18597 |
| **1/31/2021** | $17708 | $17159 | $19494 |
| **2/28/2021** | $18953 | $17695 | $20138 |
| **3/31/2021** | $18730 | $18329 | $19504 |
| **4/30/2021** | $19597 | $19274 | $19929 |
| **5/31/2021** | $18975 | $19362 | $19360 |
| **6/30/2021** | $19997 | $19840 | $20268 |
| **7/31/2021** | $20308 | $20175 | $19530 |
| **8/31/2021** | $20730 | $20750 | $19885 |
| **9/30/2021** | $19841 | $19819 | $19123 |
| **10/31/2021** | $21330 | $21160 | $20018 |
| **11/30/2021** | $20441 | $20838 | $19040 |
| **12/31/2021** | $20865 | $21658 | $19125 |
| **1/31/2022** | $18080 | $20384 | $16561 |
| **2/28/2022** | $17557 | $19870 | $16634 |
| **3/31/2022** | $17284 | $20515 | $16710 |
| **4/30/2022** | $15344 | $18674 | $14660 |
| **5/31/2022** | $15220 | $18649 | $14383 |
| **6/30/2022** | $14598 | $17089 | $13492 |
| **7/31/2022** | $15866 | $18692 | $15003 |
| **8/31/2022** | $15444 | $17994 | $14862 |
| **9/30/2022** | $14175 | $16326 | $13525 |
| **10/31/2022** | $14896 | $17665 | $14809 |
| **11/30/2022** | $15245 | $18587 | $15050 |
| **12/31/2022** | $14372 | $17498 | $14084 |
| **1/31/2023** | $15669 | $18703 | $15485 |
| **2/28/2023** | $15669 | $18266 | $15317 |
| **3/31/2023** | $15721 | $18755 | $14939 |
| **4/30/2023** | $15669 | $18955 | $14766 |
| **5/31/2023** | $15254 | $19028 | $14768 |
| **6/30/2023** | $16395 | $20328 | $15993 |
| **7/31/2023** | $16992 | $21056 | $16740 |
| **8/31/2023** | $16888 | $20650 | $15869 |
| **9/30/2023** | $15721 | $19666 | $14822 |
| **10/31/2023** | $14605 | $19145 | $13679 |
| **11/30/2023** | $15850 | $20930 | $14925 |
| **12/31/2023** | $17159 | $22040 | $16712 |
| **1/31/2024** | $16643 | $22285 | $16176 |
| **2/29/2024** | $17838 | $23491 | $17490 |
| **3/31/2024** | $18299 | $24249 | $17979 |
| **4/30/2024** | $16996 | $23182 | $16594 |
| **5/31/2024** | $17431 | $24277 | $17483 |
| **6/30/2024** | $17458 | $25028 | $17454 |
| **7/31/2024** | $18299 | $25494 | $18883 |
| **8/31/2024** | $17729 | $26049 | $18674 |
| **9/30/2024** | $17756 | $26587 | $18922 |
| **10/31/2024** | $17268 | $26392 | $18671 |
| **11/30/2024** | $19684 | $28148 | $20960 |
| **12/31/2024** | $18155 | $27288 | $19244 |
| **1/31/2025** | $18923 | $28149 | $19853 |
| **2/28/2025** | $17632 | $27610 | $18509 |
| **3/31/2025** | $16434 | $25999 | $17105 |
| **4/30/2025** | $16373 | $25825 | $16996 |
| **5/31/2025** | $16803 | $27462 | $18087 |
| **6/30/2025** | $17049 | $28857 | $19152 |
| **7/31/2025** | $17448 | $29492 | $19478 |
| **8/31/2025** | $17755 | $30175 | $20630 |
| **9/30/2025** | $17510 | $31216 | $21487 |
| **10/31/2025** | $17786 | $31885 | $22182 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CI5 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class R | 3.18% | 4.83% | 6.91% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 9.65% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class R

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class R4

## TSPFX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 R4 | $117 | 1.15% |

---

## 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 3.55%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g69t94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **3/10/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10326 | $10025 | $10223 |
| **5/31/2017** | $10388 | $10131 | $10411 |
| **6/30/2017** | $10435 | $10235 | $10316 |
| **7/31/2017** | $10606 | $10327 | $10671 |
| **8/31/2017** | $10575 | $10522 | $10762 |
| **9/30/2017** | $10373 | $10542 | $10750 |
| **10/31/2017** | $11149 | $11035 | $11511 |
| **11/30/2017** | $11382 | $11370 | $11841 |
| **12/31/2017** | $11405 | $11484 | $11855 |
| **1/31/2018** | $11559 | $12089 | $12317 |
| **2/28/2018** | $11200 | $11644 | $11966 |
| **3/31/2018** | $11491 | $11410 | $12127 |
| **4/30/2018** | $11611 | $11453 | $12139 |
| **5/31/2018** | $12244 | $11776 | $12903 |
| **6/30/2018** | $12484 | $11854 | $13004 |
| **7/31/2018** | $12707 | $12247 | $13228 |
| **8/31/2018** | $13392 | $12677 | $14051 |
| **9/30/2018** | $13186 | $12698 | $13723 |
| **10/31/2018** | $11662 | $11763 | $11986 |
| **11/30/2018** | $12005 | $11999 | $12174 |
| **12/31/2018** | $10521 | $10882 | $10751 |
| **1/31/2019** | $11784 | $11816 | $11993 |
| **2/28/2019** | $12300 | $12231 | $12767 |
| **3/31/2019** | $12109 | $12410 | $12594 |
| **4/30/2019** | $12740 | $12906 | $12978 |
| **5/31/2019** | $12186 | $12070 | $12015 |
| **6/30/2019** | $13008 | $12918 | $12941 |
| **7/31/2019** | $13448 | $13110 | $13067 |
| **8/31/2019** | $12932 | $12843 | $12503 |
| **9/30/2019** | $12779 | $13068 | $12401 |
| **10/31/2019** | $13008 | $13350 | $12753 |
| **11/30/2019** | $13506 | $13857 | $13504 |
| **12/31/2019** | $13661 | $14257 | $13814 |
| **1/31/2020** | $13866 | $14242 | $13661 |
| **2/29/2020** | $13007 | $13076 | $12675 |
| **3/31/2020** | $10655 | $11278 | $10254 |
| **4/30/2020** | $12107 | $12771 | $11782 |
| **5/31/2020** | $13436 | $13454 | $12895 |
| **6/30/2020** | $13682 | $13762 | $13391 |
| **7/31/2020** | $14643 | $14543 | $13851 |
| **8/31/2020** | $15072 | $15597 | $14663 |
| **9/30/2020** | $14459 | $15029 | $14349 |
| **10/31/2020** | $14275 | $14704 | $14458 |
| **11/30/2020** | $16258 | $16493 | $17008 |
| **12/31/2020** | $18051 | $17235 | $18597 |
| **1/31/2021** | $17985 | $17159 | $19494 |
| **2/28/2021** | $19225 | $17695 | $20138 |
| **3/31/2021** | $19004 | $18329 | $19504 |
| **4/30/2021** | $19912 | $19274 | $19929 |
| **5/31/2021** | $19269 | $19362 | $19360 |
| **6/30/2021** | $20310 | $19840 | $20268 |
| **7/31/2021** | $20643 | $20175 | $19530 |
| **8/31/2021** | $21086 | $20750 | $19885 |
| **9/30/2021** | $20177 | $19819 | $19123 |
| **10/31/2021** | $21706 | $21160 | $20018 |
| **11/30/2021** | $20798 | $20838 | $19040 |
| **12/31/2021** | $21243 | $21658 | $19125 |
| **1/31/2022** | $18424 | $20384 | $16561 |
| **2/28/2022** | $17880 | $19870 | $16634 |
| **3/31/2022** | $17583 | $20515 | $16710 |
| **4/30/2022** | $15654 | $18674 | $14660 |
| **5/31/2022** | $15506 | $18649 | $14383 |
| **6/30/2022** | $14863 | $17089 | $13492 |
| **7/31/2022** | $16174 | $18692 | $15003 |
| **8/31/2022** | $15753 | $17994 | $14862 |
| **9/30/2022** | $14467 | $16326 | $13525 |
| **10/31/2022** | $15209 | $17665 | $14809 |
| **11/30/2022** | $15555 | $18587 | $15050 |
| **12/31/2022** | $14687 | $17498 | $14084 |
| **1/31/2023** | $16027 | $18703 | $15485 |
| **2/28/2023** | $16002 | $18266 | $15317 |
| **3/31/2023** | $16079 | $18755 | $14939 |
| **4/30/2023** | $16027 | $18955 | $14766 |
| **5/31/2023** | $15615 | $19028 | $14768 |
| **6/30/2023** | $16775 | $20328 | $15993 |
| **7/31/2023** | $17393 | $21056 | $16740 |
| **8/31/2023** | $17290 | $20650 | $15869 |
| **9/30/2023** | $16105 | $19666 | $14822 |
| **10/31/2023** | $14971 | $19145 | $13679 |
| **11/30/2023** | $16233 | $20930 | $14925 |
| **12/31/2023** | $17585 | $22040 | $16712 |
| **1/31/2024** | $17073 | $22285 | $16176 |
| **2/29/2024** | $18312 | $23491 | $17490 |
| **3/31/2024** | $18770 | $24249 | $17979 |
| **4/30/2024** | $17450 | $23182 | $16594 |
| **5/31/2024** | $17908 | $24277 | $17483 |
| **6/30/2024** | $17935 | $25028 | $17454 |
| **7/31/2024** | $18797 | $25494 | $18883 |
| **8/31/2024** | $18204 | $26049 | $18674 |
| **9/30/2024** | $18258 | $26587 | $18922 |
| **10/31/2024** | $17747 | $26392 | $18671 |
| **11/30/2024** | $20251 | $28148 | $20960 |
| **12/31/2024** | $18650 | $27288 | $19244 |
| **1/31/2025** | $19469 | $28149 | $19853 |
| **2/28/2025** | $18165 | $27610 | $18509 |
| **3/31/2025** | $16922 | $25999 | $17105 |
| **4/30/2025** | $16861 | $25825 | $16996 |
| **5/31/2025** | $17316 | $27462 | $18087 |
| **6/30/2025** | $17559 | $28857 | $19152 |
| **7/31/2025** | $17983 | $29492 | $19478 |
| **8/31/2025** | $18317 | $30175 | $20630 |
| **9/30/2025** | $18074 | $31216 | $21487 |
| **10/31/2025** | $18377 | $31885 | $22182 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CIE | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class R4 | 3.55% | 5.18% | 7.29% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.35% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 9.65% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class R4

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Growth

# Class R6

## RTSGX
October 31, 2025

## Fund Overview
Transamerica Small Cap Growth (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 R6 | $102 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 3.50%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 18.81% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Growth Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* Entering the fiscal year in November 2024, the election and uncertainty about changing fiscal policy led to a period of volatility and market weakness. April's 'Liberation Day' tariff news punctuated the market concerns surrounding fiscal policy and accelerated the market decline. The Administration's pause in the proposed tariff increases and signal of willingness to negotiate led to a sharp market recovery where the peak-to-trough decline in market volatility was the largest since the COVID-19 pandemic. The months since have seen a soaring of risk appetite supported by expectations of monetary easing, reflected in persistently low volatility and credit spreads. 

* The Fund's period of underperformance witnessed the rare occurrence of the S&P 500 High Beta Index outperforming the Low Beta Index by a magnitude breaching the 99th percentile. This level of risk has only happened once before in the Fund's history, last occurring during the liquidity driven environment post-COVID. As a result, the Russell 2000<sup>®</sup> Growth Index saw extreme outperformance by the highest beta, highest valuation and highest momentum stocks, many of which are thematic in nature – AI, quantum computing, nuclear. Strikingly during this period, 17 of the 50 largest contributors to the index did not even have earnings. Index factor analysis showed dramatic outperformance by non-earners which returned more than twice that of the companies with earnings.

* The Fund's underperformance during the fiscal year was primarily driven by weak stock selection decisions within industrials, technology and consumer discretionary, while stock selection decisions within healthcare and real estate helped relative performance. Sector allocation decisions also detracted from results during the period.

* The largest detractor during the fiscal year was Saia, a non-union, less-than-truckload (LTL) freight company. Earnings disappointed as the company did not experience its typical seasonal pick-up while facing macro and tariff uncertainties. 

* Pegasystems was the largest contributor during the fiscal year. The company's cloud-based enterprise platform helps organizations operate more efficiently by automating tasks and optimizing processes. It exhibited strong fundamental momentum and strong free cash flow generation.

* The views expressed reflect the opinions of Ranger Investment 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 Small Cap Growth

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g40c60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **7/25/2016** | $10000 | $10000 | $10000 |
| **7/31/2016** | $10142 | $10007 | $10092 |
| **8/31/2016** | $10229 | $10033 | $10199 |
| **9/30/2016** | $10332 | $10049 | $10346 |
| **10/31/2016** | $9771 | $9831 | $9703 |
| **11/30/2016** | $10735 | $10271 | $10571 |
| **12/31/2016** | $10960 | $10472 | $10715 |
| **1/31/2017** | $11063 | $10669 | $10889 |
| **2/28/2017** | $11219 | $11065 | $11156 |
| **3/31/2017** | $11460 | $11073 | $11288 |
| **4/30/2017** | $11529 | $11190 | $11496 |
| **5/31/2017** | $11580 | $11305 | $11392 |
| **6/30/2017** | $11770 | $11407 | $11784 |
| **7/31/2017** | $11753 | $11622 | $11884 |
| **8/31/2017** | $11512 | $11644 | $11870 |
| **9/30/2017** | $12132 | $11928 | $12516 |
| **10/31/2017** | $12373 | $12189 | $12710 |
| **11/30/2017** | $12649 | $12559 | $13075 |
| **12/31/2017** | $12677 | $12684 | $13090 |
| **1/31/2018** | $12848 | $13353 | $13601 |
| **2/28/2018** | $12449 | $12861 | $13213 |
| **3/31/2018** | $12772 | $12602 | $13391 |
| **4/30/2018** | $12905 | $12650 | $13404 |
| **5/31/2018** | $13608 | $13007 | $14248 |
| **6/30/2018** | $13893 | $13093 | $14360 |
| **7/31/2018** | $14121 | $13527 | $14607 |
| **8/31/2018** | $14900 | $14002 | $15516 |
| **9/30/2018** | $14672 | $14025 | $15153 |
| **10/31/2018** | $13000 | $12993 | $13236 |
| **11/30/2018** | $13380 | $13253 | $13443 |
| **12/31/2018** | $11733 | $12019 | $11872 |
| **1/31/2019** | $13155 | $13051 | $13243 |
| **2/28/2019** | $13728 | $13510 | $14098 |
| **3/31/2019** | $13473 | $13707 | $13907 |
| **4/30/2019** | $14195 | $14255 | $14331 |
| **5/31/2019** | $13558 | $13332 | $13268 |
| **6/30/2019** | $14492 | $14269 | $14289 |
| **7/31/2019** | $14980 | $14481 | $14429 |
| **8/31/2019** | $14407 | $14185 | $13806 |
| **9/30/2019** | $14237 | $14434 | $13693 |
| **10/31/2019** | $14492 | $14745 | $14083 |
| **11/30/2019** | $15043 | $15306 | $14912 |
| **12/31/2019** | $15216 | $15748 | $15253 |
| **1/31/2020** | $15443 | $15730 | $15085 |
| **2/29/2020** | $14490 | $14443 | $13996 |
| **3/31/2020** | $11860 | $12456 | $11323 |
| **4/30/2020** | $13493 | $14106 | $13010 |
| **5/31/2020** | $14967 | $14861 | $14239 |
| **6/30/2020** | $15239 | $15200 | $14787 |
| **7/31/2020** | $16304 | $16063 | $15295 |
| **8/31/2020** | $16803 | $17227 | $16192 |
| **9/30/2020** | $16100 | $16600 | $15845 |
| **10/31/2020** | $15896 | $16242 | $15965 |
| **11/30/2020** | $18141 | $18217 | $18781 |
| **12/31/2020** | $20129 | $19037 | $20536 |
| **1/31/2021** | $20055 | $18952 | $21526 |
| **2/28/2021** | $21455 | $19545 | $22237 |
| **3/31/2021** | $21209 | $20245 | $21537 |
| **4/30/2021** | $22216 | $21289 | $22007 |
| **5/31/2021** | $21504 | $21386 | $21378 |
| **6/30/2021** | $22682 | $21913 | $22381 |
| **7/31/2021** | $23026 | $22284 | $21566 |
| **8/31/2021** | $23541 | $22919 | $21958 |
| **9/30/2021** | $22535 | $21891 | $21116 |
| **10/31/2021** | $24228 | $23371 | $22105 |
| **11/30/2021** | $23222 | $23016 | $21025 |
| **12/31/2021** | $23712 | $23922 | $21118 |
| **1/31/2022** | $20564 | $22515 | $18288 |
| **2/28/2022** | $19961 | $21947 | $18368 |
| **3/31/2022** | $19660 | $22659 | $18451 |
| **4/30/2022** | $17497 | $20626 | $16188 |
| **5/31/2022** | $17333 | $20598 | $15882 |
| **6/30/2022** | $16621 | $18875 | $14899 |
| **7/31/2022** | $18072 | $20646 | $16567 |
| **8/31/2022** | $17634 | $19875 | $16411 |
| **9/30/2022** | $16183 | $18032 | $14935 |
| **10/31/2022** | $17004 | $19511 | $16352 |
| **11/30/2022** | $17415 | $20529 | $16619 |
| **12/31/2022** | $16426 | $19327 | $15552 |
| **1/31/2023** | $17909 | $20658 | $17099 |
| **2/28/2023** | $17909 | $20176 | $16914 |
| **3/31/2023** | $17995 | $20715 | $16496 |
| **4/30/2023** | $17909 | $20936 | $16305 |
| **5/31/2023** | $17482 | $21017 | $16308 |
| **6/30/2023** | $18765 | $22452 | $17660 |
| **7/31/2023** | $19478 | $23257 | $18485 |
| **8/31/2023** | $19364 | $22808 | $17523 |
| **9/30/2023** | $18023 | $21722 | $16367 |
| **10/31/2023** | $16769 | $21146 | $15105 |
| **11/30/2023** | $18194 | $23118 | $16480 |
| **12/31/2023** | $19720 | $24344 | $18454 |
| **1/31/2024** | $19124 | $24614 | $17862 |
| **2/29/2024** | $20524 | $25946 | $19313 |
| **3/31/2024** | $21031 | $26783 | $19853 |
| **4/30/2024** | $19541 | $25605 | $18324 |
| **5/31/2024** | $20048 | $26814 | $19305 |
| **6/30/2024** | $20107 | $27645 | $19273 |
| **7/31/2024** | $21061 | $28158 | $20851 |
| **8/31/2024** | $20405 | $28771 | $20620 |
| **9/30/2024** | $20495 | $29367 | $20894 |
| **10/31/2024** | $19929 | $29151 | $20617 |
| **11/30/2024** | $22699 | $31090 | $23145 |
| **12/31/2024** | $20929 | $30140 | $21250 |
| **1/31/2025** | $21866 | $31091 | $21922 |
| **2/28/2025** | $20393 | $30496 | $20438 |
| **3/31/2025** | $18986 | $28717 | $18888 |
| **4/30/2025** | $18953 | $28524 | $18767 |
| **5/31/2025** | $19455 | $30332 | $19972 |
| **6/30/2025** | $19723 | $31873 | $21148 |
| **7/31/2025** | $20225 | $32575 | $21508 |
| **8/31/2025** | $20594 | $33329 | $22781 |
| **9/30/2025** | $20326 | $34479 | $23727 |
| **10/31/2025** | $20627 | $35218 | $24495 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CIB | **1 Year** | **5 Years** | **Since Inception 7/25/16** |
| Class R6 | 3.50% | 5.35% | 8.12% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 18.81% | 8.94% | 10.15% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $81978684 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $737050 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 23.7% |
| Health Care | 22.1 |
| Information Technology | 19.5 |
| Consumer Discretionary | 14.6 |
| Energy | 6.9 |
| Financials | 6.7 |
| Consumer Staples | 2.2 |
| Real Estate | 1.9 |
| Utilities | 0.9 |
| Repurchase Agreements | 1.6 |
| 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 Small Cap Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Pegasystems, Inc. | 4.8% |
| AAON, Inc. | 3.5 |
| Ligand Pharmaceuticals, Inc. | 3.3 |
| UL Solutions, Inc., Class A | 2.7 |
| Stevanato Group SpA | 2.7 |
| Casella Waste Systems, Inc., Class A | 2.6 |
| Appfolio, Inc., Class A | 2.4 |
| Lazard, Inc. | 2.4 |
| Medpace Holdings, Inc. | 2.4 |
| ADMA Biologics, Inc. | 2.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Growth

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class A

## TSLAX
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 | $132 | 1.29% |

---

## 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 4.65%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund at NAV underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g51k34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **4/21/2017** | $9454 | $10000 | $10000 |
| **4/30/2017** | $9616 | $10119 | $10080 |
| **5/31/2017** | $9360 | $10222 | $9766 |
| **6/30/2017** | $9718 | $10315 | $10108 |
| **7/31/2017** | $9761 | $10509 | $10172 |
| **8/31/2017** | $9531 | $10529 | $9922 |
| **9/30/2017** | $10119 | $10786 | $10624 |
| **10/31/2017** | $10188 | $11021 | $10638 |
| **11/30/2017** | $10435 | $11356 | $10946 |
| **12/31/2017** | $10333 | $11470 | $10842 |
| **1/31/2018** | $10662 | $12074 | $10975 |
| **2/28/2018** | $9934 | $11629 | $10426 |
| **3/31/2018** | $9916 | $11396 | $10555 |
| **4/30/2018** | $9880 | $11439 | $10738 |
| **5/31/2018** | $10449 | $11762 | $11363 |
| **6/30/2018** | $10387 | $11839 | $11432 |
| **7/31/2018** | $10493 | $12232 | $11634 |
| **8/31/2018** | $10849 | $12661 | $11911 |
| **9/30/2018** | $10458 | $12682 | $11615 |
| **10/31/2018** | $9463 | $11748 | $10575 |
| **11/30/2018** | $9640 | $11984 | $10746 |
| **12/31/2018** | $8375 | $10868 | $9447 |
| **1/31/2019** | $9527 | $11801 | $10480 |
| **2/28/2019** | $9872 | $12216 | $10888 |
| **3/31/2019** | $9389 | $12395 | $10574 |
| **4/30/2019** | $9902 | $12890 | $10974 |
| **5/31/2019** | $8877 | $12056 | $10077 |
| **6/30/2019** | $9527 | $12902 | $10719 |
| **7/31/2019** | $9557 | $13094 | $10736 |
| **8/31/2019** | $8917 | $12827 | $10137 |
| **9/30/2019** | $9577 | $13052 | $10658 |
| **10/31/2019** | $9685 | $13333 | $10916 |
| **11/30/2019** | $9843 | $13840 | $11171 |
| **12/31/2019** | $10088 | $14240 | $11562 |
| **1/31/2020** | $9504 | $14224 | $10939 |
| **2/29/2020** | $8664 | $13060 | $9876 |
| **3/31/2020** | $6216 | $11264 | $7439 |
| **4/30/2020** | $7097 | $12755 | $8357 |
| **5/31/2020** | $7445 | $13438 | $8597 |
| **6/30/2020** | $7630 | $13745 | $8846 |
| **7/31/2020** | $7927 | $14525 | $9028 |
| **8/31/2020** | $8326 | $15577 | $9514 |
| **9/30/2020** | $7865 | $15010 | $9072 |
| **10/31/2020** | $8326 | $14686 | $9396 |
| **11/30/2020** | $9903 | $16473 | $11210 |
| **12/31/2020** | $10651 | $17214 | $12098 |
| **1/31/2021** | $10979 | $17137 | $12735 |
| **2/28/2021** | $11921 | $17673 | $13931 |
| **3/31/2021** | $12679 | $18307 | $14659 |
| **4/30/2021** | $12914 | $19250 | $14956 |
| **5/31/2021** | $13324 | $19338 | $15421 |
| **6/30/2021** | $13047 | $19815 | $15328 |
| **7/31/2021** | $12740 | $20150 | $14779 |
| **8/31/2021** | $12904 | $20725 | $15175 |
| **9/30/2021** | $12761 | $19795 | $14871 |
| **10/31/2021** | $13222 | $21133 | $15438 |
| **11/30/2021** | $12884 | $20812 | $14910 |
| **12/31/2021** | $13569 | $21631 | $15519 |
| **1/31/2022** | $12844 | $20359 | $14614 |
| **2/28/2022** | $13346 | $19846 | $14856 |
| **3/31/2022** | $13346 | $20490 | $15146 |
| **4/30/2022** | $12509 | $18651 | $13971 |
| **5/31/2022** | $12825 | $18626 | $14239 |
| **6/30/2022** | $11450 | $17068 | $12832 |
| **7/31/2022** | $12509 | $18669 | $14075 |
| **8/31/2022** | $11989 | $17972 | $13630 |
| **9/30/2022** | $10799 | $16306 | $12241 |
| **10/31/2022** | $12175 | $17643 | $13782 |
| **11/30/2022** | $12751 | $18564 | $14203 |
| **12/31/2022** | $11806 | $17477 | $13271 |
| **1/31/2023** | $12937 | $18680 | $14537 |
| **2/28/2023** | $12620 | $18244 | $14202 |
| **3/31/2023** | $11761 | $18731 | $13184 |
| **4/30/2023** | $11557 | $18931 | $12855 |
| **5/31/2023** | $11060 | $19005 | $12602 |
| **6/30/2023** | $11919 | $20302 | $13603 |
| **7/31/2023** | $12711 | $21030 | $14630 |
| **8/31/2023** | $12077 | $20624 | $13926 |
| **9/30/2023** | $11421 | $19642 | $13201 |
| **10/31/2023** | $10539 | $19121 | $12413 |
| **11/30/2023** | $11376 | $20904 | $13531 |
| **12/31/2023** | $12773 | $22013 | $15215 |
| **1/31/2024** | $12192 | $22257 | $14524 |
| **2/29/2024** | $12541 | $23462 | $14999 |
| **3/31/2024** | $13191 | $24219 | $15656 |
| **4/30/2024** | $12355 | $23153 | $14658 |
| **5/31/2024** | $13144 | $24247 | $15344 |
| **6/30/2024** | $12912 | $24997 | $15085 |
| **7/31/2024** | $14422 | $25462 | $16924 |
| **8/31/2024** | $14352 | $26016 | $16606 |
| **9/30/2024** | $14352 | $26555 | $16617 |
| **10/31/2024** | $14213 | $26360 | $16357 |
| **11/30/2024** | $15420 | $28113 | $17935 |
| **12/31/2024** | $14336 | $27254 | $16440 |
| **1/31/2025** | $14486 | $28114 | $16778 |
| **2/28/2025** | $13829 | $27575 | $16136 |
| **3/31/2025** | $13022 | $25967 | $15167 |
| **4/30/2025** | $12544 | $25793 | $14558 |
| **5/31/2025** | $13171 | $27428 | $15170 |
| **6/30/2025** | $13709 | $28821 | $15920 |
| **7/31/2025** | $13918 | $29456 | $16202 |
| **8/31/2025** | $14934 | $30137 | $17574 |
| **9/30/2025** | $15053 | $31177 | $17927 |
| **10/31/2025** | $14874 | $31846 | $17972 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CA1 | **1 Year** | **5 Years** | **Since Inception 4/21/17** |
| Class A with Load | (1.16%) | 11.05% | 4.76% |
| Class A | 4.65% | 12.30% | 5.46% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 7.11% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class C

## TSLCX
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 | $209 | 2.05% |

---

## 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 3.52%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund at NAV underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g62r52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **4/21/2017** | $10000 | $10000 | $10000 |
| **5/31/2017** | $10172 | $10119 | $10080 |
| **6/30/2017** | $9891 | $10222 | $9766 |
| **7/31/2017** | $10263 | $10315 | $10108 |
| **8/31/2017** | $10299 | $10509 | $10172 |
| **9/30/2017** | $10054 | $10529 | $9922 |
| **10/31/2017** | $10734 | $11021 | $10638 |
| **11/30/2017** | $10987 | $11356 | $10946 |
| **12/31/2017** | $10869 | $11470 | $10842 |
| **1/31/2018** | $11217 | $12074 | $10975 |
| **2/28/2018** | $10435 | $11629 | $10426 |
| **3/31/2018** | $10416 | $11396 | $10555 |
| **4/30/2018** | $10369 | $11439 | $10738 |
| **5/31/2018** | $10963 | $11762 | $11363 |
| **6/30/2018** | $10887 | $11839 | $11432 |
| **7/31/2018** | $11001 | $12232 | $11634 |
| **8/31/2018** | $11359 | $12661 | $11911 |
| **9/30/2018** | $10944 | $12682 | $11615 |
| **10/31/2018** | $9888 | $11748 | $10575 |
| **11/30/2018** | $10077 | $11984 | $10746 |
| **12/31/2018** | $8745 | $10868 | $9447 |
| **1/31/2019** | $9941 | $11801 | $10480 |
| **2/28/2019** | $10295 | $12216 | $10888 |
| **3/31/2019** | $9796 | $12395 | $10574 |
| **4/30/2019** | $10315 | $12890 | $10974 |
| **5/31/2019** | $9255 | $12056 | $10077 |
| **6/30/2019** | $9910 | $12902 | $10719 |
| **7/31/2019** | $9941 | $13094 | $10736 |
| **8/31/2019** | $9265 | $12827 | $10137 |
| **9/30/2019** | $9952 | $13052 | $10658 |
| **10/31/2019** | $10056 | $13333 | $10916 |
| **11/30/2019** | $10222 | $13840 | $11171 |
| **12/31/2019** | $10460 | $14240 | $11562 |
| **1/31/2020** | $9848 | $14224 | $10939 |
| **2/29/2020** | $8978 | $13060 | $9876 |
| **3/31/2020** | $6433 | $11264 | $7439 |
| **4/30/2020** | $7346 | $12755 | $8357 |
| **5/31/2020** | $7689 | $13438 | $8597 |
| **6/30/2020** | $7883 | $13745 | $8846 |
| **7/31/2020** | $8194 | $14525 | $9028 |
| **8/31/2020** | $8592 | $15577 | $9514 |
| **9/30/2020** | $8119 | $15010 | $9072 |
| **10/31/2020** | $8581 | $14686 | $9396 |
| **11/30/2020** | $10192 | $16473 | $11210 |
| **12/31/2020** | $10965 | $17214 | $12098 |
| **1/31/2021** | $11298 | $17137 | $12735 |
| **2/28/2021** | $12265 | $17673 | $13931 |
| **3/31/2021** | $13038 | $18307 | $14659 |
| **4/30/2021** | $13263 | $19250 | $14956 |
| **5/31/2021** | $13671 | $19338 | $15421 |
| **6/30/2021** | $13392 | $19815 | $15328 |
| **7/31/2021** | $13059 | $20150 | $14779 |
| **8/31/2021** | $13220 | $20725 | $15175 |
| **9/30/2021** | $13059 | $19795 | $14871 |
| **10/31/2021** | $13532 | $21133 | $15438 |
| **11/30/2021** | $13188 | $20812 | $14910 |
| **12/31/2021** | $13873 | $21631 | $15519 |
| **1/31/2022** | $13122 | $20359 | $14614 |
| **2/28/2022** | $13636 | $19846 | $14856 |
| **3/31/2022** | $13616 | $20490 | $15146 |
| **4/30/2022** | $12747 | $18651 | $13971 |
| **5/31/2022** | $13063 | $18626 | $14239 |
| **6/30/2022** | $11660 | $17068 | $12832 |
| **7/31/2022** | $12786 | $18669 | $14075 |
| **8/31/2022** | $12253 | $17972 | $13630 |
| **9/30/2022** | $11028 | $16306 | $12241 |
| **10/31/2022** | $12411 | $17643 | $13782 |
| **11/30/2022** | $13004 | $18564 | $14203 |
| **12/31/2022** | $12027 | $17477 | $13271 |
| **1/31/2023** | $13186 | $18680 | $14537 |
| **2/28/2023** | $12848 | $18244 | $14202 |
| **3/31/2023** | $11955 | $18731 | $13184 |
| **4/30/2023** | $11737 | $18931 | $12855 |
| **5/31/2023** | $11230 | $19005 | $12602 |
| **6/30/2023** | $12100 | $20302 | $13603 |
| **7/31/2023** | $12897 | $21030 | $14630 |
| **8/31/2023** | $12245 | $20624 | $13926 |
| **9/30/2023** | $11592 | $19642 | $13201 |
| **10/31/2023** | $10675 | $19121 | $12413 |
| **11/30/2023** | $11520 | $20904 | $13531 |
| **12/31/2023** | $12918 | $22013 | $15215 |
| **1/31/2024** | $12327 | $22257 | $14524 |
| **2/29/2024** | $12672 | $23462 | $14999 |
| **3/31/2024** | $13337 | $24219 | $15656 |
| **4/30/2024** | $12450 | $23153 | $14658 |
| **5/31/2024** | $13263 | $24247 | $15344 |
| **6/30/2024** | $13017 | $24997 | $15085 |
| **7/31/2024** | $14521 | $25462 | $16924 |
| **8/31/2024** | $14447 | $26016 | $16606 |
| **9/30/2024** | $14447 | $26555 | $16617 |
| **10/31/2024** | $14299 | $26360 | $16357 |
| **11/30/2024** | $15482 | $28113 | $17935 |
| **12/31/2024** | $14387 | $27254 | $16440 |
| **1/31/2025** | $14546 | $28114 | $16778 |
| **2/28/2025** | $13843 | $27575 | $16136 |
| **3/31/2025** | $13044 | $25967 | $15167 |
| **4/30/2025** | $12564 | $25793 | $14558 |
| **5/31/2025** | $13204 | $27428 | $15170 |
| **6/30/2025** | $13715 | $28821 | $15920 |
| **7/31/2025** | $13907 | $29456 | $16202 |
| **8/31/2025** | $14930 | $30137 | $17574 |
| **9/30/2025** | $15026 | $31177 | $17927 |
| **10/31/2025** | $14802 | $31846 | $17972 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CA3 | **1 Year** | **5 Years** | **Since Inception 4/21/17** |
| Class C with Load | 2.72% | 11.52% | 4.70% |
| Class C | 3.52% | 11.52% | 4.70% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 7.11% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class I

## TSLIX
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 | $101 | 0.99% |

---

## 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 4.71%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g15d26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **4/21/2017** | $10000 | $10000 | $10000 |
| **5/31/2017** | $10170 | $10119 | $10080 |
| **6/30/2017** | $9901 | $10222 | $9766 |
| **7/31/2017** | $10287 | $10315 | $10108 |
| **8/31/2017** | $10332 | $10509 | $10172 |
| **9/30/2017** | $10090 | $10529 | $9922 |
| **10/31/2017** | $10789 | $11021 | $10638 |
| **11/30/2017** | $11049 | $11356 | $10946 |
| **12/31/2017** | $10948 | $11470 | $10842 |
| **1/31/2018** | $11304 | $12074 | $10975 |
| **2/28/2018** | $10526 | $11629 | $10426 |
| **3/31/2018** | $10508 | $11396 | $10555 |
| **4/30/2018** | $10480 | $11439 | $10738 |
| **5/31/2018** | $11088 | $11762 | $11363 |
| **6/30/2018** | $11023 | $11839 | $11432 |
| **7/31/2018** | $11145 | $12232 | $11634 |
| **8/31/2018** | $11519 | $12661 | $11911 |
| **9/30/2018** | $11098 | $12682 | $11615 |
| **10/31/2018** | $10049 | $11748 | $10575 |
| **11/30/2018** | $10255 | $11984 | $10746 |
| **12/31/2018** | $8909 | $10868 | $9447 |
| **1/31/2019** | $10137 | $11801 | $10480 |
| **2/28/2019** | $10502 | $12216 | $10888 |
| **3/31/2019** | $10002 | $12395 | $10574 |
| **4/30/2019** | $10543 | $12890 | $10974 |
| **5/31/2019** | $9461 | $12056 | $10077 |
| **6/30/2019** | $10148 | $12902 | $10719 |
| **7/31/2019** | $10189 | $13094 | $10736 |
| **8/31/2019** | $9502 | $12827 | $10137 |
| **9/30/2019** | $10210 | $13052 | $10658 |
| **10/31/2019** | $10335 | $13333 | $10916 |
| **11/30/2019** | $10502 | $13840 | $11171 |
| **12/31/2019** | $10766 | $14240 | $11562 |
| **1/31/2020** | $10148 | $14224 | $10939 |
| **2/29/2020** | $9248 | $13060 | $9876 |
| **3/31/2020** | $6646 | $11264 | $7439 |
| **4/30/2020** | $7579 | $12755 | $8357 |
| **5/31/2020** | $7947 | $13438 | $8597 |
| **6/30/2020** | $8153 | $13745 | $8846 |
| **7/31/2020** | $8478 | $14525 | $9028 |
| **8/31/2020** | $8901 | $15577 | $9514 |
| **9/30/2020** | $8413 | $15010 | $9072 |
| **10/31/2020** | $8912 | $14686 | $9396 |
| **11/30/2020** | $10593 | $16473 | $11210 |
| **12/31/2020** | $11403 | $17214 | $12098 |
| **1/31/2021** | $11761 | $17137 | $12735 |
| **2/28/2021** | $12771 | $17673 | $13931 |
| **3/31/2021** | $13585 | $18307 | $14659 |
| **4/30/2021** | $13835 | $19250 | $14956 |
| **5/31/2021** | $14280 | $19338 | $15421 |
| **6/30/2021** | $13987 | $19815 | $15328 |
| **7/31/2021** | $13661 | $20150 | $14779 |
| **8/31/2021** | $13846 | $20725 | $15175 |
| **9/30/2021** | $13683 | $19795 | $14871 |
| **10/31/2021** | $14183 | $21133 | $15438 |
| **11/30/2021** | $13835 | $20812 | $14910 |
| **12/31/2021** | $14579 | $21631 | $15519 |
| **1/31/2022** | $13794 | $20359 | $14614 |
| **2/28/2022** | $14343 | $19846 | $14856 |
| **3/31/2022** | $14343 | $20490 | $15146 |
| **4/30/2022** | $13441 | $18651 | $13971 |
| **5/31/2022** | $13774 | $18626 | $14239 |
| **6/30/2022** | $12303 | $17068 | $12832 |
| **7/31/2022** | $13441 | $18669 | $14075 |
| **8/31/2022** | $12891 | $17972 | $13630 |
| **9/30/2022** | $11616 | $16306 | $12241 |
| **10/31/2022** | $13088 | $17643 | $13782 |
| **11/30/2022** | $13715 | $18564 | $14203 |
| **12/31/2022** | $12709 | $17477 | $13271 |
| **1/31/2023** | $13925 | $18680 | $14537 |
| **2/28/2023** | $13591 | $18244 | $14202 |
| **3/31/2023** | $12661 | $18731 | $13184 |
| **4/30/2023** | $12447 | $18931 | $12855 |
| **5/31/2023** | $11922 | $19005 | $12602 |
| **6/30/2023** | $12828 | $20302 | $13603 |
| **7/31/2023** | $13710 | $21030 | $14630 |
| **8/31/2023** | $13019 | $20624 | $13926 |
| **9/30/2023** | $12327 | $19642 | $13201 |
| **10/31/2023** | $11374 | $19121 | $12413 |
| **11/30/2023** | $12280 | $20904 | $13531 |
| **12/31/2023** | $13782 | $22013 | $15215 |
| **1/31/2024** | $13162 | $22257 | $14524 |
| **2/29/2024** | $13543 | $23462 | $14999 |
| **3/31/2024** | $14259 | $24219 | $15656 |
| **4/30/2024** | $13329 | $23153 | $14658 |
| **5/31/2024** | $14211 | $24247 | $15344 |
| **6/30/2024** | $13949 | $24997 | $15085 |
| **7/31/2024** | $15570 | $25462 | $16924 |
| **8/31/2024** | $15523 | $26016 | $16606 |
| **9/30/2024** | $15523 | $26555 | $16617 |
| **10/31/2024** | $15379 | $26360 | $16357 |
| **11/30/2024** | $16691 | $28113 | $17935 |
| **12/31/2024** | $15528 | $27254 | $16440 |
| **1/31/2025** | $15680 | $28114 | $16778 |
| **2/28/2025** | $14952 | $27575 | $16136 |
| **3/31/2025** | $14103 | $25967 | $15167 |
| **4/30/2025** | $13587 | $25793 | $14558 |
| **5/31/2025** | $14285 | $27428 | $15170 |
| **6/30/2025** | $14861 | $28821 | $15920 |
| **7/31/2025** | $15073 | $29456 | $16202 |
| **8/31/2025** | $16195 | $30137 | $17574 |
| **9/30/2025** | $16317 | $31177 | $17927 |
| **10/31/2025** | $16104 | $31846 | $17972 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CA8 | **1 Year** | **5 Years** | **Since Inception 4/21/17** |
| Class I | 4.71% | 12.56% | 5.74% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 7.11% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 I2 | $91 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 5.06%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g87k35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **4/21/2017** | $10000 | $10000 | $10000 |
| **5/31/2017** | $10170 | $10119 | $10080 |
| **6/30/2017** | $9901 | $10222 | $9766 |
| **7/31/2017** | $10287 | $10315 | $10108 |
| **8/31/2017** | $10332 | $10509 | $10172 |
| **9/30/2017** | $10099 | $10529 | $9922 |
| **10/31/2017** | $10789 | $11021 | $10638 |
| **11/30/2017** | $11057 | $11356 | $10946 |
| **12/31/2017** | $10952 | $11470 | $10842 |
| **1/31/2018** | $11308 | $12074 | $10975 |
| **2/28/2018** | $10540 | $11629 | $10426 |
| **3/31/2018** | $10522 | $11396 | $10555 |
| **4/30/2018** | $10484 | $11439 | $10738 |
| **5/31/2018** | $11093 | $11762 | $11363 |
| **6/30/2018** | $11027 | $11839 | $11432 |
| **7/31/2018** | $11149 | $12232 | $11634 |
| **8/31/2018** | $11533 | $12661 | $11911 |
| **9/30/2018** | $11112 | $12682 | $11615 |
| **10/31/2018** | $10054 | $11748 | $10575 |
| **11/30/2018** | $10250 | $11984 | $10746 |
| **12/31/2018** | $8905 | $10868 | $9447 |
| **1/31/2019** | $10143 | $11801 | $10480 |
| **2/28/2019** | $10507 | $12216 | $10888 |
| **3/31/2019** | $9998 | $12395 | $10574 |
| **4/30/2019** | $10549 | $12890 | $10974 |
| **5/31/2019** | $9467 | $12056 | $10077 |
| **6/30/2019** | $10154 | $12902 | $10719 |
| **7/31/2019** | $10195 | $13094 | $10736 |
| **8/31/2019** | $9509 | $12827 | $10137 |
| **9/30/2019** | $10216 | $13052 | $10658 |
| **10/31/2019** | $10341 | $13333 | $10916 |
| **11/30/2019** | $10507 | $13840 | $11171 |
| **12/31/2019** | $10780 | $14240 | $11562 |
| **1/31/2020** | $10151 | $14224 | $10939 |
| **2/29/2020** | $9262 | $13060 | $9876 |
| **3/31/2020** | $6648 | $11264 | $7439 |
| **4/30/2020** | $7592 | $12755 | $8357 |
| **5/31/2020** | $7960 | $13438 | $8597 |
| **6/30/2020** | $8166 | $13745 | $8846 |
| **7/31/2020** | $8481 | $14525 | $9028 |
| **8/31/2020** | $8904 | $15577 | $9514 |
| **9/30/2020** | $8427 | $15010 | $9072 |
| **10/31/2020** | $8926 | $14686 | $9396 |
| **11/30/2020** | $10607 | $16473 | $11210 |
| **12/31/2020** | $11417 | $17214 | $12098 |
| **1/31/2021** | $11776 | $17137 | $12735 |
| **2/28/2021** | $12787 | $17673 | $13931 |
| **3/31/2021** | $13603 | $18307 | $14659 |
| **4/30/2021** | $13853 | $19250 | $14956 |
| **5/31/2021** | $14299 | $19338 | $15421 |
| **6/30/2021** | $14016 | $19815 | $15328 |
| **7/31/2021** | $13690 | $20150 | $14779 |
| **8/31/2021** | $13875 | $20725 | $15175 |
| **9/30/2021** | $13722 | $19795 | $14871 |
| **10/31/2021** | $14223 | $21133 | $15438 |
| **11/30/2021** | $13864 | $20812 | $14910 |
| **12/31/2021** | $14612 | $21631 | $15519 |
| **1/31/2022** | $13825 | $20359 | $14614 |
| **2/28/2022** | $14376 | $19846 | $14856 |
| **3/31/2022** | $14376 | $20490 | $15146 |
| **4/30/2022** | $13471 | $18651 | $13971 |
| **5/31/2022** | $13825 | $18626 | $14239 |
| **6/30/2022** | $12350 | $17068 | $12832 |
| **7/31/2022** | $13491 | $18669 | $14075 |
| **8/31/2022** | $12921 | $17972 | $13630 |
| **9/30/2022** | $11642 | $16306 | $12241 |
| **10/31/2022** | $13137 | $17643 | $13782 |
| **11/30/2022** | $13766 | $18564 | $14203 |
| **12/31/2022** | $12751 | $17477 | $13271 |
| **1/31/2023** | $13971 | $18680 | $14537 |
| **2/28/2023** | $13636 | $18244 | $14202 |
| **3/31/2023** | $12703 | $18731 | $13184 |
| **4/30/2023** | $12488 | $18931 | $12855 |
| **5/31/2023** | $11962 | $19005 | $12602 |
| **6/30/2023** | $12895 | $20302 | $13603 |
| **7/31/2023** | $13756 | $21030 | $14630 |
| **8/31/2023** | $13086 | $20624 | $13926 |
| **9/30/2023** | $12368 | $19642 | $13201 |
| **10/31/2023** | $11412 | $19121 | $12413 |
| **11/30/2023** | $12345 | $20904 | $13531 |
| **12/31/2023** | $13851 | $22013 | $15215 |
| **1/31/2024** | $13235 | $22257 | $14524 |
| **2/29/2024** | $13604 | $23462 | $14999 |
| **3/31/2024** | $14319 | $24219 | $15656 |
| **4/30/2024** | $13407 | $23153 | $14658 |
| **5/31/2024** | $14270 | $24247 | $15344 |
| **6/30/2024** | $14023 | $24997 | $15085 |
| **7/31/2024** | $15650 | $25462 | $16924 |
| **8/31/2024** | $15601 | $26016 | $16606 |
| **9/30/2024** | $15601 | $26555 | $16617 |
| **10/31/2024** | $15453 | $26360 | $16357 |
| **11/30/2024** | $16784 | $28113 | $17935 |
| **12/31/2024** | $15603 | $27254 | $16440 |
| **1/31/2025** | $15793 | $28114 | $16778 |
| **2/28/2025** | $15035 | $27575 | $16136 |
| **3/31/2025** | $14182 | $25967 | $15167 |
| **4/30/2025** | $13676 | $25793 | $14558 |
| **5/31/2025** | $14371 | $27428 | $15170 |
| **6/30/2025** | $14940 | $28821 | $15920 |
| **7/31/2025** | $15161 | $29456 | $16202 |
| **8/31/2025** | $16298 | $30137 | $17574 |
| **9/30/2025** | $16424 | $31177 | $17927 |
| **10/31/2025** | $16235 | $31846 | $17972 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CA4 | **1 Year** | **5 Years** | **Since Inception 4/21/17** |
| Class I2 | 5.06% | 12.71% | 5.84% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 7.11% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class I3

## TSLTX
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 I3 | $91 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 4.86%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class I3

## Fund Overview

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

![Growth of 10K Chart](g66697g36p22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **4/21/2017** | $10000 | $10000 | $10000 |
| **5/31/2017** | $10179 | $10119 | $10080 |
| **6/30/2017** | $9910 | $10222 | $9766 |
| **7/31/2017** | $10296 | $10315 | $10108 |
| **8/31/2017** | $10350 | $10509 | $10172 |
| **9/30/2017** | $10108 | $10529 | $9922 |
| **10/31/2017** | $10807 | $11021 | $10638 |
| **11/30/2017** | $11076 | $11356 | $10946 |
| **12/31/2017** | $10973 | $11470 | $10842 |
| **1/31/2018** | $11328 | $12074 | $10975 |
| **2/28/2018** | $10552 | $11629 | $10426 |
| **3/31/2018** | $10542 | $11396 | $10555 |
| **4/30/2018** | $10505 | $11439 | $10738 |
| **5/31/2018** | $11113 | $11762 | $11363 |
| **6/30/2018** | $11057 | $11839 | $11432 |
| **7/31/2018** | $11178 | $12232 | $11634 |
| **8/31/2018** | $11552 | $12661 | $11911 |
| **9/30/2018** | $11141 | $12682 | $11615 |
| **10/31/2018** | $10075 | $11748 | $10575 |
| **11/30/2018** | $10262 | $11984 | $10746 |
| **12/31/2018** | $8919 | $10868 | $9447 |
| **1/31/2019** | $10146 | $11801 | $10480 |
| **2/28/2019** | $10510 | $12216 | $10888 |
| **3/31/2019** | $10011 | $12395 | $10574 |
| **4/30/2019** | $10551 | $12890 | $10974 |
| **5/31/2019** | $9470 | $12056 | $10077 |
| **6/30/2019** | $10156 | $12902 | $10719 |
| **7/31/2019** | $10198 | $13094 | $10736 |
| **8/31/2019** | $9522 | $12827 | $10137 |
| **9/30/2019** | $10229 | $13052 | $10658 |
| **10/31/2019** | $10354 | $13333 | $10916 |
| **11/30/2019** | $10520 | $13840 | $11171 |
| **12/31/2019** | $10784 | $14240 | $11562 |
| **1/31/2020** | $10166 | $14224 | $10939 |
| **2/29/2020** | $9266 | $13060 | $9876 |
| **3/31/2020** | $6654 | $11264 | $7439 |
| **4/30/2020** | $7597 | $12755 | $8357 |
| **5/31/2020** | $7966 | $13438 | $8597 |
| **6/30/2020** | $8172 | $13745 | $8846 |
| **7/31/2020** | $8497 | $14525 | $9028 |
| **8/31/2020** | $8920 | $15577 | $9514 |
| **9/30/2020** | $8432 | $15010 | $9072 |
| **10/31/2020** | $8930 | $14686 | $9396 |
| **11/30/2020** | $10621 | $16473 | $11210 |
| **12/31/2020** | $11429 | $17214 | $12098 |
| **1/31/2021** | $11788 | $17137 | $12735 |
| **2/28/2021** | $12809 | $17673 | $13931 |
| **3/31/2021** | $13624 | $18307 | $14659 |
| **4/30/2021** | $13874 | $19250 | $14956 |
| **5/31/2021** | $14319 | $19338 | $15421 |
| **6/30/2021** | $14037 | $19815 | $15328 |
| **7/31/2021** | $13700 | $20150 | $14779 |
| **8/31/2021** | $13885 | $20725 | $15175 |
| **9/30/2021** | $13733 | $19795 | $14871 |
| **10/31/2021** | $14232 | $21133 | $15438 |
| **11/30/2021** | $13885 | $20812 | $14910 |
| **12/31/2021** | $14627 | $21631 | $15519 |
| **1/31/2022** | $13843 | $20359 | $14614 |
| **2/28/2022** | $14392 | $19846 | $14856 |
| **3/31/2022** | $14392 | $20490 | $15146 |
| **4/30/2022** | $13490 | $18651 | $13971 |
| **5/31/2022** | $13823 | $18626 | $14239 |
| **6/30/2022** | $12353 | $17068 | $12832 |
| **7/31/2022** | $13490 | $18669 | $14075 |
| **8/31/2022** | $12941 | $17972 | $13630 |
| **9/30/2022** | $11647 | $16306 | $12241 |
| **10/31/2022** | $13137 | $17643 | $13782 |
| **11/30/2022** | $13764 | $18564 | $14203 |
| **12/31/2022** | $12748 | $17477 | $13271 |
| **1/31/2023** | $13987 | $18680 | $14537 |
| **2/28/2023** | $13653 | $18244 | $14202 |
| **3/31/2023** | $12724 | $18731 | $13184 |
| **4/30/2023** | $12510 | $18931 | $12855 |
| **5/31/2023** | $11962 | $19005 | $12602 |
| **6/30/2023** | $12891 | $20302 | $13603 |
| **7/31/2023** | $13773 | $21030 | $14630 |
| **8/31/2023** | $13082 | $20624 | $13926 |
| **9/30/2023** | $12391 | $19642 | $13201 |
| **10/31/2023** | $11414 | $19121 | $12413 |
| **11/30/2023** | $12343 | $20904 | $13531 |
| **12/31/2023** | $13869 | $22013 | $15215 |
| **1/31/2024** | $13255 | $22257 | $14524 |
| **2/29/2024** | $13623 | $23462 | $14999 |
| **3/31/2024** | $14335 | $24219 | $15656 |
| **4/30/2024** | $13427 | $23153 | $14658 |
| **5/31/2024** | $14286 | $24247 | $15344 |
| **6/30/2024** | $14041 | $24997 | $15085 |
| **7/31/2024** | $15685 | $25462 | $16924 |
| **8/31/2024** | $15636 | $26016 | $16606 |
| **9/30/2024** | $15636 | $26555 | $16617 |
| **10/31/2024** | $15489 | $26360 | $16357 |
| **11/30/2024** | $16790 | $28113 | $17935 |
| **12/31/2024** | $15614 | $27254 | $16440 |
| **1/31/2025** | $15802 | $28114 | $16778 |
| **2/28/2025** | $15080 | $27575 | $16136 |
| **3/31/2025** | $14200 | $25967 | $15167 |
| **4/30/2025** | $13698 | $25793 | $14558 |
| **5/31/2025** | $14389 | $27428 | $15170 |
| **6/30/2025** | $14954 | $28821 | $15920 |
| **7/31/2025** | $15206 | $29456 | $16202 |
| **8/31/2025** | $16336 | $30137 | $17574 |
| **9/30/2025** | $16462 | $31177 | $17927 |
| **10/31/2025** | $16242 | $31846 | $17972 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CAD | **1 Year** | **5 Years** | **Since Inception 4/21/17** |
| Class I3 | 4.86% | 12.71% | 5.85% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 7.11% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class I3

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class R

## TRSLX
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 | $142 | 1.39% |

---

## 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 4.35%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class R

## Fund Overview

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

![Growth of 10K Chart](g66697g42s06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **4/21/2017** | $10000 | $10000 | $10000 |
| **5/31/2017** | $10179 | $10119 | $10080 |
| **6/30/2017** | $9901 | $10222 | $9766 |
| **7/31/2017** | $10287 | $10315 | $10108 |
| **8/31/2017** | $10332 | $10509 | $10172 |
| **9/30/2017** | $10090 | $10529 | $9922 |
| **10/31/2017** | $10771 | $11021 | $10638 |
| **11/30/2017** | $11031 | $11356 | $10946 |
| **12/31/2017** | $10923 | $11470 | $10842 |
| **1/31/2018** | $11278 | $12074 | $10975 |
| **2/28/2018** | $10503 | $11629 | $10426 |
| **3/31/2018** | $10485 | $11396 | $10555 |
| **4/30/2018** | $10438 | $11439 | $10738 |
| **5/31/2018** | $11044 | $11762 | $11363 |
| **6/30/2018** | $10979 | $11839 | $11432 |
| **7/31/2018** | $11091 | $12232 | $11634 |
| **8/31/2018** | $11464 | $12661 | $11911 |
| **9/30/2018** | $11044 | $12682 | $11615 |
| **10/31/2018** | $9990 | $11748 | $10575 |
| **11/30/2018** | $10186 | $11984 | $10746 |
| **12/31/2018** | $8843 | $10868 | $9447 |
| **1/31/2019** | $10068 | $11801 | $10480 |
| **2/28/2019** | $10428 | $12216 | $10888 |
| **3/31/2019** | $9914 | $12395 | $10574 |
| **4/30/2019** | $10449 | $12890 | $10974 |
| **5/31/2019** | $9378 | $12056 | $10077 |
| **6/30/2019** | $10058 | $12902 | $10719 |
| **7/31/2019** | $10089 | $13094 | $10736 |
| **8/31/2019** | $9409 | $12827 | $10137 |
| **9/30/2019** | $10109 | $13052 | $10658 |
| **10/31/2019** | $10223 | $13333 | $10916 |
| **11/30/2019** | $10398 | $13840 | $11171 |
| **12/31/2019** | $10654 | $14240 | $11562 |
| **1/31/2020** | $10035 | $14224 | $10939 |
| **2/29/2020** | $9149 | $13060 | $9876 |
| **3/31/2020** | $6566 | $11264 | $7439 |
| **4/30/2020** | $7484 | $12755 | $8357 |
| **5/31/2020** | $7847 | $13438 | $8597 |
| **6/30/2020** | $8050 | $13745 | $8846 |
| **7/31/2020** | $8359 | $14525 | $9028 |
| **8/31/2020** | $8775 | $15577 | $9514 |
| **9/30/2020** | $8295 | $15010 | $9072 |
| **10/31/2020** | $8786 | $14686 | $9396 |
| **11/30/2020** | $10441 | $16473 | $11210 |
| **12/31/2020** | $11231 | $17214 | $12098 |
| **1/31/2021** | $11583 | $17137 | $12735 |
| **2/28/2021** | $12576 | $17673 | $13931 |
| **3/31/2021** | $13366 | $18307 | $14659 |
| **4/30/2021** | $13612 | $19250 | $14956 |
| **5/31/2021** | $14039 | $19338 | $15421 |
| **6/30/2021** | $13761 | $19815 | $15328 |
| **7/31/2021** | $13430 | $20150 | $14779 |
| **8/31/2021** | $13601 | $20725 | $15175 |
| **9/30/2021** | $13451 | $19795 | $14871 |
| **10/31/2021** | $13932 | $21133 | $15438 |
| **11/30/2021** | $13580 | $20812 | $14910 |
| **12/31/2021** | $14308 | $21631 | $15519 |
| **1/31/2022** | $13542 | $20359 | $14614 |
| **2/28/2022** | $14078 | $19846 | $14856 |
| **3/31/2022** | $14059 | $20490 | $15146 |
| **4/30/2022** | $13178 | $18651 | $13971 |
| **5/31/2022** | $13504 | $18626 | $14239 |
| **6/30/2022** | $12048 | $17068 | $12832 |
| **7/31/2022** | $13159 | $18669 | $14075 |
| **8/31/2022** | $12622 | $17972 | $13630 |
| **9/30/2022** | $11358 | $16306 | $12241 |
| **10/31/2022** | $12795 | $17643 | $13782 |
| **11/30/2022** | $13408 | $18564 | $14203 |
| **12/31/2022** | $12405 | $17477 | $13271 |
| **1/31/2023** | $13608 | $18680 | $14537 |
| **2/28/2023** | $13261 | $18244 | $14202 |
| **3/31/2023** | $12358 | $18731 | $13184 |
| **4/30/2023** | $12150 | $18931 | $12855 |
| **5/31/2023** | $11618 | $19005 | $12602 |
| **6/30/2023** | $12520 | $20302 | $13603 |
| **7/31/2023** | $13353 | $21030 | $14630 |
| **8/31/2023** | $12705 | $20624 | $13926 |
| **9/30/2023** | $12011 | $19642 | $13201 |
| **10/31/2023** | $11062 | $19121 | $12413 |
| **11/30/2023** | $11965 | $20904 | $13531 |
| **12/31/2023** | $13430 | $22013 | $15215 |
| **1/31/2024** | $12813 | $22257 | $14524 |
| **2/29/2024** | $13169 | $23462 | $14999 |
| **3/31/2024** | $13881 | $24219 | $15656 |
| **4/30/2024** | $12979 | $23153 | $14658 |
| **5/31/2024** | $13809 | $24247 | $15344 |
| **6/30/2024** | $13572 | $24997 | $15085 |
| **7/31/2024** | $15138 | $25462 | $16924 |
| **8/31/2024** | $15091 | $26016 | $16606 |
| **9/30/2024** | $15091 | $26555 | $16617 |
| **10/31/2024** | $14925 | $26360 | $16357 |
| **11/30/2024** | $16182 | $28113 | $17935 |
| **12/31/2024** | $15063 | $27254 | $16440 |
| **1/31/2025** | $15213 | $28114 | $16778 |
| **2/28/2025** | $14492 | $27575 | $16136 |
| **3/31/2025** | $13680 | $25967 | $15167 |
| **4/30/2025** | $13169 | $25793 | $14558 |
| **5/31/2025** | $13830 | $27428 | $15170 |
| **6/30/2025** | $14371 | $28821 | $15920 |
| **7/31/2025** | $14582 | $29456 | $16202 |
| **8/31/2025** | $15664 | $30137 | $17574 |
| **9/30/2025** | $15784 | $31177 | $17927 |
| **10/31/2025** | $15574 | $31846 | $17972 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CA5 | **1 Year** | **5 Years** | **Since Inception 4/21/17** |
| Class R | 4.35% | 12.13% | 5.33% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 7.11% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class R

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class R4

## TSLFX
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 R4 | $113 | 1.10% |

---

## 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 4.73%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class R4

## Fund Overview

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

![Growth of 10K Chart](g66697g47s86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10079 | $10055 | $10284 |
| **12/31/2015** | $9515 | $9849 | $9742 |
| **1/31/2016** | $8895 | $9293 | $9088 |
| **2/29/2016** | $8950 | $9290 | $9150 |
| **3/31/2016** | $9542 | $9944 | $9908 |
| **4/30/2016** | $9538 | $10006 | $10118 |
| **5/31/2016** | $9709 | $10185 | $10303 |
| **6/30/2016** | $9611 | $10206 | $10335 |
| **7/31/2016** | $10049 | $10611 | $10892 |
| **8/31/2016** | $10100 | $10638 | $11163 |
| **9/30/2016** | $10135 | $10655 | $11251 |
| **10/31/2016** | $9790 | $10424 | $10881 |
| **11/30/2016** | $10740 | $10891 | $12325 |
| **12/31/2016** | $11346 | $11103 | $12834 |
| **1/31/2017** | $11229 | $11312 | $12743 |
| **2/28/2017** | $11355 | $11733 | $12927 |
| **3/31/2017** | $11247 | $11741 | $12818 |
| **4/30/2017** | $11457 | $11865 | $12868 |
| **5/31/2017** | $11134 | $11987 | $12467 |
| **6/30/2017** | $11557 | $12095 | $12904 |
| **7/31/2017** | $11618 | $12323 | $12985 |
| **8/31/2017** | $11346 | $12347 | $12666 |
| **10/31/2017** | $12123 | $12924 | $13581 |
| **11/30/2017** | $12426 | $13316 | $13974 |
| **12/31/2017** | $12304 | $13450 | $13840 |
| **1/31/2018** | $12703 | $14158 | $14011 |
| **2/28/2018** | $11831 | $13637 | $13310 |
| **3/31/2018** | $11810 | $13363 | $13475 |
| **4/30/2018** | $11768 | $13414 | $13709 |
| **5/31/2018** | $12451 | $13792 | $14506 |
| **6/30/2018** | $12377 | $13883 | $14594 |
| **7/31/2018** | $12514 | $14343 | $14852 |
| **8/31/2018** | $12944 | $14847 | $15205 |
| **9/30/2018** | $12472 | $14871 | $14828 |
| **10/31/2018** | $11275 | $13776 | $13500 |
| **11/30/2018** | $11485 | $14052 | $13718 |
| **12/31/2018** | $9972 | $12745 | $12060 |
| **1/31/2019** | $11355 | $13838 | $13379 |
| **2/28/2019** | $11762 | $14325 | $13899 |
| **3/31/2019** | $11192 | $14534 | $13498 |
| **4/30/2019** | $11797 | $15115 | $14009 |
| **5/31/2019** | $10588 | $14137 | $12865 |
| **6/30/2019** | $11355 | $15129 | $13684 |
| **7/31/2019** | $11402 | $15354 | $13706 |
| **8/31/2019** | $10635 | $15041 | $12941 |
| **9/30/2019** | $11425 | $15305 | $13605 |
| **10/31/2019** | $11564 | $15635 | $13935 |
| **11/30/2019** | $11750 | $16229 | $14261 |
| **12/31/2019** | $12040 | $16698 | $14761 |
| **1/31/2020** | $11350 | $16680 | $13964 |
| **2/29/2020** | $10346 | $15314 | $12607 |
| **3/31/2020** | $7430 | $13208 | $9497 |
| **4/30/2020** | $8482 | $14957 | $10668 |
| **5/31/2020** | $8894 | $15757 | $10975 |
| **6/30/2020** | $9124 | $16117 | $11292 |
| **7/31/2020** | $9475 | $17033 | $11525 |
| **8/31/2020** | $9947 | $18266 | $12146 |
| **9/30/2020** | $9402 | $17601 | $11581 |
| **10/31/2020** | $9959 | $17221 | $11995 |
| **11/30/2020** | $11834 | $19317 | $14311 |
| **12/31/2020** | $12737 | $20186 | $15445 |
| **1/31/2021** | $13136 | $20096 | $16257 |
| **2/28/2021** | $14262 | $20724 | $17785 |
| **3/31/2021** | $15170 | $21467 | $18714 |
| **4/30/2021** | $15449 | $22573 | $19092 |
| **5/31/2021** | $15945 | $22676 | $19687 |
| **6/30/2021** | $15618 | $23236 | $19567 |
| **7/31/2021** | $15243 | $23628 | $18867 |
| **8/31/2021** | $15449 | $24302 | $19372 |
| **9/30/2021** | $15267 | $23212 | $18984 |
| **10/31/2021** | $15824 | $24782 | $19708 |
| **11/30/2021** | $15437 | $24404 | $19035 |
| **12/31/2021** | $16258 | $25365 | $19811 |
| **1/31/2022** | $15387 | $23873 | $18656 |
| **2/28/2022** | $15997 | $23272 | $18965 |
| **3/31/2022** | $15975 | $24026 | $19336 |
| **4/30/2022** | $14974 | $21870 | $17835 |
| **5/31/2022** | $15366 | $21841 | $18177 |
| **6/30/2022** | $13712 | $20014 | $16382 |
| **7/31/2022** | $14974 | $21891 | $17968 |
| **8/31/2022** | $14365 | $21074 | $17400 |
| **9/30/2022** | $12928 | $19120 | $15626 |
| **10/31/2022** | $14582 | $20688 | $17594 |
| **11/30/2022** | $15279 | $21768 | $18131 |
| **12/31/2022** | $14145 | $20493 | $16942 |
| **1/31/2023** | $15490 | $21905 | $18558 |
| **2/28/2023** | $15121 | $21393 | $18130 |
| **3/31/2023** | $14092 | $21965 | $16830 |
| **4/30/2023** | $13854 | $22199 | $16411 |
| **5/31/2023** | $13247 | $22285 | $16088 |
| **6/30/2023** | $14276 | $23807 | $17366 |
| **7/31/2023** | $15253 | $24661 | $18676 |
| **8/31/2023** | $14488 | $24185 | $17778 |
| **9/30/2023** | $13722 | $23032 | $16852 |
| **10/31/2023** | $12640 | $22422 | $15847 |
| **11/30/2023** | $13670 | $24513 | $17273 |
| **12/31/2023** | $15327 | $25813 | $19423 |
| **1/31/2024** | $14649 | $26099 | $18541 |
| **2/29/2024** | $15056 | $27512 | $19147 |
| **3/31/2024** | $15843 | $28399 | $19986 |
| **4/30/2024** | $14839 | $27150 | $18713 |
| **5/31/2024** | $15788 | $28432 | $19588 |
| **6/30/2024** | $15517 | $29313 | $19258 |
| **7/31/2024** | $17307 | $29857 | $21605 |
| **8/31/2024** | $17253 | $30507 | $21199 |
| **9/30/2024** | $17253 | $31138 | $21213 |
| **10/31/2024** | $17090 | $30910 | $20881 |
| **11/30/2024** | $18555 | $32966 | $22895 |
| **12/31/2024** | $17242 | $31958 | $20987 |
| **1/31/2025** | $17449 | $32967 | $21419 |
| **2/28/2025** | $16619 | $32336 | $20599 |
| **3/31/2025** | $15684 | $30449 | $19362 |
| **4/30/2025** | $15095 | $30245 | $18585 |
| **5/31/2025** | $15857 | $32162 | $19366 |
| **6/30/2025** | $16515 | $33796 | $20324 |
| **7/31/2025** | $16757 | $34540 | $20683 |
| **8/31/2025** | $18003 | $35340 | $22435 |
| **9/30/2025** | $18142 | $36559 | $22886 |
| **10/31/2025** | $17900 | $37343 | $22943 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CAE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 4.73% | 12.44% | 5.99% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 8.66% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class R4

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small Cap Value

# Class R6

## TSLRX
October 31, 2025

## Fund Overview
Transamerica Small Cap Value (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 R6 | $91 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 4.77%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2000<sup>®</sup> Value Index, returned 9.87% over the same period.

* The Fund underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the Fund's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, while stocks of companies exhibiting strong debt coverage materially trailed the benchmark.

* Individual stock selection was unfavorable relative to the Russell 2000<sup>®</sup> Value Index. Total returns in the information technology, industrials, and healthcare sectors were headwinds to relative performance, more than offsetting favorable results in the real estate, energy, and consumer discretionary sectors.

* Sector allocation helped relative performance. The Fund's overweight to information technology stocks and underweight to the real estate sector contributed favorably to returns versus the benchmark. The Fund's underweight to utilities and overweight to consumer discretionary stocks detracted from performance.

* The Fund's top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Systematic Financial 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 Small Cap Value

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g45v14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **4/21/2017** | $10000 | $10000 | $10000 |
| **5/31/2017** | $10169 | $10119 | $10080 |
| **6/30/2017** | $9893 | $10222 | $9766 |
| **7/31/2017** | $10276 | $10315 | $10108 |
| **8/31/2017** | $10330 | $10509 | $10172 |
| **9/30/2017** | $10089 | $10529 | $9922 |
| **10/31/2017** | $10793 | $11021 | $10638 |
| **11/30/2017** | $11052 | $11356 | $10946 |
| **12/31/2017** | $10947 | $11470 | $10842 |
| **1/31/2018** | $11311 | $12074 | $10975 |
| **2/28/2018** | $10538 | $11629 | $10426 |
| **3/31/2018** | $10519 | $11396 | $10555 |
| **4/30/2018** | $10482 | $11439 | $10738 |
| **5/31/2018** | $11087 | $11762 | $11363 |
| **6/30/2018** | $11022 | $11839 | $11432 |
| **7/31/2018** | $11143 | $12232 | $11634 |
| **8/31/2018** | $11525 | $12661 | $11911 |
| **9/30/2018** | $11106 | $12682 | $11615 |
| **10/31/2018** | $10054 | $11748 | $10575 |
| **11/30/2018** | $10249 | $11984 | $10746 |
| **12/31/2018** | $8903 | $10868 | $9447 |
| **1/31/2019** | $10133 | $11801 | $10480 |
| **2/28/2019** | $10505 | $12216 | $10888 |
| **3/31/2019** | $9999 | $12395 | $10574 |
| **4/30/2019** | $10536 | $12890 | $10974 |
| **5/31/2019** | $9461 | $12056 | $10077 |
| **6/30/2019** | $10143 | $12902 | $10719 |
| **7/31/2019** | $10185 | $13094 | $10736 |
| **8/31/2019** | $9513 | $12827 | $10137 |
| **9/30/2019** | $10216 | $13052 | $10658 |
| **10/31/2019** | $10340 | $13333 | $10916 |
| **11/30/2019** | $10505 | $13840 | $11171 |
| **12/31/2019** | $10778 | $14240 | $11562 |
| **1/31/2020** | $10152 | $14224 | $10939 |
| **2/29/2020** | $9258 | $13060 | $9876 |
| **3/31/2020** | $6650 | $11264 | $7439 |
| **4/30/2020** | $7587 | $12755 | $8357 |
| **5/31/2020** | $7954 | $13438 | $8597 |
| **6/30/2020** | $8159 | $13745 | $8846 |
| **7/31/2020** | $8482 | $14525 | $9028 |
| **8/31/2020** | $8913 | $15577 | $9514 |
| **9/30/2020** | $8428 | $15010 | $9072 |
| **10/31/2020** | $8924 | $14686 | $9396 |
| **11/30/2020** | $10605 | $16473 | $11210 |
| **12/31/2020** | $11421 | $17214 | $12098 |
| **1/31/2021** | $11778 | $17137 | $12735 |
| **2/28/2021** | $12793 | $17673 | $13931 |
| **3/31/2021** | $13615 | $18307 | $14659 |
| **4/30/2021** | $13863 | $19250 | $14956 |
| **5/31/2021** | $14306 | $19338 | $15421 |
| **6/30/2021** | $14025 | $19815 | $15328 |
| **7/31/2021** | $13690 | $20150 | $14779 |
| **8/31/2021** | $13874 | $20725 | $15175 |
| **9/30/2021** | $13723 | $19795 | $14871 |
| **10/31/2021** | $14220 | $21133 | $15438 |
| **11/30/2021** | $13874 | $20812 | $14910 |
| **12/31/2021** | $14606 | $21631 | $15519 |
| **1/31/2022** | $13828 | $20359 | $14614 |
| **2/28/2022** | $14392 | $19846 | $14856 |
| **3/31/2022** | $14373 | $20490 | $15146 |
| **4/30/2022** | $13478 | $18651 | $13971 |
| **5/31/2022** | $13828 | $18626 | $14239 |
| **6/30/2022** | $12350 | $17068 | $12832 |
| **7/31/2022** | $13478 | $18669 | $14075 |
| **8/31/2022** | $12933 | $17972 | $13630 |
| **9/30/2022** | $11650 | $16306 | $12241 |
| **10/31/2022** | $13128 | $17643 | $13782 |
| **11/30/2022** | $13770 | $18564 | $14203 |
| **12/31/2022** | $12746 | $17477 | $13271 |
| **1/31/2023** | $13974 | $18680 | $14537 |
| **2/28/2023** | $13643 | $18244 | $14202 |
| **3/31/2023** | $12699 | $18731 | $13184 |
| **4/30/2023** | $12487 | $18931 | $12855 |
| **5/31/2023** | $11967 | $19005 | $12602 |
| **6/30/2023** | $12888 | $20302 | $13603 |
| **7/31/2023** | $13761 | $21030 | $14630 |
| **8/31/2023** | $13077 | $20624 | $13926 |
| **9/30/2023** | $12392 | $19642 | $13201 |
| **10/31/2023** | $11401 | $19121 | $12413 |
| **11/30/2023** | $12345 | $20904 | $13531 |
| **12/31/2023** | $13857 | $22013 | $15215 |
| **1/31/2024** | $13225 | $22257 | $14524 |
| **2/29/2024** | $13614 | $23462 | $14999 |
| **3/31/2024** | $14319 | $24219 | $15656 |
| **4/30/2024** | $13395 | $23153 | $14658 |
| **5/31/2024** | $14271 | $24247 | $15344 |
| **6/30/2024** | $14027 | $24997 | $15085 |
| **7/31/2024** | $15656 | $25462 | $16924 |
| **8/31/2024** | $15608 | $26016 | $16606 |
| **9/30/2024** | $15608 | $26555 | $16617 |
| **10/31/2024** | $15462 | $26360 | $16357 |
| **11/30/2024** | $16775 | $28113 | $17935 |
| **12/31/2024** | $15610 | $27254 | $16440 |
| **1/31/2025** | $15765 | $28114 | $16778 |
| **2/28/2025** | $15020 | $27575 | $16136 |
| **3/31/2025** | $14183 | $25967 | $15167 |
| **4/30/2025** | $13655 | $25793 | $14558 |
| **5/31/2025** | $14369 | $27428 | $15170 |
| **6/30/2025** | $14927 | $28821 | $15920 |
| **7/31/2025** | $15145 | $29456 | $16202 |
| **8/31/2025** | $16293 | $30137 | $17574 |
| **9/30/2025** | $16417 | $31177 | $17927 |
| **10/31/2025** | $16200 | $31846 | $17972 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CAB | **1 Year** | **5 Years** | **Since Inception 4/21/17** |
| Class R6 | 4.77% | 12.67% | 5.82% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.54% |
| Russell 2000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 9.87% | 13.85% | 7.11% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. 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 | $84715894 |
| Number of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $548083 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 21.9% |
| Industrials | 19.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 10.9 |
| Health Care | 9.8 |
| Real Estate | 7.3 |
| Energy | 7.3 |
| Materials | 3.0 |
| Utilities | 2.6 |
| Communication Services | 2.3 |
| Consumer Staples | 2.0 |
| Repurchase Agreements | 1.2 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

| | |
|:---|:---|
| 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 Small Cap Value

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Mueller Industries, Inc. | 2.2% |
| EMCOR Group, Inc. | 2.2 |
| OSI Systems, Inc. | 1.9 |
| Northwestern Energy Group, Inc. | 1.8 |
| Magnolia Oil & Gas Corp., Class A | 1.8 |
| Webster Financial Corp. | 1.7 |
| LSI Industries, Inc. | 1.6 |
| Tower Semiconductor Ltd. | 1.6 |
| Silicon Motion Technology Corp., ADR | 1.5 |
| Piper Sandler Cos. | 1.5 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small Cap Value

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class A

## IIVAX
October 31, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. 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 | $122 | 1.19% |

---

## 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 5.06%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2500™ Value Index, returned 10.11% over the same period.

* The Fund's mid cap sleeve underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund's mid-cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* The 12-month period ended October 31, 2025, exhibited speculative demand characteristics in the market, favoring expensive momentum and high beta stocks, while penalizing stocks of cheaper valuation and higher quality (as defined by S&P's quality ratings). This was a challenging backdrop for the mid cap sleeve sub-adviser's fundamentally oriented price sensitive value process, and for active investing in U.S. equities. 

* Within the Fund's mid cap sleeve, real estate and telecommunications were the top contributors. Within real estate, an underweight allocation was the primary contributor to relative performance. In telecommunications, positions in EchoStar Corp., a satellite TV and internet provider, and Liberty Broadband, a tracking stock for Charter Communications, were the primary contributors.

* Within the Fund's mid cap sleeve, the primary detractors were healthcare and technology. Within healthcare, an overweight allocation and positions in Baxter International, a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors from relative performance. Within technology, an underweight to software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, a holding company engaged in media and hospitality businesses, were the primary detractors from relative performance.

* The Fund's small cap sleeve underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the small cap sleeve's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve, while stocks of companies exhibiting strong debt coverage materially trailed the Russell 2000<sup>®</sup> Value Index.

* Within the Fund's small cap sleeve, the top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC and Systematic Financial 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 Small/Mid Cap Value

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g41f97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **10/31/2015** | $9451 | $10000 | $10000 |
| **11/30/2015** | $9708 | $10055 | $10168 |
| **12/31/2015** | $9275 | $9849 | $9703 |
| **1/31/2016** | $8597 | $9293 | $9108 |
| **2/29/2016** | $8550 | $9290 | $9206 |
| **3/31/2016** | $9370 | $9944 | $10026 |
| **4/30/2016** | $9465 | $10006 | $10220 |
| **5/31/2016** | $9682 | $10185 | $10401 |
| **6/30/2016** | $9551 | $10206 | $10464 |
| **7/31/2016** | $9981 | $10611 | $10940 |
| **8/31/2016** | $10151 | $10638 | $11038 |
| **9/30/2016** | $10163 | $10655 | $11110 |
| **10/31/2016** | $9894 | $10424 | $10778 |
| **11/30/2016** | $10912 | $10891 | $11811 |
| **12/31/2016** | $11199 | $11103 | $12148 |
| **1/31/2017** | $11358 | $11312 | $12214 |
| **2/28/2017** | $11691 | $11733 | $12442 |
| **3/31/2017** | $11741 | $11741 | $12345 |
| **4/30/2017** | $11812 | $11865 | $12332 |
| **5/31/2017** | $11804 | $11987 | $12065 |
| **6/30/2017** | $11988 | $12095 | $12385 |
| **7/31/2017** | $12188 | $12323 | $12481 |
| **8/31/2017** | $11867 | $12347 | $12265 |
| **9/30/2017** | $12217 | $12648 | $12859 |
| **10/31/2017** | $12292 | $12924 | $12930 |
| **11/30/2017** | $12839 | $13316 | $13353 |
| **12/31/2017** | $12895 | $13450 | $13406 |
| **1/31/2018** | $13164 | $14158 | $13575 |
| **2/28/2018** | $12654 | $13637 | $12909 |
| **3/31/2018** | $12725 | $13363 | $13051 |
| **4/30/2018** | $12687 | $13414 | $13192 |
| **5/31/2018** | $12923 | $13792 | $13735 |
| **6/30/2018** | $13150 | $13883 | $13808 |
| **7/31/2018** | $13471 | $14343 | $14082 |
| **8/31/2018** | $13754 | $14847 | $14402 |
| **9/30/2018** | $13556 | $14871 | $14177 |
| **10/31/2018** | $12569 | $13776 | $12965 |
| **11/30/2018** | $12791 | $14052 | $13210 |
| **12/31/2018** | $11385 | $12745 | $11749 |
| **1/31/2019** | $12565 | $13838 | $13062 |
| **2/28/2019** | $12964 | $14325 | $13470 |
| **3/31/2019** | $12858 | $14534 | $13291 |
| **4/30/2019** | $13363 | $15115 | $13757 |
| **5/31/2019** | $12454 | $14137 | $12719 |
| **6/30/2019** | $13251 | $15129 | $13542 |
| **7/31/2019** | $13373 | $15354 | $13630 |
| **8/31/2019** | $12730 | $15041 | $12966 |
| **9/30/2019** | $13373 | $15305 | $13560 |
| **10/31/2019** | $13528 | $15635 | $13755 |
| **11/30/2019** | $13830 | $16229 | $14093 |
| **12/31/2019** | $14187 | $16698 | $14518 |
| **1/31/2020** | $13798 | $16680 | $13989 |
| **2/29/2020** | $12416 | $15314 | $12640 |
| **3/31/2020** | $9455 | $13208 | $9489 |
| **4/30/2020** | $10678 | $14957 | $10744 |
| **5/31/2020** | $11204 | $15757 | $11234 |
| **6/30/2020** | $11314 | $16117 | $11443 |
| **7/31/2020** | $11648 | $17033 | $11787 |
| **8/31/2020** | $12093 | $18266 | $12323 |
| **9/30/2020** | $11676 | $17601 | $11849 |
| **10/31/2020** | $11944 | $17221 | $12116 |
| **11/30/2020** | $13809 | $19317 | $14236 |
| **12/31/2020** | $14649 | $20186 | $15226 |
| **1/31/2021** | $14764 | $20096 | $15563 |
| **2/28/2021** | $15900 | $20724 | $16948 |
| **3/31/2021** | $16908 | $21467 | $17789 |
| **4/30/2021** | $17608 | $22573 | $18552 |
| **5/31/2021** | $18005 | $22676 | $18929 |
| **6/30/2021** | $17707 | $23236 | $18679 |
| **7/31/2021** | $17547 | $23628 | $18405 |
| **8/31/2021** | $17928 | $24302 | $18794 |
| **9/30/2021** | $17426 | $23212 | $18292 |
| **10/31/2021** | $18038 | $24782 | $19161 |
| **11/30/2021** | $17553 | $24404 | $18494 |
| **12/31/2021** | $18631 | $25365 | $19456 |
| **1/31/2022** | $18128 | $23873 | $18467 |
| **2/28/2022** | $18208 | $23272 | $18769 |
| **3/31/2022** | $18465 | $24026 | $19164 |
| **4/30/2022** | $17508 | $21870 | $17865 |
| **5/31/2022** | $18244 | $21841 | $18207 |
| **6/30/2022** | $16546 | $20014 | $16215 |
| **7/31/2022** | $17778 | $21891 | $17784 |
| **8/31/2022** | $17141 | $21074 | $17226 |
| **9/30/2022** | $15460 | $19120 | $15484 |
| **10/31/2022** | $17006 | $20688 | $17119 |
| **11/30/2022** | $17883 | $21768 | $17979 |
| **12/31/2022** | $17046 | $20493 | $16910 |
| **1/31/2023** | $18372 | $21905 | $18600 |
| **2/28/2023** | $17841 | $21393 | $18074 |
| **3/31/2023** | $17208 | $21965 | $17146 |
| **4/30/2023** | $17127 | $22199 | $16918 |
| **5/31/2023** | $16522 | $22285 | $16435 |
| **6/30/2023** | $17773 | $23807 | $17896 |
| **7/31/2023** | $18628 | $24661 | $18945 |
| **8/31/2023** | $18291 | $24185 | $18216 |
| **9/30/2023** | $17551 | $23032 | $17241 |
| **10/31/2023** | $16784 | $22422 | $16273 |
| **11/30/2023** | $17854 | $24513 | $17750 |
| **12/31/2023** | $19085 | $25813 | $19613 |
| **1/31/2024** | $18859 | $26099 | $19063 |
| **2/29/2024** | $19502 | $27512 | $19827 |
| **3/31/2024** | $20476 | $28399 | $20804 |
| **4/30/2024** | $19424 | $27150 | $19496 |
| **5/31/2024** | $19989 | $28432 | $20317 |
| **6/30/2024** | $19473 | $29313 | $19908 |
| **7/31/2024** | $21132 | $29857 | $21520 |
| **8/31/2024** | $21019 | $30507 | $21519 |
| **9/30/2024** | $21012 | $31138 | $21824 |
| **10/31/2024** | $20737 | $30910 | $21549 |
| **11/30/2024** | $22177 | $32966 | $23451 |
| **12/31/2024** | $20719 | $31958 | $21767 |
| **1/31/2025** | $21236 | $32967 | $22508 |
| **2/28/2025** | $20799 | $32336 | $21676 |
| **3/31/2025** | $20210 | $30449 | $20498 |
| **4/30/2025** | $19565 | $30245 | $19905 |
| **5/31/2025** | $20186 | $32162 | $21041 |
| **6/30/2025** | $20862 | $33796 | $21992 |
| **7/31/2025** | $21014 | $34540 | $22374 |
| **8/31/2025** | $22255 | $35340 | $23548 |
| **9/30/2025** | $22200 | $36559 | $23790 |
| **10/31/2025** | $21786 | $37343 | $23728 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9DK1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | (0.72%) | 11.50% | 8.10% |
| Class A | 5.06% | 12.77% | 8.71% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Value Index<sup>Footnote Reference(b)</sup> | 10.11% | 14.39% | 9.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. 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 | $625909107 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4878054 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 14.8% |
| Industrials | 13.9 |
| Health Care | 13.7 |
| Consumer Staples | 10.6 |
| Information Technology | 8.5 |
| Materials | 7.7 |
| Consumer Discretionary | 7.1 |
| Energy | 6.1 |
| Communication Services | 5.8 |
| Utilities | 4.5 |
| Real Estate | 4.1 |
| Repurchase Agreements | 3.3 |
| Other Investment Company | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| 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 Small/Mid Cap Value

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 1.7% |
| LKQ Corp. | 1.5 |
| First Citizens BancShares, Inc., Class A | 1.5 |
| Graphic Packaging Holding Co. | 1.5 |
| Perrigo Co. PLC | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Conagra Brands, Inc. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Mosaic Co. | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small/Mid Cap Value

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class C

## IIVLX
October 31, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. 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 | $199 | 1.95% |

---

## 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 4.23%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2500™ Value Index, returned 10.11% over the same period.

* The Fund's mid cap sleeve underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund's mid-cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* The 12-month period ended October 31, 2025, exhibited speculative demand characteristics in the market, favoring expensive momentum and high beta stocks, while penalizing stocks of cheaper valuation and higher quality (as defined by S&P's quality ratings). This was a challenging backdrop for the mid cap sleeve sub-adviser's fundamentally oriented price sensitive value process, and for active investing in U.S. equities. 

* Within the Fund's mid cap sleeve, real estate and telecommunications were the top contributors. Within real estate, an underweight allocation was the primary contributor to relative performance. In telecommunications, positions in EchoStar Corp., a satellite TV and internet provider, and Liberty Broadband, a tracking stock for Charter Communications, were the primary contributors.

* Within the Fund's mid cap sleeve, the primary detractors were healthcare and technology. Within healthcare, an overweight allocation and positions in Baxter International, a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors from relative performance. Within technology, an underweight to software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, a holding company engaged in media and hospitality businesses, were the primary detractors from relative performance.

* The Fund's small cap sleeve underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the small cap sleeve's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve, while stocks of companies exhibiting strong debt coverage materially trailed the Russell 2000<sup>®</sup> Value Index.

* Within the Fund's small cap sleeve, the top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC and Systematic Financial 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 Small/Mid Cap Value

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g53j82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10270 | $10055 | $10168 |
| **12/31/2015** | $9809 | $9849 | $9703 |
| **1/31/2016** | $9084 | $9293 | $9108 |
| **2/29/2016** | $9028 | $9290 | $9206 |
| **3/31/2016** | $9893 | $9944 | $10026 |
| **4/30/2016** | $9986 | $10006 | $10220 |
| **5/31/2016** | $10209 | $10185 | $10401 |
| **6/30/2016** | $10065 | $10206 | $10464 |
| **7/31/2016** | $10511 | $10611 | $10940 |
| **8/31/2016** | $10683 | $10638 | $11038 |
| **9/30/2016** | $10692 | $10655 | $11110 |
| **10/31/2016** | $10399 | $10424 | $10778 |
| **11/30/2016** | $11464 | $10891 | $11811 |
| **12/31/2016** | $11762 | $11103 | $12148 |
| **1/31/2017** | $11920 | $11312 | $12214 |
| **2/28/2017** | $12259 | $11733 | $12442 |
| **3/31/2017** | $12309 | $11741 | $12345 |
| **4/30/2017** | $12378 | $11865 | $12332 |
| **5/31/2017** | $12363 | $11987 | $12065 |
| **6/30/2017** | $12545 | $12095 | $12385 |
| **7/31/2017** | $12747 | $12323 | $12481 |
| **8/31/2017** | $12407 | $12347 | $12265 |
| **9/30/2017** | $12762 | $12648 | $12859 |
| **10/31/2017** | $12835 | $12924 | $12930 |
| **11/30/2017** | $13397 | $13316 | $13353 |
| **12/31/2017** | $13448 | $13450 | $13406 |
| **1/31/2018** | $13725 | $14158 | $13575 |
| **2/28/2018** | $13182 | $13637 | $12909 |
| **3/31/2018** | $13250 | $13363 | $13051 |
| **4/30/2018** | $13199 | $13414 | $13192 |
| **5/31/2018** | $13442 | $13792 | $13735 |
| **6/30/2018** | $13668 | $13883 | $13808 |
| **7/31/2018** | $13996 | $14343 | $14082 |
| **8/31/2018** | $14285 | $14847 | $14402 |
| **9/30/2018** | $14070 | $14871 | $14177 |
| **10/31/2018** | $13040 | $13776 | $12965 |
| **11/30/2018** | $13261 | $14052 | $13210 |
| **12/31/2018** | $11794 | $12745 | $11749 |
| **1/31/2019** | $13012 | $13838 | $13062 |
| **2/28/2019** | $13418 | $14325 | $13470 |
| **3/31/2019** | $13295 | $14534 | $13291 |
| **4/30/2019** | $13811 | $15115 | $13757 |
| **5/31/2019** | $12863 | $14137 | $12719 |
| **6/30/2019** | $13675 | $15129 | $13542 |
| **7/31/2019** | $13798 | $15354 | $13630 |
| **8/31/2019** | $13128 | $15041 | $12966 |
| **9/30/2019** | $13785 | $15305 | $13560 |
| **10/31/2019** | $13933 | $15635 | $13755 |
| **11/30/2019** | $14236 | $16229 | $14093 |
| **12/31/2019** | $14593 | $16698 | $14518 |
| **1/31/2020** | $14188 | $16680 | $13989 |
| **2/29/2020** | $12758 | $15314 | $12640 |
| **3/31/2020** | $9713 | $13208 | $9489 |
| **4/30/2020** | $10956 | $14957 | $10744 |
| **5/31/2020** | $11488 | $15757 | $11234 |
| **6/30/2020** | $11601 | $16117 | $11443 |
| **7/31/2020** | $11934 | $17033 | $11787 |
| **8/31/2020** | $12379 | $18266 | $12323 |
| **9/30/2020** | $11947 | $17601 | $11849 |
| **10/31/2020** | $12213 | $17221 | $12116 |
| **11/30/2020** | $14114 | $19317 | $14236 |
| **12/31/2020** | $14965 | $20186 | $15226 |
| **1/31/2021** | $15072 | $20096 | $15563 |
| **2/28/2021** | $16222 | $20724 | $16948 |
| **3/31/2021** | $17239 | $21467 | $17789 |
| **4/30/2021** | $17944 | $22573 | $18552 |
| **5/31/2021** | $18336 | $22676 | $18929 |
| **6/30/2021** | $18024 | $23236 | $18679 |
| **7/31/2021** | $17851 | $23628 | $18405 |
| **8/31/2021** | $18223 | $24302 | $18794 |
| **9/30/2021** | $17705 | $23212 | $18292 |
| **10/31/2021** | $18316 | $24782 | $19161 |
| **11/30/2021** | $17811 | $24404 | $18494 |
| **12/31/2021** | $18899 | $25365 | $19456 |
| **1/31/2022** | $18370 | $23873 | $18467 |
| **2/28/2022** | $18446 | $23272 | $18769 |
| **3/31/2022** | $18688 | $24026 | $19164 |
| **4/30/2022** | $17713 | $21870 | $17865 |
| **5/31/2022** | $18446 | $21841 | $18207 |
| **6/30/2022** | $16716 | $20014 | $16215 |
| **7/31/2022** | $17947 | $21891 | $17784 |
| **8/31/2022** | $17290 | $21074 | $17226 |
| **9/30/2022** | $15591 | $19120 | $15484 |
| **10/31/2022** | $17139 | $20688 | $17119 |
| **11/30/2022** | $18015 | $21768 | $17979 |
| **12/31/2022** | $17158 | $20493 | $16910 |
| **1/31/2023** | $18478 | $21905 | $18600 |
| **2/28/2023** | $17932 | $21393 | $18074 |
| **3/31/2023** | $17285 | $21965 | $17146 |
| **4/30/2023** | $17200 | $22199 | $16918 |
| **5/31/2023** | $16578 | $22285 | $16435 |
| **6/30/2023** | $17823 | $23807 | $17896 |
| **7/31/2023** | $18663 | $24661 | $18945 |
| **8/31/2023** | $18319 | $24185 | $18216 |
| **9/30/2023** | $17570 | $23032 | $17241 |
| **10/31/2023** | $16789 | $22422 | $16273 |
| **11/30/2023** | $17848 | $24513 | $17750 |
| **12/31/2023** | $19072 | $25813 | $19613 |
| **1/31/2024** | $18833 | $26099 | $19063 |
| **2/29/2024** | $19453 | $27512 | $19827 |
| **3/31/2024** | $20418 | $28399 | $20804 |
| **4/30/2024** | $19355 | $27150 | $19496 |
| **5/31/2024** | $19904 | $28432 | $20317 |
| **6/30/2024** | $19382 | $29313 | $19908 |
| **7/31/2024** | $21020 | $29857 | $21520 |
| **8/31/2024** | $20896 | $30507 | $21519 |
| **9/30/2024** | $20878 | $31138 | $21824 |
| **10/31/2024** | $20595 | $30910 | $21549 |
| **11/30/2024** | $22012 | $32966 | $23451 |
| **12/31/2024** | $20545 | $31958 | $21767 |
| **1/31/2025** | $21047 | $32967 | $22508 |
| **2/28/2025** | $20597 | $32336 | $21676 |
| **3/31/2025** | $20003 | $30449 | $20498 |
| **4/30/2025** | $19358 | $30245 | $19905 |
| **5/31/2025** | $19952 | $32162 | $21041 |
| **6/30/2025** | $20607 | $33796 | $21992 |
| **7/31/2025** | $20750 | $34540 | $22374 |
| **8/31/2025** | $21958 | $35340 | $23548 |
| **9/30/2025** | $21887 | $36559 | $23790 |
| **10/31/2025** | $21467 | $37343 | $23728 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9DK3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 3.33% | 11.94% | 7.94% |
| Class C | 4.23% | 11.94% | 7.94% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Value Index<sup>Footnote Reference(b)</sup> | 10.11% | 14.39% | 9.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. 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 | $625909107 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4878054 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 14.8% |
| Industrials | 13.9 |
| Health Care | 13.7 |
| Consumer Staples | 10.6 |
| Information Technology | 8.5 |
| Materials | 7.7 |
| Consumer Discretionary | 7.1 |
| Energy | 6.1 |
| Communication Services | 5.8 |
| Utilities | 4.5 |
| Real Estate | 4.1 |
| Repurchase Agreements | 3.3 |
| Other Investment Company | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| 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 Small/Mid Cap Value

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 1.7% |
| LKQ Corp. | 1.5 |
| First Citizens BancShares, Inc., Class A | 1.5 |
| Graphic Packaging Holding Co. | 1.5 |
| Perrigo Co. PLC | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Conagra Brands, Inc. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Mosaic Co. | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small/Mid Cap Value

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class I

## TSVIX
October 31, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. 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 | $93 | 0.91% |

---

## 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 5.34%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2500™ Value Index, returned 10.11% over the same period.

* The Fund's mid cap sleeve underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund's mid-cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* The 12-month period ended October 31, 2025, exhibited speculative demand characteristics in the market, favoring expensive momentum and high beta stocks, while penalizing stocks of cheaper valuation and higher quality (as defined by S&P's quality ratings). This was a challenging backdrop for the mid cap sleeve sub-adviser's fundamentally oriented price sensitive value process, and for active investing in U.S. equities. 

* Within the Fund's mid cap sleeve, real estate and telecommunications were the top contributors. Within real estate, an underweight allocation was the primary contributor to relative performance. In telecommunications, positions in EchoStar Corp., a satellite TV and internet provider, and Liberty Broadband, a tracking stock for Charter Communications, were the primary contributors.

* Within the Fund's mid cap sleeve, the primary detractors were healthcare and technology. Within healthcare, an overweight allocation and positions in Baxter International, a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors from relative performance. Within technology, an underweight to software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, a holding company engaged in media and hospitality businesses, were the primary detractors from relative performance.

* The Fund's small cap sleeve underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the small cap sleeve's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve, while stocks of companies exhibiting strong debt coverage materially trailed the Russell 2000<sup>®</sup> Value Index.

* Within the Fund's small cap sleeve, the top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC and Systematic Financial 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 Small/Mid Cap Value

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g38j30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10275 | $10055 | $10168 |
| **12/31/2015** | $9819 | $9849 | $9703 |
| **1/31/2016** | $9103 | $9293 | $9108 |
| **2/29/2016** | $9058 | $9290 | $9206 |
| **3/31/2016** | $9933 | $9944 | $10026 |
| **4/30/2016** | $10034 | $10006 | $10220 |
| **5/31/2016** | $10266 | $10185 | $10401 |
| **6/30/2016** | $10132 | $10206 | $10464 |
| **7/31/2016** | $10587 | $10611 | $10940 |
| **8/31/2016** | $10774 | $10638 | $11038 |
| **9/30/2016** | $10790 | $10655 | $11110 |
| **10/31/2016** | $10506 | $10424 | $10778 |
| **11/30/2016** | $11591 | $10891 | $11811 |
| **12/31/2016** | $11901 | $11103 | $12148 |
| **1/31/2017** | $12074 | $11312 | $12214 |
| **2/28/2017** | $12427 | $11733 | $12442 |
| **3/31/2017** | $12487 | $11741 | $12345 |
| **4/30/2017** | $12565 | $11865 | $12332 |
| **5/31/2017** | $12561 | $11987 | $12065 |
| **6/30/2017** | $12759 | $12095 | $12385 |
| **7/31/2017** | $12974 | $12323 | $12481 |
| **8/31/2017** | $12638 | $12347 | $12265 |
| **9/30/2017** | $13013 | $12648 | $12859 |
| **10/31/2017** | $13099 | $12924 | $12930 |
| **11/30/2017** | $13681 | $13316 | $13353 |
| **12/31/2017** | $13747 | $13450 | $13406 |
| **1/31/2018** | $14040 | $14158 | $13575 |
| **2/28/2018** | $13498 | $13637 | $12909 |
| **3/31/2018** | $13576 | $13363 | $13051 |
| **4/30/2018** | $13542 | $13414 | $13192 |
| **5/31/2018** | $13796 | $13792 | $13735 |
| **6/30/2018** | $14040 | $13883 | $13808 |
| **7/31/2018** | $14391 | $14343 | $14082 |
| **8/31/2018** | $14698 | $14847 | $14402 |
| **9/30/2018** | $14488 | $14871 | $14177 |
| **10/31/2018** | $13440 | $13776 | $12965 |
| **11/30/2018** | $13679 | $14052 | $13210 |
| **12/31/2018** | $12181 | $12745 | $11749 |
| **1/31/2019** | $13448 | $13838 | $13062 |
| **2/28/2019** | $13882 | $14325 | $13470 |
| **3/31/2019** | $13767 | $14534 | $13291 |
| **4/30/2019** | $14315 | $15115 | $13757 |
| **5/31/2019** | $13344 | $14137 | $12719 |
| **6/30/2019** | $14200 | $15129 | $13542 |
| **7/31/2019** | $14337 | $15354 | $13630 |
| **8/31/2019** | $13651 | $15041 | $12966 |
| **9/30/2019** | $14348 | $15305 | $13560 |
| **10/31/2019** | $14518 | $15635 | $13755 |
| **11/30/2019** | $14842 | $16229 | $14093 |
| **12/31/2019** | $15232 | $16698 | $14518 |
| **1/31/2020** | $14818 | $16680 | $13989 |
| **2/29/2020** | $13343 | $15314 | $12640 |
| **3/31/2020** | $10161 | $13208 | $9489 |
| **4/30/2020** | $11477 | $14957 | $10744 |
| **5/31/2020** | $12044 | $15757 | $11234 |
| **6/30/2020** | $12175 | $16117 | $11443 |
| **7/31/2020** | $12538 | $17033 | $11787 |
| **8/31/2020** | $13014 | $18266 | $12323 |
| **9/30/2020** | $12572 | $17601 | $11849 |
| **10/31/2020** | $12861 | $17221 | $12116 |
| **11/30/2020** | $14881 | $19317 | $14236 |
| **12/31/2020** | $15787 | $20186 | $15226 |
| **1/31/2021** | $15912 | $20096 | $15563 |
| **2/28/2021** | $17142 | $20724 | $16948 |
| **3/31/2021** | $18234 | $21467 | $17789 |
| **4/30/2021** | $18994 | $22573 | $18552 |
| **5/31/2021** | $19423 | $22676 | $18929 |
| **6/30/2021** | $19114 | $23236 | $18679 |
| **7/31/2021** | $18948 | $23628 | $18405 |
| **8/31/2021** | $19360 | $24302 | $18794 |
| **9/30/2021** | $18823 | $23212 | $18292 |
| **10/31/2021** | $19486 | $24782 | $19161 |
| **11/30/2021** | $18971 | $24404 | $18494 |
| **12/31/2021** | $20141 | $25365 | $19456 |
| **1/31/2022** | $19601 | $23873 | $18467 |
| **2/28/2022** | $19690 | $23272 | $18769 |
| **3/31/2022** | $19969 | $24026 | $19164 |
| **4/30/2022** | $18959 | $21870 | $17865 |
| **5/31/2022** | $19760 | $21841 | $18207 |
| **6/30/2022** | $17917 | $20014 | $16215 |
| **7/31/2022** | $19258 | $21891 | $17784 |
| **8/31/2022** | $18572 | $21074 | $17226 |
| **9/30/2022** | $16754 | $19120 | $15484 |
| **10/31/2022** | $18442 | $20688 | $17119 |
| **11/30/2022** | $19396 | $21768 | $17979 |
| **12/31/2022** | $18492 | $20493 | $16910 |
| **1/31/2023** | $19935 | $21905 | $18600 |
| **2/28/2023** | $19356 | $21393 | $18074 |
| **3/31/2023** | $18680 | $21965 | $17146 |
| **4/30/2023** | $18597 | $22199 | $16918 |
| **5/31/2023** | $17948 | $22285 | $16435 |
| **6/30/2023** | $19307 | $23807 | $17896 |
| **7/31/2023** | $20241 | $24661 | $18945 |
| **8/31/2023** | $19879 | $24185 | $18216 |
| **9/30/2023** | $19084 | $23032 | $17241 |
| **10/31/2023** | $18248 | $22422 | $16273 |
| **11/30/2023** | $19419 | $24513 | $17750 |
| **12/31/2023** | $20763 | $25813 | $19613 |
| **1/31/2024** | $20529 | $26099 | $19063 |
| **2/29/2024** | $21224 | $27512 | $19827 |
| **3/31/2024** | $22292 | $28399 | $20804 |
| **4/30/2024** | $21151 | $27150 | $19496 |
| **5/31/2024** | $21765 | $28432 | $20317 |
| **6/30/2024** | $21216 | $29313 | $19908 |
| **7/31/2024** | $23030 | $29857 | $21520 |
| **8/31/2024** | $22913 | $30507 | $21519 |
| **9/30/2024** | $22913 | $31138 | $21824 |
| **10/31/2024** | $22621 | $30910 | $21549 |
| **11/30/2024** | $24193 | $32966 | $23451 |
| **12/31/2024** | $22604 | $31958 | $21767 |
| **1/31/2025** | $23171 | $32967 | $22508 |
| **2/28/2025** | $22702 | $32336 | $21676 |
| **3/31/2025** | $22069 | $30449 | $20498 |
| **4/30/2025** | $21371 | $30245 | $19905 |
| **5/31/2025** | $22053 | $32162 | $21041 |
| **6/30/2025** | $22793 | $33796 | $21992 |
| **7/31/2025** | $22965 | $34540 | $22374 |
| **8/31/2025** | $24330 | $35340 | $23548 |
| **9/30/2025** | $24280 | $36559 | $23790 |
| **10/31/2025** | $23828 | $37343 | $23728 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9DK8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.34% | 13.13% | 9.07% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Value Index<sup>Footnote Reference(b)</sup> | 10.11% | 14.39% | 9.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. 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 | $625909107 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4878054 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 14.8% |
| Industrials | 13.9 |
| Health Care | 13.7 |
| Consumer Staples | 10.6 |
| Information Technology | 8.5 |
| Materials | 7.7 |
| Consumer Discretionary | 7.1 |
| Energy | 6.1 |
| Communication Services | 5.8 |
| Utilities | 4.5 |
| Real Estate | 4.1 |
| Repurchase Agreements | 3.3 |
| Other Investment Company | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| 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 Small/Mid Cap Value

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 1.7% |
| LKQ Corp. | 1.5 |
| First Citizens BancShares, Inc., Class A | 1.5 |
| Graphic Packaging Holding Co. | 1.5 |
| Perrigo Co. PLC | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Conagra Brands, Inc. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Mosaic Co. | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small/Mid Cap Value

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class I2

## TSMVX
October 31, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. 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 I2 | $83 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 5.47%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2500™ Value Index, returned 10.11% over the same period.

* The Fund's mid cap sleeve underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund's mid-cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* The 12-month period ended October 31, 2025, exhibited speculative demand characteristics in the market, favoring expensive momentum and high beta stocks, while penalizing stocks of cheaper valuation and higher quality (as defined by S&P's quality ratings). This was a challenging backdrop for the mid cap sleeve sub-adviser's fundamentally oriented price sensitive value process, and for active investing in U.S. equities. 

* Within the Fund's mid cap sleeve, real estate and telecommunications were the top contributors. Within real estate, an underweight allocation was the primary contributor to relative performance. In telecommunications, positions in EchoStar Corp., a satellite TV and internet provider, and Liberty Broadband, a tracking stock for Charter Communications, were the primary contributors.

* Within the Fund's mid cap sleeve, the primary detractors were healthcare and technology. Within healthcare, an overweight allocation and positions in Baxter International, a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors from relative performance. Within technology, an underweight to software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, a holding company engaged in media and hospitality businesses, were the primary detractors from relative performance.

* The Fund's small cap sleeve underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the small cap sleeve's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve, while stocks of companies exhibiting strong debt coverage materially trailed the Russell 2000<sup>®</sup> Value Index.

* Within the Fund's small cap sleeve, the top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC and Systematic Financial 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 Small/Mid Cap Value

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g09s30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10278 | $10055 | $10168 |
| **12/31/2015** | $9827 | $9849 | $9703 |
| **1/31/2016** | $9107 | $9293 | $9108 |
| **2/29/2016** | $9063 | $9290 | $9206 |
| **3/31/2016** | $9937 | $9944 | $10026 |
| **4/30/2016** | $10042 | $10006 | $10220 |
| **5/31/2016** | $10274 | $10185 | $10401 |
| **6/30/2016** | $10140 | $10206 | $10464 |
| **7/31/2016** | $10599 | $10611 | $10940 |
| **8/31/2016** | $10786 | $10638 | $11038 |
| **9/30/2016** | $10802 | $10655 | $11110 |
| **10/31/2016** | $10518 | $10424 | $10778 |
| **11/30/2016** | $11607 | $10891 | $11811 |
| **12/31/2016** | $11919 | $11103 | $12148 |
| **1/31/2017** | $12091 | $11312 | $12214 |
| **2/28/2017** | $12449 | $11733 | $12442 |
| **3/31/2017** | $12509 | $11741 | $12345 |
| **4/30/2017** | $12587 | $11865 | $12332 |
| **5/31/2017** | $12583 | $11987 | $12065 |
| **6/30/2017** | $12781 | $12095 | $12385 |
| **7/31/2017** | $13001 | $12323 | $12481 |
| **8/31/2017** | $12665 | $12347 | $12265 |
| **9/30/2017** | $13040 | $12648 | $12859 |
| **10/31/2017** | $13126 | $12924 | $12930 |
| **11/30/2017** | $13712 | $13316 | $13353 |
| **12/31/2017** | $13781 | $13450 | $13406 |
| **1/31/2018** | $14074 | $14158 | $13575 |
| **2/28/2018** | $13532 | $13637 | $12909 |
| **3/31/2018** | $13615 | $13363 | $13051 |
| **4/30/2018** | $13576 | $13414 | $13192 |
| **5/31/2018** | $13834 | $13792 | $13735 |
| **6/30/2018** | $14083 | $13883 | $13808 |
| **7/31/2018** | $14435 | $14343 | $14082 |
| **8/31/2018** | $14742 | $14847 | $14402 |
| **9/30/2018** | $14537 | $14871 | $14177 |
| **10/31/2018** | $13483 | $13776 | $12965 |
| **11/30/2018** | $13727 | $14052 | $13210 |
| **12/31/2018** | $12221 | $12745 | $11749 |
| **1/31/2019** | $13491 | $13838 | $13062 |
| **2/28/2019** | $13931 | $14325 | $13470 |
| **3/31/2019** | $13816 | $14534 | $13291 |
| **4/30/2019** | $14371 | $15115 | $13757 |
| **5/31/2019** | $13398 | $14137 | $12719 |
| **6/30/2019** | $14255 | $15129 | $13542 |
| **7/31/2019** | $14393 | $15354 | $13630 |
| **8/31/2019** | $13706 | $15041 | $12966 |
| **9/30/2019** | $14404 | $15305 | $13560 |
| **10/31/2019** | $14580 | $15635 | $13755 |
| **11/30/2019** | $14904 | $16229 | $14093 |
| **12/31/2019** | $15299 | $16698 | $14518 |
| **1/31/2020** | $14883 | $16680 | $13989 |
| **2/29/2020** | $13404 | $15314 | $12640 |
| **3/31/2020** | $10212 | $13208 | $9489 |
| **4/30/2020** | $11532 | $14957 | $10744 |
| **5/31/2020** | $12107 | $15757 | $11234 |
| **6/30/2020** | $12232 | $16117 | $11443 |
| **7/31/2020** | $12596 | $17033 | $11787 |
| **8/31/2020** | $13080 | $18266 | $12323 |
| **9/30/2020** | $12636 | $17601 | $11849 |
| **10/31/2020** | $12932 | $17221 | $12116 |
| **11/30/2020** | $14957 | $19317 | $14236 |
| **12/31/2020** | $15876 | $20186 | $15226 |
| **1/31/2021** | $16013 | $20096 | $15563 |
| **2/28/2021** | $17247 | $20724 | $16948 |
| **3/31/2021** | $18344 | $21467 | $17789 |
| **4/30/2021** | $19107 | $22573 | $18552 |
| **5/31/2021** | $19543 | $22676 | $18929 |
| **6/30/2021** | $19233 | $23236 | $18679 |
| **7/31/2021** | $19067 | $23628 | $18405 |
| **8/31/2021** | $19486 | $24302 | $18794 |
| **9/30/2021** | $18946 | $23212 | $18292 |
| **10/31/2021** | $19618 | $24782 | $19161 |
| **11/30/2021** | $19096 | $24404 | $18494 |
| **12/31/2021** | $20277 | $25365 | $19456 |
| **1/31/2022** | $19735 | $23873 | $18467 |
| **2/28/2022** | $19824 | $23272 | $18769 |
| **3/31/2022** | $20112 | $24026 | $19164 |
| **4/30/2022** | $19078 | $21870 | $17865 |
| **5/31/2022** | $19888 | $21841 | $18207 |
| **6/30/2022** | $18037 | $20014 | $16215 |
| **7/31/2022** | $19390 | $21891 | $17784 |
| **8/31/2022** | $18695 | $21074 | $17226 |
| **9/30/2022** | $16869 | $19120 | $15484 |
| **10/31/2022** | $18567 | $20688 | $17119 |
| **11/30/2022** | $19531 | $21768 | $17979 |
| **12/31/2022** | $18617 | $20493 | $16910 |
| **1/31/2023** | $20074 | $21905 | $18600 |
| **2/28/2023** | $19500 | $21393 | $18074 |
| **3/31/2023** | $18814 | $21965 | $17146 |
| **4/30/2023** | $18736 | $22199 | $16918 |
| **5/31/2023** | $18078 | $22285 | $16435 |
| **6/30/2023** | $19458 | $23807 | $17896 |
| **7/31/2023** | $20396 | $24661 | $18945 |
| **8/31/2023** | $20032 | $24185 | $18216 |
| **9/30/2023** | $19234 | $23032 | $17241 |
| **10/31/2023** | $18393 | $22422 | $16273 |
| **11/30/2023** | $19570 | $24513 | $17750 |
| **12/31/2023** | $20934 | $25813 | $19613 |
| **1/31/2024** | $20691 | $26099 | $19063 |
| **2/29/2024** | $21397 | $27512 | $19827 |
| **3/31/2024** | $22470 | $28399 | $20804 |
| **4/30/2024** | $21331 | $27150 | $19496 |
| **5/31/2024** | $21948 | $28432 | $20317 |
| **6/30/2024** | $21397 | $29313 | $19908 |
| **7/31/2024** | $23228 | $29857 | $21520 |
| **8/31/2024** | $23110 | $30507 | $21519 |
| **9/30/2024** | $23110 | $31138 | $21824 |
| **10/31/2024** | $22816 | $30910 | $21549 |
| **11/30/2024** | $24404 | $32966 | $23451 |
| **12/31/2024** | $22807 | $31958 | $21767 |
| **1/31/2025** | $23386 | $32967 | $22508 |
| **2/28/2025** | $22915 | $32336 | $21676 |
| **3/31/2025** | $22270 | $30449 | $20498 |
| **4/30/2025** | $21567 | $30245 | $19905 |
| **5/31/2025** | $22253 | $32162 | $21041 |
| **6/30/2025** | $23014 | $33796 | $21992 |
| **7/31/2025** | $23187 | $34540 | $22374 |
| **8/31/2025** | $24568 | $35340 | $23548 |
| **9/30/2025** | $24511 | $36559 | $23790 |
| **10/31/2025** | $24064 | $37343 | $23728 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9DK4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 5.47% | 13.22% | 9.18% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Value Index<sup>Footnote Reference(b)</sup> | 10.11% | 14.39% | 9.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. 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 | $625909107 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4878054 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 14.8% |
| Industrials | 13.9 |
| Health Care | 13.7 |
| Consumer Staples | 10.6 |
| Information Technology | 8.5 |
| Materials | 7.7 |
| Consumer Discretionary | 7.1 |
| Energy | 6.1 |
| Communication Services | 5.8 |
| Utilities | 4.5 |
| Real Estate | 4.1 |
| Repurchase Agreements | 3.3 |
| Other Investment Company | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| 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 Small/Mid Cap Value

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 1.7% |
| LKQ Corp. | 1.5 |
| First Citizens BancShares, Inc., Class A | 1.5 |
| Graphic Packaging Holding Co. | 1.5 |
| Perrigo Co. PLC | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Conagra Brands, Inc. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Mosaic Co. | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small/Mid Cap Value

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Small/Mid Cap Value

# Class R6

## TASMX
October 31, 2025

## Fund Overview
Transamerica Small/Mid Cap Value (the "Fund") seeks to maximize total return. 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 R6 | $83 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 5.47%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 2500™ Value Index, returned 10.11% over the same period.

* The Fund's mid cap sleeve underperformed the Russell Midcap<sup>®</sup> Value Index, a benchmark of the Fund's mid-cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* The 12-month period ended October 31, 2025, exhibited speculative demand characteristics in the market, favoring expensive momentum and high beta stocks, while penalizing stocks of cheaper valuation and higher quality (as defined by S&P's quality ratings). This was a challenging backdrop for the mid cap sleeve sub-adviser's fundamentally oriented price sensitive value process, and for active investing in U.S. equities. 

* Within the Fund's mid cap sleeve, real estate and telecommunications were the top contributors. Within real estate, an underweight allocation was the primary contributor to relative performance. In telecommunications, positions in EchoStar Corp., a satellite TV and internet provider, and Liberty Broadband, a tracking stock for Charter Communications, were the primary contributors.

* Within the Fund's mid cap sleeve, the primary detractors were healthcare and technology. Within healthcare, an overweight allocation and positions in Baxter International, a manufacturer of medical products, and Centene Corp., a provider of government-sponsored health programs, were the primary detractors from relative performance. Within technology, an underweight to software and hardware sectors, and positions in Clarivate PLC, a database provider, and IAC, a holding company engaged in media and hospitality businesses, were the primary detractors from relative performance.

* The Fund's small cap sleeve underperformed the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve and the Fund, during the fiscal year ended October 31, 2025.

* During the fiscal year, the small cap sleeve's strategy to invest in high-quality companies with strong debt coverage went unrewarded. Perversely, companies generating negative free cash flow saw their shares considerably outperform the Russell 2000<sup>®</sup> Value Index, a benchmark of the Fund's small cap sleeve, while stocks of companies exhibiting strong debt coverage materially trailed the Russell 2000<sup>®</sup> Value Index.

* Within the Fund's small cap sleeve, the top performers during the fiscal year included a few companies that serve the artificial intelligence (AI) supply chain. Comfort Systems USA and EMCOR Group saw their businesses and backlogs grow, given their respective positions supporting the buildout of data centers and semiconductor factories. Tower Semiconductor's business, supplying optical connectivity to data centers implementing AI, also saw a step-function increase in business activity during the fiscal year.

* Two of the bottom performers, KBR, Inc. and ICF International, Inc., were hurt by the political process, most notably the formation of the U.S. Department of Government Efficiency (DOGE). Meanwhile, retailer Abercrombie & Fitch was the worst performer during the fiscal year.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC and Systematic Financial 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 Small/Mid Cap Value

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g10l64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10278 | $10055 | $10168 |
| **12/31/2015** | $9822 | $9849 | $9703 |
| **1/31/2016** | $9109 | $9293 | $9108 |
| **2/29/2016** | $9064 | $9290 | $9206 |
| **3/31/2016** | $9939 | $9944 | $10026 |
| **4/30/2016** | $10040 | $10006 | $10220 |
| **5/31/2016** | $10275 | $10185 | $10401 |
| **6/30/2016** | $10142 | $10206 | $10464 |
| **7/31/2016** | $10599 | $10611 | $10940 |
| **8/31/2016** | $10786 | $10638 | $11038 |
| **9/30/2016** | $10806 | $10655 | $11110 |
| **10/31/2016** | $10518 | $10424 | $10778 |
| **11/30/2016** | $11608 | $10891 | $11811 |
| **12/31/2016** | $11919 | $11103 | $12148 |
| **1/31/2017** | $12091 | $11312 | $12214 |
| **2/28/2017** | $12448 | $11733 | $12442 |
| **3/31/2017** | $12508 | $11741 | $12345 |
| **4/30/2017** | $12589 | $11865 | $12332 |
| **5/31/2017** | $12585 | $11987 | $12065 |
| **6/30/2017** | $12783 | $12095 | $12385 |
| **7/31/2017** | $13002 | $12323 | $12481 |
| **8/31/2017** | $12667 | $12347 | $12265 |
| **9/30/2017** | $13045 | $12648 | $12859 |
| **10/31/2017** | $13126 | $12924 | $12930 |
| **11/30/2017** | $13715 | $13316 | $13353 |
| **12/31/2017** | $13778 | $13450 | $13406 |
| **1/31/2018** | $14075 | $14158 | $13575 |
| **2/28/2018** | $13535 | $13637 | $12909 |
| **3/31/2018** | $13613 | $13363 | $13051 |
| **4/30/2018** | $13579 | $13414 | $13192 |
| **5/31/2018** | $13837 | $13792 | $13735 |
| **6/30/2018** | $14085 | $13883 | $13808 |
| **7/31/2018** | $14435 | $14343 | $14082 |
| **8/31/2018** | $14746 | $14847 | $14402 |
| **9/30/2018** | $14537 | $14871 | $14177 |
| **10/31/2018** | $13487 | $13776 | $12965 |
| **11/30/2018** | $13725 | $14052 | $13210 |
| **12/31/2018** | $12221 | $12745 | $11749 |
| **1/31/2019** | $13497 | $13838 | $13062 |
| **2/28/2019** | $13929 | $14325 | $13470 |
| **3/31/2019** | $13814 | $14534 | $13291 |
| **4/30/2019** | $14372 | $15115 | $13757 |
| **5/31/2019** | $13398 | $14137 | $12719 |
| **6/30/2019** | $14257 | $15129 | $13542 |
| **7/31/2019** | $14394 | $15354 | $13630 |
| **8/31/2019** | $13710 | $15041 | $12966 |
| **9/30/2019** | $14405 | $15305 | $13560 |
| **10/31/2019** | $14580 | $15635 | $13755 |
| **11/30/2019** | $14909 | $16229 | $14093 |
| **12/31/2019** | $15296 | $16698 | $14518 |
| **1/31/2020** | $14883 | $16680 | $13989 |
| **2/29/2020** | $13399 | $15314 | $12640 |
| **3/31/2020** | $10211 | $13208 | $9489 |
| **4/30/2020** | $11536 | $14957 | $10744 |
| **5/31/2020** | $12108 | $15757 | $11234 |
| **6/30/2020** | $12232 | $16117 | $11443 |
| **7/31/2020** | $12601 | $17033 | $11787 |
| **8/31/2020** | $13082 | $18266 | $12323 |
| **9/30/2020** | $12635 | $17601 | $11849 |
| **10/31/2020** | $12929 | $17221 | $12116 |
| **11/30/2020** | $14956 | $19317 | $14236 |
| **12/31/2020** | $15876 | $20186 | $15226 |
| **1/31/2021** | $16002 | $20096 | $15563 |
| **2/28/2021** | $17242 | $20724 | $16948 |
| **3/31/2021** | $18339 | $21467 | $17789 |
| **4/30/2021** | $19104 | $22573 | $18552 |
| **5/31/2021** | $19538 | $22676 | $18929 |
| **6/30/2021** | $19224 | $23236 | $18679 |
| **7/31/2021** | $19058 | $23628 | $18405 |
| **8/31/2021** | $19481 | $24302 | $18794 |
| **9/30/2021** | $18938 | $23212 | $18292 |
| **10/31/2021** | $19613 | $24782 | $19161 |
| **11/30/2021** | $19093 | $24404 | $18494 |
| **12/31/2021** | $20269 | $25365 | $19456 |
| **1/31/2022** | $19729 | $23873 | $18467 |
| **2/28/2022** | $19818 | $23272 | $18769 |
| **3/31/2022** | $20104 | $24026 | $19164 |
| **4/30/2022** | $19075 | $21870 | $17865 |
| **5/31/2022** | $19882 | $21841 | $18207 |
| **6/30/2022** | $18034 | $20014 | $16215 |
| **7/31/2022** | $19380 | $21891 | $17784 |
| **8/31/2022** | $18688 | $21074 | $17226 |
| **9/30/2022** | $16866 | $19120 | $15484 |
| **10/31/2022** | $18561 | $20688 | $17119 |
| **11/30/2022** | $19520 | $21768 | $17979 |
| **12/31/2022** | $18611 | $20493 | $16910 |
| **1/31/2023** | $20067 | $21905 | $18600 |
| **2/28/2023** | $19489 | $21393 | $18074 |
| **3/31/2023** | $18806 | $21965 | $17146 |
| **4/30/2023** | $18730 | $22199 | $16918 |
| **5/31/2023** | $18075 | $22285 | $16435 |
| **6/30/2023** | $19447 | $23807 | $17896 |
| **7/31/2023** | $20387 | $24661 | $18945 |
| **8/31/2023** | $20032 | $24185 | $18216 |
| **9/30/2023** | $19224 | $23032 | $17241 |
| **10/31/2023** | $18389 | $22422 | $16273 |
| **11/30/2023** | $19565 | $24513 | $17750 |
| **12/31/2023** | $20921 | $25813 | $19613 |
| **1/31/2024** | $20687 | $26099 | $19063 |
| **2/29/2024** | $21389 | $27512 | $19827 |
| **3/31/2024** | $22464 | $28399 | $20804 |
| **4/30/2024** | $21323 | $27150 | $19496 |
| **5/31/2024** | $21945 | $28432 | $20317 |
| **6/30/2024** | $21389 | $29313 | $19908 |
| **7/31/2024** | $23216 | $29857 | $21520 |
| **8/31/2024** | $23100 | $30507 | $21519 |
| **9/30/2024** | $23107 | $31138 | $21824 |
| **10/31/2024** | $22807 | $30910 | $21549 |
| **11/30/2024** | $24401 | $32966 | $23451 |
| **12/31/2024** | $22798 | $31958 | $21767 |
| **1/31/2025** | $23373 | $32967 | $22508 |
| **2/28/2025** | $22905 | $32336 | $21676 |
| **3/31/2025** | $22264 | $30449 | $20498 |
| **4/30/2025** | $21566 | $30245 | $19905 |
| **5/31/2025** | $22248 | $32162 | $21041 |
| **6/30/2025** | $23003 | $33796 | $21992 |
| **7/31/2025** | $23176 | $34540 | $22374 |
| **8/31/2025** | $24556 | $35340 | $23548 |
| **9/30/2025** | $24507 | $36559 | $23790 |
| **10/31/2025** | $24055 | $37343 | $23728 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9DKB | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 5.47% | 13.22% | 9.17% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2500™ Value Index<sup>Footnote Reference(b)</sup> | 10.11% | 14.39% | 9.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. 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 | $625909107 |
| Number of Portfolio Holdings | 222 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4878054 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 14.8% |
| Industrials | 13.9 |
| Health Care | 13.7 |
| Consumer Staples | 10.6 |
| Information Technology | 8.5 |
| Materials | 7.7 |
| Consumer Discretionary | 7.1 |
| Energy | 6.1 |
| Communication Services | 5.8 |
| Utilities | 4.5 |
| Real Estate | 4.1 |
| Repurchase Agreements | 3.3 |
| Other Investment Company | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

| | |
|:---|:---|
| 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 Small/Mid Cap Value

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Kraft Heinz Co. | 1.7% |
| LKQ Corp. | 1.5 |
| First Citizens BancShares, Inc., Class A | 1.5 |
| Graphic Packaging Holding Co. | 1.5 |
| Perrigo Co. PLC | 1.5 |
| Dominion Energy, Inc. | 1.5 |
| Conagra Brands, Inc. | 1.4 |
| Commercial Metals Co. | 1.3 |
| Evergy, Inc. | 1.3 |
| Mosaic Co. | 1.3 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Small/Mid Cap Value

Class R6

![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Strategic Income
(formerly, Transamerica Unconstrained Bond)

# Class A

## TUNAX
October 31, 2025

## Fund Overview
Transamerica Strategic Income (the "Fund") seeks to provide a high level of current income with long-term capital appreciation as a secondary objective. This 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 A | $102 | 0.99%<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 6.69%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Bloomberg US Universal Bond Index, returned 6.51% over the same period.

* Despite headwinds from tariff policies, core U.S. inflation declined. The yield-to-maturity on 10-year U.S. Treasury notes also declined. Given the rally in U.S. Treasury rates amid a backdrop of still stubbornly high inflation, the sub-adviser decreased the Fund's overall portfolio duration from 4.4 years to 3.8 years.

* At NAV, the Fund outperformed the Bloomberg US Aggregate Bond Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* The Fund benefited from both asset allocation and security selection relative to the benchmark.

* The sub-adviser increased allocations to U.S. high yield, U.S. intermediate investment grade credit and mortgage-backed securities ("MBS"). The sub-adviser reduced allocations to Asian high yield, emerging markets investment grade corporates and U.S. Treasuries.

* Allocations to U.S. high yield bonds, MBS, bank loans and intermediate investment grade credit were among contributors to relative performance. The Fund also had notable security selection contributions from bank loans, U.S. high yield bonds, emerging markets investment grade corporates, and investment grade

* collateralized loan obligation debt tranches. Security selection among contingent convertibles and preferred securities detracted from relative performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Strategic Income

# Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g42q34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Universal Bond Index** |
| **10/1/2020** | $9525 | $10000 | $10000 |
| **10/31/2020** | $9618 | $9955 | $9964 |
| **11/30/2020** | $9946 | $10053 | $10094 |
| **12/31/2020** | $10079 | $10067 | $10129 |
| **1/31/2021** | $10105 | $9995 | $10065 |
| **2/28/2021** | $10162 | $9850 | $9936 |
| **3/31/2021** | $10158 | $9727 | $9820 |
| **4/30/2021** | $10213 | $9804 | $9903 |
| **5/31/2021** | $10249 | $9836 | $9940 |
| **6/30/2021** | $10296 | $9905 | $10013 |
| **7/31/2021** | $10284 | $10016 | $10113 |
| **8/31/2021** | $10333 | $9997 | $10107 |
| **9/30/2021** | $10328 | $9910 | $10020 |
| **10/31/2021** | $10303 | $9908 | $10012 |
| **11/30/2021** | $10199 | $9937 | $10024 |
| **12/31/2021** | $10283 | $9912 | $10017 |
| **1/31/2022** | $10201 | $9698 | $9798 |
| **2/28/2022** | $10052 | $9590 | $9664 |
| **3/31/2022** | $10018 | $9323 | $9405 |
| **4/30/2022** | $9890 | $8970 | $9054 |
| **5/31/2022** | $9826 | $9027 | $9104 |
| **6/30/2022** | $9590 | $8886 | $8922 |
| **7/31/2022** | $9691 | $9103 | $9146 |
| **8/31/2022** | $9665 | $8846 | $8909 |
| **9/30/2022** | $9432 | $8464 | $8525 |
| **10/31/2022** | $9392 | $8354 | $8431 |
| **11/30/2022** | $9572 | $8661 | $8746 |
| **12/31/2022** | $9593 | $8622 | $8716 |
| **1/31/2023** | $9759 | $8887 | $8986 |
| **2/28/2023** | $9695 | $8658 | $8765 |
| **3/31/2023** | $9717 | $8878 | $8971 |
| **4/30/2023** | $9750 | $8931 | $9026 |
| **5/31/2023** | $9677 | $8834 | $8932 |
| **6/30/2023** | $9759 | $8803 | $8918 |
| **7/31/2023** | $9857 | $8796 | $8927 |
| **8/31/2023** | $9821 | $8740 | $8874 |
| **9/30/2023** | $9726 | $8518 | $8662 |
| **10/31/2023** | $9645 | $8384 | $8532 |
| **11/30/2023** | $9948 | $8763 | $8916 |
| **12/31/2023** | $10221 | $9099 | $9254 |
| **1/31/2024** | $10243 | $9074 | $9232 |
| **2/29/2024** | $10247 | $8946 | $9121 |
| **3/31/2024** | $10349 | $9028 | $9211 |
| **4/30/2024** | $10230 | $8800 | $8995 |
| **5/31/2024** | $10375 | $8949 | $9145 |
| **6/30/2024** | $10431 | $9034 | $9228 |
| **7/31/2024** | $10621 | $9245 | $9438 |
| **8/31/2024** | $10750 | $9378 | $9577 |
| **9/30/2024** | $10867 | $9504 | $9708 |
| **10/31/2024** | $10728 | $9268 | $9487 |
| **11/30/2024** | $10815 | $9366 | $9587 |
| **12/31/2024** | $10721 | $9213 | $9443 |
| **1/31/2025** | $10795 | $9261 | $9500 |
| **2/28/2025** | $10941 | $9465 | $9696 |
| **3/31/2025** | $10891 | $9469 | $9694 |
| **4/30/2025** | $10891 | $9506 | $9728 |
| **5/31/2025** | $10965 | $9438 | $9679 |
| **6/30/2025** | $11140 | $9583 | $9829 |
| **7/31/2025** | $11178 | $9558 | $9815 |
| **8/31/2025** | $11330 | $9672 | $9933 |
| **9/30/2025** | $11431 | $9778 | $10038 |
| **10/31/2025** | $11458 | $9839 | $10105 |

---

## Average Annual Total Returns<sup>**Footnote Reference (a)**</sup>

---

| | | | |
|:---|:---|:---|:---|
| I6CM1 | **1 Year** | **5 Years** | **Since Inception 10/1/20** |
| Class A with Load | 1.72% | 2.57% | 2.71% |
| Class A | 6.69% | 3.56% | 3.70% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | (0.24%) | (0.32%) |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(c)</sup> | 6.51% | 0.28% | 0.21% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective March 1, 2025, the Bloomberg US Aggregate Bond Index is the Fund's new broad-based benchmark. The benchmark changes were made to more accurately reflect the principal investment strategies of the Fund. From June 3, 2024 to March 1, 2025, the Fund's broad-based benchmark was the Bloomberg US Universal Bond Index, and that index is now the performance benchmark for the Fund. |
| &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. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. 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 | $254204557 |
| Number of Portfolio Holdings | 967 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $951933 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.68 years |
| Duration<sup>Footnote Reference†</sup> | 3.83 years |

---

---

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

---

# Transamerica Strategic Income

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 19.7% |
| AAA | 0.1 |
| AA | 1.4 |
| A | 7.0 |
| BBB | 23.0 |
| BB | 19.3 |
| B | 19.6 |
| CCC | 1.6 |
| Below CCC | 0.2 |
| NR (Not Rated) | 1.2 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 47.0% |
| Loan Assignments | 17.0 |
| U.S. Government Agency Obligations | 16.4 |
| Asset-Backed Securities | 6.7 |
| Short-Term Investment Companies | 5.4 |
| U.S. Government Obligations | 3.3 |
| Other Investment Company | 2.9 |
| Preferred Stocks | 2.2 |
| Foreign Government Obligations | 0.6 |
| Common Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.5) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund, Class Premier, 4.01%, 12/31/2030 | 5.4% |
| Federal National Mortgage Association, 2.50%, 02/01/2052 | 2.1 |
| U.S. Treasury Bonds, 4.13%, 08/15/2044 | 1.7 |
| Sculptor CLO XXX Ltd., Series 30A, Class D2R, 3-Month Term SOFR, 8.48%, 07/20/2038 | 1.5 |
| Federal National Mortgage Association, 2.50%, 02/01/2038 | 1.3 |
| Federal National Mortgage Association, 2.50%, 04/01/2037 | 1.1 |
| Sound Point CLO 35 Ltd., Series 2022-35A, Class D2R, 3-Month Term SOFR, 7.71%, 04/26/2038 | 0.9 |
| LCM 41 Ltd., Series 41A, Class D1R, 3-Month Term SOFR, 7.50%, 04/15/2036 | 0.8 |
| Dryden 95 CLO Ltd., Series 2021-95A, Class DR, 3-Month Term SOFR, 7.25%, 08/20/2034 | 0.8 |
| Federal Home Loan Mortgage Corp., 3.00%, 09/01/2052 | 0.8 |

---

# Transamerica Strategic Income
Class A

## 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 March 1, 2025, and as set forth in the Supplement to the Fund's prospectus dated December 18, 2024, the following occurred:

* ![Bullet](g66697g96g14.jpg)The Fund's name changed from Transamerica Unconstrained Bond to Transamerica Strategic Income.

* ![Bullet](g66697g96g14.jpg)The Fund revised its investment objective and investment strategies to reflect the change in the Fund's principal investment strategies from an unconstrained approach seeking total return to a more income focused approach that diversifies assets among fixed income sectors with capital appreciation as a secondary objective. 

* ![Bullet](g66697g96g14.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule.

* ![Bullet](g66697g96g14.jpg)The Fund's Annual Fund Operating Expenses were restated from 1.09% to 0.97% reflect a reduction in the contractual expense limit for Class A shares.

## 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](g66697g70e46.jpg)

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

# Transamerica Strategic Income

# Class A
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Strategic Income
(formerly, Transamerica Unconstrained Bond)

# Class I

## TUNIX
October 31, 2025

## Fund Overview
Transamerica Strategic Income (the "Fund") seeks to provide a high level of current income with long-term capital appreciation as a secondary objective. This 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 I | $69 | 0.67%<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 7.01%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Bloomberg US Universal Bond Index, returned 6.51% over the same period.

* Despite headwinds from tariff policies, core U.S. inflation declined. The yield-to-maturity on 10-year U.S. Treasury notes also declined. Given the rally in U.S. Treasury rates amid a backdrop of still stubbornly high inflation, the sub-adviser decreased the Fund's overall portfolio duration from 4.4 years to 3.8 years.

* At NAV, the Fund outperformed the Bloomberg US Aggregate Bond Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* The Fund benefited from both asset allocation and security selection relative to the benchmark.

* The sub-adviser increased allocations to U.S. high yield, U.S. intermediate investment grade credit and mortgage-backed securities ("MBS"). The sub-adviser reduced allocations to Asian high yield, emerging markets investment grade corporates and U.S. Treasuries.

* Allocations to U.S. high yield bonds, MBS, bank loans and intermediate investment grade credit were among contributors to relative performance. The Fund also had notable security selection contributions from bank loans, U.S. high yield bonds, emerging markets investment grade corporates, and investment grade

* collateralized loan obligation debt tranches. Security selection among contingent convertibles and preferred securities detracted from relative performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Strategic Income

# Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g02x96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Universal Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9944 | $9974 | $9964 |
| **12/31/2015** | $9802 | $9941 | $9914 |
| **1/31/2016** | $9597 | $10078 | $10023 |
| **2/29/2016** | $9478 | $10150 | $10094 |
| **3/31/2016** | $9839 | $10243 | $10218 |
| **4/30/2016** | $10066 | $10282 | $10288 |
| **5/31/2016** | $10122 | $10285 | $10296 |
| **6/30/2016** | $10095 | $10469 | $10477 |
| **7/31/2016** | $10289 | $10536 | $10563 |
| **8/31/2016** | $10373 | $10524 | $10575 |
| **9/30/2016** | $10411 | $10517 | $10577 |
| **10/31/2016** | $10486 | $10437 | $10507 |
| **11/30/2016** | $10365 | $10190 | $10271 |
| **12/31/2016** | $10541 | $10205 | $10301 |
| **1/31/2017** | $10730 | $10225 | $10338 |
| **2/28/2017** | $10845 | $10293 | $10418 |
| **3/31/2017** | $10907 | $10288 | $10414 |
| **4/30/2017** | $10927 | $10367 | $10500 |
| **5/31/2017** | $10945 | $10447 | $10581 |
| **6/30/2017** | $10966 | $10437 | $10572 |
| **7/31/2017** | $11019 | $10481 | $10625 |
| **8/31/2017** | $11030 | $10575 | $10717 |
| **10/31/2017** | $11122 | $10531 | $10692 |
| **11/30/2017** | $11149 | $10518 | $10676 |
| **12/31/2017** | $11187 | $10566 | $10723 |
| **1/31/2018** | $11267 | $10444 | $10620 |
| **2/28/2018** | $11178 | $10345 | $10519 |
| **3/31/2018** | $11143 | $10412 | $10572 |
| **4/30/2018** | $11168 | $10334 | $10501 |
| **5/31/2018** | $11086 | $10408 | $10559 |
| **6/30/2018** | $11049 | $10395 | $10543 |
| **7/31/2018** | $11145 | $10398 | $10565 |
| **8/31/2018** | $11130 | $10464 | $10618 |
| **9/30/2018** | $11202 | $10397 | $10572 |
| **10/31/2018** | $11107 | $10315 | $10484 |
| **11/30/2018** | $10991 | $10377 | $10531 |
| **12/31/2018** | $10807 | $10567 | $10695 |
| **1/31/2019** | $11098 | $10679 | $10843 |
| **2/28/2019** | $11255 | $10673 | $10855 |
| **3/31/2019** | $11298 | $10878 | $11051 |
| **4/30/2019** | $11430 | $10881 | $11066 |
| **5/31/2019** | $11366 | $11074 | $11236 |
| **6/30/2019** | $11463 | $11213 | $11395 |
| **7/31/2019** | $11535 | $11238 | $11429 |
| **8/31/2019** | $11548 | $11529 | $11687 |
| **9/30/2019** | $11582 | $11468 | $11637 |
| **10/31/2019** | $11576 | $11502 | $11674 |
| **11/30/2019** | $11592 | $11496 | $11672 |
| **12/31/2019** | $11717 | $11488 | $11689 |
| **1/31/2020** | $11797 | $11709 | $11899 |
| **2/29/2020** | $11686 | $11920 | $12077 |
| **3/31/2020** | $10600 | $11850 | $11841 |
| **4/30/2020** | $11034 | $12061 | $12078 |
| **5/31/2020** | $11328 | $12117 | $12191 |
| **6/30/2020** | $11529 | $12193 | $12293 |
| **7/31/2020** | $11840 | $12375 | $12509 |
| **8/31/2020** | $11972 | $12275 | $12437 |
| **9/30/2020** | $11888 | $12269 | $12414 |
| **10/31/2020** | $12019 | $12214 | $12370 |
| **11/30/2020** | $12431 | $12334 | $12531 |
| **12/31/2020** | $12599 | $12351 | $12575 |
| **1/31/2021** | $12633 | $12262 | $12496 |
| **2/28/2021** | $12704 | $12085 | $12334 |
| **3/31/2021** | $12702 | $11934 | $12191 |
| **4/30/2021** | $12773 | $12028 | $12293 |
| **5/31/2021** | $12822 | $12068 | $12340 |
| **6/30/2021** | $12883 | $12152 | $12430 |
| **7/31/2021** | $12871 | $12288 | $12555 |
| **8/31/2021** | $12947 | $12265 | $12547 |
| **9/30/2021** | $12944 | $12159 | $12440 |
| **10/31/2021** | $12916 | $12155 | $12429 |
| **11/30/2021** | $12776 | $12191 | $12444 |
| **12/31/2021** | $12880 | $12160 | $12436 |
| **1/31/2022** | $12779 | $11898 | $12163 |
| **2/28/2022** | $12594 | $11765 | $11998 |
| **3/31/2022** | $12568 | $11439 | $11676 |
| **4/30/2022** | $12422 | $11005 | $11240 |
| **5/31/2022** | $12331 | $11075 | $11302 |
| **6/30/2022** | $12037 | $10902 | $11076 |
| **7/31/2022** | $12165 | $11168 | $11355 |
| **8/31/2022** | $12135 | $10853 | $11060 |
| **9/30/2022** | $11845 | $10384 | $10583 |
| **10/31/2022** | $11799 | $10249 | $10467 |
| **11/30/2022** | $12027 | $10626 | $10857 |
| **12/31/2022** | $12055 | $10578 | $10820 |
| **1/31/2023** | $12266 | $10904 | $11156 |
| **2/28/2023** | $12201 | $10622 | $10882 |
| **3/31/2023** | $12217 | $10891 | $11137 |
| **4/30/2023** | $12261 | $10957 | $11205 |
| **5/31/2023** | $12185 | $10838 | $11089 |
| **6/30/2023** | $12290 | $10799 | $11072 |
| **7/31/2023** | $12402 | $10792 | $11083 |
| **8/31/2023** | $12360 | $10723 | $11016 |
| **9/30/2023** | $12241 | $10451 | $10753 |
| **10/31/2023** | $12142 | $10286 | $10592 |
| **11/30/2023** | $12526 | $10751 | $11068 |
| **12/31/2023** | $12872 | $11163 | $11488 |
| **1/31/2024** | $12902 | $11132 | $11461 |
| **2/29/2024** | $12910 | $10975 | $11323 |
| **3/31/2024** | $13041 | $11076 | $11435 |
| **4/30/2024** | $12894 | $10797 | $11167 |
| **5/31/2024** | $13078 | $10980 | $11352 |
| **6/30/2024** | $13168 | $11084 | $11456 |
| **7/31/2024** | $13395 | $11342 | $11716 |
| **8/31/2024** | $13561 | $11505 | $11889 |
| **9/30/2024** | $13711 | $11660 | $12052 |
| **10/31/2024** | $13538 | $11370 | $11778 |
| **11/30/2024** | $13651 | $11491 | $11902 |
| **12/31/2024** | $13550 | $11303 | $11722 |
| **1/31/2025** | $13631 | $11362 | $11793 |
| **2/28/2025** | $13817 | $11612 | $12037 |
| **3/31/2025** | $13774 | $11617 | $12034 |
| **4/30/2025** | $13762 | $11663 | $12077 |
| **5/31/2025** | $13860 | $11579 | $12015 |
| **6/30/2025** | $14085 | $11757 | $12203 |
| **7/31/2025** | $14137 | $11726 | $12185 |
| **8/31/2025** | $14333 | $11866 | $12331 |
| **9/30/2025** | $14465 | $11996 | $12462 |
| **10/31/2025** | $14504 | $12071 | $12544 |

---

## Average Annual Total Returns<sup>**Footnote Reference (a)**</sup>

---

| | | | |
|:---|:---|:---|:---|
| I6CM8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.01% | 3.83% | 3.79% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | (0.24%) | 1.90% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(c)</sup> | 6.51% | 0.28% | 2.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective March 1, 2025, the Bloomberg US Aggregate Bond Index is the Fund's new broad-based benchmark. The benchmark changes were made to more accurately reflect the principal investment strategies of the Fund. From June 3, 2024 to March 1, 2025, the Fund's broad-based benchmark was the Bloomberg US Universal Bond Index, and that index is now the performance benchmark for the Fund. |
| &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. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. 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 | $254204557 |
| Number of Portfolio Holdings | 967 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $951933 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.68 years |
| Duration<sup>Footnote Reference†</sup> | 3.83 years |

---

---

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

---

# Transamerica Strategic Income

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 19.7% |
| AAA | 0.1 |
| AA | 1.4 |
| A | 7.0 |
| BBB | 23.0 |
| BB | 19.3 |
| B | 19.6 |
| CCC | 1.6 |
| Below CCC | 0.2 |
| NR (Not Rated) | 1.2 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 47.0% |
| Loan Assignments | 17.0 |
| U.S. Government Agency Obligations | 16.4 |
| Asset-Backed Securities | 6.7 |
| Short-Term Investment Companies | 5.4 |
| U.S. Government Obligations | 3.3 |
| Other Investment Company | 2.9 |
| Preferred Stocks | 2.2 |
| Foreign Government Obligations | 0.6 |
| Common Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.5) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund, Class Premier, 4.01%, 12/31/2030 | 5.4% |
| Federal National Mortgage Association, 2.50%, 02/01/2052 | 2.1 |
| U.S. Treasury Bonds, 4.13%, 08/15/2044 | 1.7 |
| Sculptor CLO XXX Ltd., Series 30A, Class D2R, 3-Month Term SOFR, 8.48%, 07/20/2038 | 1.5 |
| Federal National Mortgage Association, 2.50%, 02/01/2038 | 1.3 |
| Federal National Mortgage Association, 2.50%, 04/01/2037 | 1.1 |
| Sound Point CLO 35 Ltd., Series 2022-35A, Class D2R, 3-Month Term SOFR, 7.71%, 04/26/2038 | 0.9 |
| LCM 41 Ltd., Series 41A, Class D1R, 3-Month Term SOFR, 7.50%, 04/15/2036 | 0.8 |
| Dryden 95 CLO Ltd., Series 2021-95A, Class DR, 3-Month Term SOFR, 7.25%, 08/20/2034 | 0.8 |
| Federal Home Loan Mortgage Corp., 3.00%, 09/01/2052 | 0.8 |

---

# Transamerica Strategic Income
Class I

## 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 March 1, 2025, and as set forth in the Supplement to the Fund's prospectus dated December 18, 2024, the following occurred:

* ![Bullet](g66697g96g14.jpg)The Fund's name changed from Transamerica Unconstrained Bond to Transamerica Strategic Income.

* ![Bullet](g66697g96g14.jpg)The Fund revised its investment objective and investment strategies to reflect the change in the Fund's principal investment strategies from an unconstrained approach seeking total return to a more income focused approach that diversifies assets among fixed income sectors with capital appreciation as a secondary objective. 

* ![Bullet](g66697g96g14.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule.

* ![Bullet](g66697g96g14.jpg)The Fund's Annual Fund Operating Expenses were restated from 0.85% to 0.73% to reflect a contractual agreement by TAM to reimburse 0.10% of the transfer agency fees for Class I shares for the Fund through March 1, 2026, and a reduction in the contractual expense limit for Class I shares.

## 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](g66697g70e46.jpg)

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

# Transamerica Strategic Income

# Class I
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Strategic Income
(formerly, Transamerica Unconstrained Bond)

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica Strategic Income (the "Fund") seeks to provide a high level of current income with long-term capital appreciation as a secondary objective. This 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 I2 | $69 | 0.67%<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 I2 shares at NAV returned 7.05%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%. The performance benchmark, the Bloomberg US Universal Bond Index, returned 6.51% over the same period.

* Despite headwinds from tariff policies, core U.S. inflation declined. The yield-to-maturity on 10-year U.S. Treasury notes also declined. Given the rally in U.S. Treasury rates amid a backdrop of still stubbornly high inflation, the sub-adviser decreased the Fund's overall portfolio duration from 4.4 years to 3.8 years.

* At NAV, the Fund outperformed the Bloomberg US Aggregate Bond Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* The Fund benefited from both asset allocation and security selection relative to the benchmark.

* The sub-adviser increased allocations to U.S. high yield, U.S. intermediate investment grade credit and mortgage-backed securities ("MBS"). The sub-adviser reduced allocations to Asian high yield, emerging markets investment grade corporates and U.S. Treasuries.

* Allocations to U.S. high yield bonds, MBS, bank loans and intermediate investment grade credit were among contributors to relative performance. The Fund also had notable security selection contributions from bank loans, U.S. high yield bonds, emerging markets investment grade corporates, and investment grade

* collateralized loan obligation debt tranches. Security selection among contingent convertibles and preferred securities detracted from relative performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Strategic Income

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g95b00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Universal Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9935 | $9974 | $9964 |
| **12/31/2015** | $9794 | $9941 | $9914 |
| **1/31/2016** | $9590 | $10078 | $10023 |
| **2/29/2016** | $9472 | $10150 | $10094 |
| **3/31/2016** | $9834 | $10243 | $10218 |
| **4/30/2016** | $10062 | $10282 | $10288 |
| **5/31/2016** | $10129 | $10285 | $10296 |
| **6/30/2016** | $10093 | $10469 | $10477 |
| **7/31/2016** | $10288 | $10536 | $10563 |
| **8/31/2016** | $10372 | $10524 | $10575 |
| **9/30/2016** | $10422 | $10517 | $10577 |
| **10/31/2016** | $10487 | $10437 | $10507 |
| **11/30/2016** | $10367 | $10190 | $10271 |
| **12/31/2016** | $10557 | $10205 | $10301 |
| **1/31/2017** | $10748 | $10225 | $10338 |
| **2/28/2017** | $10865 | $10293 | $10418 |
| **3/31/2017** | $10916 | $10288 | $10414 |
| **4/30/2017** | $10952 | $10367 | $10500 |
| **5/31/2017** | $10963 | $10447 | $10581 |
| **6/30/2017** | $10988 | $10437 | $10572 |
| **7/31/2017** | $11035 | $10481 | $10625 |
| **8/31/2017** | $11049 | $10575 | $10717 |
| **10/31/2017** | $11150 | $10531 | $10692 |
| **11/30/2017** | $11169 | $10518 | $10676 |
| **12/31/2017** | $11210 | $10566 | $10723 |
| **1/31/2018** | $11292 | $10444 | $10620 |
| **2/28/2018** | $11204 | $10345 | $10519 |
| **3/31/2018** | $11169 | $10412 | $10572 |
| **4/30/2018** | $11195 | $10334 | $10501 |
| **5/31/2018** | $11113 | $10408 | $10559 |
| **6/30/2018** | $11076 | $10395 | $10543 |
| **7/31/2018** | $11174 | $10398 | $10565 |
| **8/31/2018** | $11160 | $10464 | $10618 |
| **9/30/2018** | $11233 | $10397 | $10572 |
| **10/31/2018** | $11138 | $10315 | $10484 |
| **11/30/2018** | $11034 | $10377 | $10531 |
| **12/31/2018** | $10849 | $10567 | $10695 |
| **1/31/2019** | $11155 | $10679 | $10843 |
| **2/28/2019** | $11302 | $10673 | $10855 |
| **3/31/2019** | $11347 | $10878 | $11051 |
| **4/30/2019** | $11480 | $10881 | $11066 |
| **5/31/2019** | $11416 | $11074 | $11236 |
| **6/30/2019** | $11527 | $11213 | $11395 |
| **7/31/2019** | $11589 | $11238 | $11429 |
| **8/31/2019** | $11602 | $11529 | $11687 |
| **9/30/2019** | $11638 | $11468 | $11637 |
| **10/31/2019** | $11644 | $11502 | $11674 |
| **11/30/2019** | $11661 | $11496 | $11672 |
| **12/31/2019** | $11788 | $11488 | $11689 |
| **1/31/2020** | $11870 | $11709 | $11899 |
| **2/29/2020** | $11759 | $11920 | $12077 |
| **3/31/2020** | $10665 | $11850 | $11841 |
| **4/30/2020** | $11091 | $12061 | $12078 |
| **5/31/2020** | $11401 | $12117 | $12191 |
| **6/30/2020** | $11592 | $12193 | $12293 |
| **7/31/2020** | $11907 | $12375 | $12509 |
| **8/31/2020** | $12053 | $12275 | $12437 |
| **9/30/2020** | $11969 | $12269 | $12414 |
| **10/31/2020** | $12102 | $12214 | $12370 |
| **11/30/2020** | $12518 | $12334 | $12531 |
| **12/31/2020** | $12689 | $12351 | $12575 |
| **1/31/2021** | $12712 | $12262 | $12496 |
| **2/28/2021** | $12785 | $12085 | $12334 |
| **3/31/2021** | $12783 | $11934 | $12191 |
| **4/30/2021** | $12856 | $12028 | $12293 |
| **5/31/2021** | $12919 | $12068 | $12340 |
| **6/30/2021** | $12982 | $12152 | $12430 |
| **7/31/2021** | $12957 | $12288 | $12555 |
| **8/31/2021** | $13023 | $12265 | $12547 |
| **9/30/2021** | $13033 | $12159 | $12440 |
| **10/31/2021** | $13006 | $12155 | $12429 |
| **11/30/2021** | $12866 | $12191 | $12444 |
| **12/31/2021** | $12976 | $12160 | $12436 |
| **1/31/2022** | $12876 | $11898 | $12163 |
| **2/28/2022** | $12675 | $11765 | $11998 |
| **3/31/2022** | $12650 | $11439 | $11676 |
| **4/30/2022** | $12489 | $11005 | $11240 |
| **5/31/2022** | $12413 | $11075 | $11302 |
| **6/30/2022** | $12116 | $10902 | $11076 |
| **7/31/2022** | $12246 | $11168 | $11355 |
| **8/31/2022** | $12217 | $10853 | $11060 |
| **9/30/2022** | $11910 | $10384 | $10583 |
| **10/31/2022** | $11876 | $10249 | $10467 |
| **11/30/2022** | $12108 | $10626 | $10857 |
| **12/31/2022** | $12137 | $10578 | $10820 |
| **1/31/2023** | $12351 | $10904 | $11156 |
| **2/28/2023** | $12272 | $10622 | $10882 |
| **3/31/2023** | $12303 | $10891 | $11137 |
| **4/30/2023** | $12348 | $10957 | $11205 |
| **5/31/2023** | $12259 | $10838 | $11089 |
| **6/30/2023** | $12365 | $10799 | $11072 |
| **7/31/2023** | $12493 | $10792 | $11083 |
| **8/31/2023** | $12451 | $10723 | $11016 |
| **9/30/2023** | $12319 | $10451 | $10753 |
| **10/31/2023** | $12233 | $10286 | $10592 |
| **11/30/2023** | $12608 | $10751 | $11068 |
| **12/31/2023** | $12959 | $11163 | $11488 |
| **1/31/2024** | $12990 | $11132 | $11461 |
| **2/29/2024** | $12999 | $10975 | $11323 |
| **3/31/2024** | $13133 | $11076 | $11435 |
| **4/30/2024** | $12984 | $10797 | $11167 |
| **5/31/2024** | $13171 | $10980 | $11352 |
| **6/30/2024** | $13262 | $11084 | $11456 |
| **7/31/2024** | $13493 | $11342 | $11716 |
| **8/31/2024** | $13662 | $11505 | $11889 |
| **9/30/2024** | $13830 | $11660 | $12052 |
| **10/31/2024** | $13639 | $11370 | $11778 |
| **11/30/2024** | $13754 | $11491 | $11902 |
| **12/31/2024** | $13652 | $11303 | $11722 |
| **1/31/2025** | $13751 | $11362 | $11793 |
| **2/28/2025** | $13925 | $11612 | $12037 |
| **3/31/2025** | $13865 | $11617 | $12034 |
| **4/30/2025** | $13868 | $11663 | $12077 |
| **5/31/2025** | $13967 | $11579 | $12015 |
| **6/30/2025** | $14195 | $11757 | $12203 |
| **7/31/2025** | $14247 | $11726 | $12185 |
| **8/31/2025** | $14446 | $11866 | $12331 |
| **9/30/2025** | $14579 | $11996 | $12462 |
| **10/31/2025** | $14618 | $12071 | $12544 |

---

## Average Annual Total Returns<sup>**Footnote Reference (a)**</sup>

---

| | | | |
|:---|:---|:---|:---|
| I6CM4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 7.05% | 3.85% | 3.87% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | (0.24%) | 1.90% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(c)</sup> | 6.51% | 0.28% | 2.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective March 1, 2025, the Bloomberg US Aggregate Bond Index is the Fund's new broad-based benchmark. The benchmark changes were made to more accurately reflect the principal investment strategies of the Fund. From June 3, 2024 to March 1, 2025, the Fund's broad-based benchmark was the Bloomberg US Universal Bond Index, and that index is now the performance benchmark for the Fund. |
| &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. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. 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 | $254204557 |
| Number of Portfolio Holdings | 967 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $951933 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.68 years |
| Duration<sup>Footnote Reference†</sup> | 3.83 years |

---

---

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

---

# Transamerica Strategic Income

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 19.7% |
| AAA | 0.1 |
| AA | 1.4 |
| A | 7.0 |
| BBB | 23.0 |
| BB | 19.3 |
| B | 19.6 |
| CCC | 1.6 |
| Below CCC | 0.2 |
| NR (Not Rated) | 1.2 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 47.0% |
| Loan Assignments | 17.0 |
| U.S. Government Agency Obligations | 16.4 |
| Asset-Backed Securities | 6.7 |
| Short-Term Investment Companies | 5.4 |
| U.S. Government Obligations | 3.3 |
| Other Investment Company | 2.9 |
| Preferred Stocks | 2.2 |
| Foreign Government Obligations | 0.6 |
| Common Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.5) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund, Class Premier, 4.01%, 12/31/2030 | 5.4% |
| Federal National Mortgage Association, 2.50%, 02/01/2052 | 2.1 |
| U.S. Treasury Bonds, 4.13%, 08/15/2044 | 1.7 |
| Sculptor CLO XXX Ltd., Series 30A, Class D2R, 3-Month Term SOFR, 8.48%, 07/20/2038 | 1.5 |
| Federal National Mortgage Association, 2.50%, 02/01/2038 | 1.3 |
| Federal National Mortgage Association, 2.50%, 04/01/2037 | 1.1 |
| Sound Point CLO 35 Ltd., Series 2022-35A, Class D2R, 3-Month Term SOFR, 7.71%, 04/26/2038 | 0.9 |
| LCM 41 Ltd., Series 41A, Class D1R, 3-Month Term SOFR, 7.50%, 04/15/2036 | 0.8 |
| Dryden 95 CLO Ltd., Series 2021-95A, Class DR, 3-Month Term SOFR, 7.25%, 08/20/2034 | 0.8 |
| Federal Home Loan Mortgage Corp., 3.00%, 09/01/2052 | 0.8 |

---

# Transamerica Strategic Income
Class I2

## 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 March 1, 2025, and as set forth in the Supplement to the Fund's prospectus dated December 18, 2024, the following occurred:

* ![Bullet](g66697g96g14.jpg)The Fund's name changed from Transamerica Unconstrained Bond to Transamerica Strategic Income.

* ![Bullet](g66697g96g14.jpg)The Fund revised its investment objective and investment strategies to reflect the change in the Fund's principal investment strategies from an unconstrained approach seeking total return to a more income focused approach that diversifies assets among fixed income sectors with capital appreciation as a secondary objective. 

* ![Bullet](g66697g96g14.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule.

* ![Bullet](g66697g96g14.jpg)The Fund's Annual Fund Operating Expenses were restated from 0.75% to 0.63% to reflect a reduction in the contractual expense limit for Class I2 shares.

## 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](g66697g70e46.jpg)

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

# Transamerica Strategic Income

# Class I2
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica Strategic Income
(formerly, Transamerica Unconstrained Bond)

# Class R6

## TUNRX
October 31, 2025

## Fund Overview
Transamerica Strategic Income (the "Fund") seeks to provide a high level of current income with long-term capital appreciation as a secondary objective. This annual shareholder report contains important information for the period of June 2, 2025 (Class R6 commencement of operations) 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 R6 | $27<sup>Footnote Reference\*</sup> | 0.63%<sup>Footnote Reference†,</sup><sup>Footnote Reference‡</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses shown are for the period June 2, 2025 through October 31, 2025 and would be higher for a full twelve-month reporting period. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 4.74%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 4.25%. The performance benchmark, the Bloomberg US Universal Bond Index, returned 4.40% over the same period.

* Despite headwinds from tariff policies, core U.S. inflation declined. The yield-to-maturity on 10-year U.S. Treasury notes also declined. Given the rally in U.S. Treasury rates amid a backdrop of still stubbornly high inflation, the sub-adviser decreased the Fund's overall portfolio duration from 4.4 years to 3.8 years.

* At NAV, the Fund outperformed the Bloomberg US Aggregate Bond Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025.

* The Fund benefited from both asset allocation and security selection relative to the benchmark.

* The sub-adviser increased allocations to U.S. high yield, U.S. intermediate investment grade credit and mortgage-backed securities ("MBS"). The sub-adviser reduced allocations to Asian high yield, emerging markets investment grade corporates and U.S. Treasuries.

* Allocations to U.S. high yield bonds, MBS, bank loans and intermediate investment grade credit were among contributors to relative performance. The Fund also had notable security selection contributions from bank loans, U.S. high yield bonds, emerging markets investment grade corporates, and investment grade

* collateralized loan obligation debt tranches. Security selection among contingent convertibles and preferred securities detracted from relative performance.

* The views expressed reflect the opinions of PineBridge Investments LLC 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 Strategic Income

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g15s50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Universal Bond Index** |
| **6/2/2025** | $10000 | $10000 | $10000 |
| **6/30/2025** | $10172 | $10154 | $10156 |
| **7/31/2025** | $10209 | $10127 | $10141 |
| **8/31/2025** | $10351 | $10248 | $10263 |
| **9/30/2025** | $10446 | $10360 | $10372 |
| **10/31/2025** | $10474 | $10425 | $10440 |

---

## Average Annual Total Returns

---

| | |
|:---|:---|
| I6CMB | **Since Inception 6/2/25** |
| Class R6 | 4.74% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 4.25% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(b)</sup> | 4.40% |

---

---

| | |
|:---|:---|
| 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;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. 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 | $254204557 |
| Number of Portfolio Holdings | 967 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $951933 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.68 years |
| Duration<sup>Footnote Reference†</sup> | 3.83 years |

---

---

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

---

# Transamerica Strategic Income

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 19.7% |
| AAA | 0.1 |
| AA | 1.4 |
| A | 7.0 |
| BBB | 23.0 |
| BB | 19.3 |
| B | 19.6 |
| CCC | 1.6 |
| Below CCC | 0.2 |
| NR (Not Rated) | 1.2 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 47.0% |
| Loan Assignments | 17.0 |
| U.S. Government Agency Obligations | 16.4 |
| Asset-Backed Securities | 6.7 |
| Short-Term Investment Companies | 5.4 |
| U.S. Government Obligations | 3.3 |
| Other Investment Company | 2.9 |
| Preferred Stocks | 2.2 |
| Foreign Government Obligations | 0.6 |
| Common Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.5) |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund, Class Premier, 4.01%, 12/31/2030 | 5.4% |
| Federal National Mortgage Association, 2.50%, 02/01/2052 | 2.1 |
| U.S. Treasury Bonds, 4.13%, 08/15/2044 | 1.7 |
| Sculptor CLO XXX Ltd., Series 30A, Class D2R, 3-Month Term SOFR, 8.48%, 07/20/2038 | 1.5 |
| Federal National Mortgage Association, 2.50%, 02/01/2038 | 1.3 |
| Federal National Mortgage Association, 2.50%, 04/01/2037 | 1.1 |
| Sound Point CLO 35 Ltd., Series 2022-35A, Class D2R, 3-Month Term SOFR, 7.71%, 04/26/2038 | 0.9 |
| LCM 41 Ltd., Series 41A, Class D1R, 3-Month Term SOFR, 7.50%, 04/15/2036 | 0.8 |
| Dryden 95 CLO Ltd., Series 2021-95A, Class DR, 3-Month Term SOFR, 7.25%, 08/20/2034 | 0.8 |
| Federal Home Loan Mortgage Corp., 3.00%, 09/01/2052 | 0.8 |

---

# Transamerica Strategic Income
Class R6

## Material Fund Changes
This is a summary of certain changes to the Fund since June 2, 2025. 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 March 1, 2025, and as set forth in the Supplement to the Fund's prospectus dated December 18, 2024, the following occurred:

* ![Bullet](g66697g96g14.jpg)The Fund's name changed from Transamerica Unconstrained Bond to Transamerica Strategic Income.

* ![Bullet](g66697g96g14.jpg)The Fund revised its investment objective and investment strategies to reflect the change in the Fund's principal investment strategies from an unconstrained approach seeking total return to a more income focused approach that diversifies assets among fixed income sectors with capital appreciation as a secondary objective. 

* ![Bullet](g66697g96g14.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule.

## 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](g66697g70e46.jpg)

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

# Transamerica Strategic Income

# Class R6
![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class A

## TDFAX
October 31, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This 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 | $111 | 1.07% |

---

## 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 7.75%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* Sector allocation added value, but stock selection detracted from relative performance. 

* From an allocation perspective, the Fund's underweight allocations to the energy and consumer staples sectors added value, as did an overweight to technology, which benefited from significant investor enthusiasm for the artificial intelligence ('AI') theme. 

* Stock selection was disappointing within the consumer discretionary, industrials and consumer staples sectors, which accounted for the bulk of the overall negative selection effect. 

* Within consumer staples, holding Colgate Palmolive was one of the main individual detractors, as the company struggled with a difficult industry backdrop in relation to volumes and pricing. 

* Alphabet, the parent company of Google, was added to the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025, and the stock went on to outperform the index materially. Alphabet was added to the Fund during the third quarter of 2025 but was a large relative detractor because the Fund missed out on the gains the stock had already recorded since being added to the index. 

* The Fund also faced a relative headwind versus the index by not owning JPMorgan Chase. The stock performed well but does not pass the Fund's responsible investment criteria and therefore cannot be held by the Fund. 

* Advertising specialist Omnicom, energy pipeline firm ONEOK and Packaging Corporation of America also detracted from benchmark relative performance. 

* Despite the above, there were also a number of positive performers. Stock picking in the technology sector added value, as a number of the Fund's AI-related holdings saw a huge surge in demand. Examples included Broadcom, Taiwan Semiconductor Manufacturing Company, Microsoft and KLA Corporation.

* Stock selection was also accretive in health care, primarily driven by Gilead Sciences, which delivered a string of positive earnings releases.

* The views expressed reflect the opinions of Aegon Asset Management UK plc 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 Sustainable Equity Income

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g63f35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $9451 | $10000 | $10000 |
| **11/30/2015** | $9533 | $10055 | $10038 |
| **12/31/2015** | $9347 | $9849 | $9822 |
| **1/31/2016** | $8955 | $9293 | $9315 |
| **2/29/2016** | $8938 | $9290 | $9312 |
| **3/31/2016** | $9451 | $9944 | $9983 |
| **4/30/2016** | $9661 | $10006 | $10193 |
| **5/31/2016** | $9696 | $10185 | $10351 |
| **6/30/2016** | $9767 | $10206 | $10441 |
| **7/31/2016** | $10039 | $10611 | $10744 |
| **8/31/2016** | $10092 | $10638 | $10827 |
| **9/30/2016** | $9946 | $10655 | $10804 |
| **10/31/2016** | $9858 | $10424 | $10637 |
| **11/30/2016** | $10485 | $10891 | $11245 |
| **12/31/2016** | $10714 | $11103 | $11526 |
| **1/31/2017** | $10795 | $11312 | $11608 |
| **2/28/2017** | $11241 | $11733 | $12025 |
| **3/31/2017** | $11150 | $11741 | $11902 |
| **4/30/2017** | $11140 | $11865 | $11880 |
| **5/31/2017** | $11242 | $11987 | $11868 |
| **6/30/2017** | $11464 | $12095 | $12062 |
| **7/31/2017** | $11444 | $12323 | $12223 |
| **8/31/2017** | $11372 | $12347 | $12080 |
| **9/30/2017** | $11781 | $12648 | $12438 |
| **10/31/2017** | $11864 | $12924 | $12528 |
| **11/30/2017** | $12162 | $13316 | $12912 |
| **12/31/2017** | $12418 | $13450 | $13101 |
| **1/31/2018** | $12836 | $14158 | $13607 |
| **2/28/2018** | $12164 | $13637 | $12957 |
| **3/31/2018** | $11969 | $13363 | $12729 |
| **4/30/2018** | $12102 | $13414 | $12771 |
| **5/31/2018** | $12025 | $13792 | $12847 |
| **6/30/2018** | $12047 | $13883 | $12879 |
| **7/31/2018** | $12536 | $14343 | $13389 |
| **8/31/2018** | $12614 | $14847 | $13587 |
| **9/30/2018** | $12567 | $14871 | $13614 |
| **10/31/2018** | $11840 | $13776 | $12909 |
| **11/30/2018** | $12086 | $14052 | $13294 |
| **12/31/2018** | $10885 | $12745 | $12018 |
| **1/31/2019** | $11783 | $13838 | $12953 |
| **2/28/2019** | $12074 | $14325 | $13367 |
| **3/31/2019** | $12116 | $14534 | $13452 |
| **4/30/2019** | $12355 | $15115 | $13929 |
| **5/31/2019** | $11465 | $14137 | $13033 |
| **6/30/2019** | $12300 | $15129 | $13969 |
| **7/31/2019** | $12474 | $15354 | $14085 |
| **8/31/2019** | $12234 | $15041 | $13671 |
| **9/30/2019** | $12664 | $15305 | $14158 |
| **10/31/2019** | $12839 | $15635 | $14356 |
| **11/30/2019** | $13161 | $16229 | $14800 |
| **12/31/2019** | $13413 | $16698 | $15207 |
| **1/31/2020** | $12912 | $16680 | $14880 |
| **2/29/2020** | $11651 | $15314 | $13439 |
| **3/31/2020** | $9404 | $13208 | $11142 |
| **4/30/2020** | $10215 | $14957 | $12395 |
| **5/31/2020** | $10628 | $15757 | $12820 |
| **6/30/2020** | $10528 | $16117 | $12735 |
| **7/31/2020** | $10774 | $17033 | $13238 |
| **8/31/2020** | $11035 | $18266 | $13785 |
| **9/30/2020** | $10697 | $17601 | $13447 |
| **10/31/2020** | $10589 | $17221 | $13270 |
| **11/30/2020** | $12118 | $19317 | $15055 |
| **12/31/2020** | $12349 | $20186 | $15632 |
| **1/31/2021** | $12334 | $20096 | $15489 |
| **2/28/2021** | $12536 | $20724 | $16425 |
| **3/31/2021** | $13355 | $21467 | $17392 |
| **4/30/2021** | $13683 | $22573 | $18087 |
| **5/31/2021** | $14121 | $22676 | $18509 |
| **6/30/2021** | $14076 | $23236 | $18297 |
| **7/31/2021** | $14388 | $23628 | $18444 |
| **8/31/2021** | $14889 | $24302 | $18809 |
| **9/30/2021** | $14077 | $23212 | $18155 |
| **10/31/2021** | $14923 | $24782 | $19077 |
| **11/30/2021** | $14390 | $24404 | $18404 |
| **12/31/2021** | $15065 | $25365 | $19565 |
| **1/31/2022** | $14367 | $23873 | $19110 |
| **2/28/2022** | $13927 | $23272 | $18888 |
| **3/31/2022** | $14359 | $24026 | $19421 |
| **4/30/2022** | $13474 | $21870 | $18326 |
| **5/31/2022** | $13584 | $21841 | $18682 |
| **6/30/2022** | $12527 | $20014 | $17050 |
| **7/31/2022** | $13175 | $21891 | $18180 |
| **8/31/2022** | $12731 | $21074 | $17639 |
| **9/30/2022** | $11623 | $19120 | $16092 |
| **10/31/2022** | $12777 | $20688 | $17742 |
| **11/30/2022** | $13802 | $21768 | $18850 |
| **12/31/2022** | $13310 | $20493 | $18091 |
| **1/31/2023** | $13871 | $21905 | $19028 |
| **2/28/2023** | $13516 | $21393 | $18357 |
| **3/31/2023** | $13245 | $21965 | $18273 |
| **4/30/2023** | $13188 | $22199 | $18548 |
| **5/31/2023** | $12682 | $22285 | $17833 |
| **6/30/2023** | $13470 | $23807 | $19017 |
| **7/31/2023** | $13696 | $24661 | $19686 |
| **8/31/2023** | $13338 | $24185 | $19154 |
| **9/30/2023** | $12722 | $23032 | $18415 |
| **10/31/2023** | $12533 | $22422 | $17766 |
| **11/30/2023** | $13346 | $24513 | $19106 |
| **12/31/2023** | $14088 | $25813 | $20164 |
| **1/31/2024** | $14298 | $26099 | $20185 |
| **2/29/2024** | $14830 | $27512 | $20930 |
| **3/31/2024** | $15469 | $28399 | $21976 |
| **4/30/2024** | $14820 | $27150 | $21037 |
| **5/31/2024** | $15221 | $28432 | $21704 |
| **6/30/2024** | $15268 | $29313 | $21500 |
| **7/31/2024** | $15938 | $29857 | $22599 |
| **8/31/2024** | $16398 | $30507 | $23205 |
| **9/30/2024** | $16710 | $31138 | $23528 |
| **10/31/2024** | $16480 | $30910 | $23269 |
| **11/30/2024** | $17459 | $32966 | $24755 |
| **12/31/2024** | $16378 | $31958 | $23061 |
| **1/31/2025** | $16936 | $32967 | $24129 |
| **2/28/2025** | $17122 | $32336 | $24227 |
| **3/31/2025** | $16492 | $30449 | $23554 |
| **4/30/2025** | $16140 | $30245 | $22836 |
| **5/31/2025** | $16886 | $32162 | $23638 |
| **6/30/2025** | $17366 | $33796 | $24446 |
| **7/31/2025** | $17262 | $34540 | $24586 |
| **8/31/2025** | $17658 | $35340 | $25370 |
| **9/30/2025** | $17903 | $36559 | $25749 |
| **10/31/2025** | $17757 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CP1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 1.82% | 9.64% | 5.91% |
| Class A | 7.75% | 10.89% | 6.51% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $194373890 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1256456 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.4% |
| Information Technology | 20.1 |
| Industrials | 17.5 |
| Health Care | 12.9 |
| Materials | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 5.0 |
| Consumer Discretionary | 4.0 |
| Real Estate | 3.0 |
| Utilities | 1.2 |
| Energy | 1.1 |
| Repurchase Agreements | 1.4 |
| 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 Sustainable Equity Income

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Broadcom, Inc. | 4.7% |
| Cisco Systems, Inc. | 4.5 |
| Alphabet, Inc., Class A | 3.9 |
| Gilead Sciences, Inc. | 3.9 |
| Morgan Stanley | 3.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.7 |
| Bank of America Corp. | 3.5 |
| Microsoft Corp. | 3.2 |
| CME Group, Inc. | 3.2 |
| MetLife, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Sustainable Equity Income

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class C

## TDFCX
October 31, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This 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 | $197 | 1.90% |

---

## 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 6.88%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* Sector allocation added value, but stock selection detracted from relative performance. 

* From an allocation perspective, the Fund's underweight allocations to the energy and consumer staples sectors added value, as did an overweight to technology, which benefited from significant investor enthusiasm for the artificial intelligence ('AI') theme. 

* Stock selection was disappointing within the consumer discretionary, industrials and consumer staples sectors, which accounted for the bulk of the overall negative selection effect. 

* Within consumer staples, holding Colgate Palmolive was one of the main individual detractors, as the company struggled with a difficult industry backdrop in relation to volumes and pricing. 

* Alphabet, the parent company of Google, was added to the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025, and the stock went on to outperform the index materially. Alphabet was added to the Fund during the third quarter of 2025 but was a large relative detractor because the Fund missed out on the gains the stock had already recorded since being added to the index. 

* The Fund also faced a relative headwind versus the index by not owning JPMorgan Chase. The stock performed well but does not pass the Fund's responsible investment criteria and therefore cannot be held by the Fund. 

* Advertising specialist Omnicom, energy pipeline firm ONEOK and Packaging Corporation of America also detracted from benchmark relative performance. 

* Despite the above, there were also a number of positive performers. Stock picking in the technology sector added value, as a number of the Fund's AI-related holdings saw a huge surge in demand. Examples included Broadcom, Taiwan Semiconductor Manufacturing Company, Microsoft and KLA Corporation.

* Stock selection was also accretive in health care, primarily driven by Gilead Sciences, which delivered a string of positive earnings releases.

* The views expressed reflect the opinions of Aegon Asset Management UK plc 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 Sustainable Equity Income

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g85g70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10087 | $10055 | $10038 |
| **12/31/2015** | $9870 | $9849 | $9822 |
| **1/31/2016** | $9464 | $9293 | $9315 |
| **2/29/2016** | $9436 | $9290 | $9312 |
| **3/31/2016** | $9970 | $9944 | $9983 |
| **4/30/2016** | $10183 | $10006 | $10193 |
| **5/31/2016** | $10211 | $10185 | $10351 |
| **6/30/2016** | $10275 | $10206 | $10441 |
| **7/31/2016** | $10563 | $10611 | $10744 |
| **8/31/2016** | $10609 | $10638 | $10827 |
| **9/30/2016** | $10444 | $10655 | $10804 |
| **10/31/2016** | $10341 | $10424 | $10637 |
| **11/30/2016** | $10994 | $10891 | $11245 |
| **12/31/2016** | $11228 | $11103 | $11526 |
| **1/31/2017** | $11303 | $11312 | $11608 |
| **2/28/2017** | $11763 | $11733 | $12025 |
| **3/31/2017** | $11665 | $11741 | $11902 |
| **4/30/2017** | $11655 | $11865 | $11880 |
| **5/31/2017** | $11740 | $11987 | $11868 |
| **6/30/2017** | $11971 | $12095 | $12062 |
| **7/31/2017** | $11938 | $12323 | $12223 |
| **8/31/2017** | $11852 | $12347 | $12080 |
| **10/31/2017** | $12349 | $12924 | $12528 |
| **11/30/2017** | $12651 | $13316 | $12912 |
| **12/31/2017** | $12914 | $13450 | $13101 |
| **1/31/2018** | $13340 | $14158 | $13607 |
| **2/28/2018** | $12626 | $13637 | $12957 |
| **3/31/2018** | $12420 | $13363 | $12729 |
| **4/30/2018** | $12546 | $13414 | $12771 |
| **5/31/2018** | $12466 | $13792 | $12847 |
| **6/30/2018** | $12474 | $13883 | $12879 |
| **7/31/2018** | $12972 | $14343 | $13389 |
| **8/31/2018** | $13041 | $14847 | $13587 |
| **9/30/2018** | $12973 | $14871 | $13614 |
| **10/31/2018** | $12218 | $13776 | $12909 |
| **11/30/2018** | $12474 | $14052 | $13294 |
| **12/31/2018** | $11222 | $12745 | $12018 |
| **1/31/2019** | $12139 | $13838 | $12953 |
| **2/28/2019** | $12440 | $14325 | $13367 |
| **3/31/2019** | $12467 | $14534 | $13452 |
| **4/30/2019** | $12700 | $15115 | $13929 |
| **5/31/2019** | $11780 | $14137 | $13033 |
| **6/30/2019** | $12631 | $15129 | $13969 |
| **7/31/2019** | $12796 | $15354 | $14085 |
| **8/31/2019** | $12534 | $15041 | $13671 |
| **9/30/2019** | $12964 | $15305 | $14158 |
| **10/31/2019** | $13144 | $15635 | $14356 |
| **11/30/2019** | $13461 | $16229 | $14800 |
| **12/31/2019** | $13709 | $16698 | $15207 |
| **1/31/2020** | $13178 | $16680 | $14880 |
| **2/29/2020** | $11882 | $15314 | $13439 |
| **3/31/2020** | $9590 | $13208 | $11142 |
| **4/30/2020** | $10421 | $14957 | $12395 |
| **5/31/2020** | $10828 | $15757 | $12820 |
| **6/30/2020** | $10713 | $16117 | $12735 |
| **7/31/2020** | $10965 | $17033 | $13238 |
| **8/31/2020** | $11216 | $18266 | $13785 |
| **9/30/2020** | $10877 | $17601 | $13447 |
| **10/31/2020** | $10751 | $17221 | $13270 |
| **11/30/2020** | $12293 | $19317 | $15055 |
| **12/31/2020** | $12516 | $20186 | $15632 |
| **1/31/2021** | $12500 | $20096 | $15489 |
| **2/28/2021** | $12690 | $20724 | $16425 |
| **3/31/2021** | $13501 | $21467 | $17392 |
| **4/30/2021** | $13834 | $22573 | $18087 |
| **5/31/2021** | $14262 | $22676 | $18509 |
| **6/30/2021** | $14214 | $23236 | $18297 |
| **7/31/2021** | $14515 | $23628 | $18444 |
| **8/31/2021** | $15007 | $24302 | $18809 |
| **9/30/2021** | $14167 | $23212 | $18155 |
| **10/31/2021** | $15022 | $24782 | $19077 |
| **11/30/2021** | $14468 | $24404 | $18404 |
| **12/31/2021** | $15132 | $25365 | $19565 |
| **1/31/2022** | $14427 | $23873 | $19110 |
| **2/28/2022** | $13982 | $23272 | $18888 |
| **3/31/2022** | $14386 | $24026 | $19421 |
| **4/30/2022** | $13513 | $21870 | $18326 |
| **5/31/2022** | $13587 | $21841 | $18682 |
| **6/30/2022** | $12529 | $20014 | $17050 |
| **7/31/2022** | $13163 | $21891 | $18180 |
| **8/31/2022** | $12716 | $21074 | $17639 |
| **9/30/2022** | $11608 | $19120 | $16092 |
| **10/31/2022** | $12730 | $20688 | $17742 |
| **11/30/2022** | $13758 | $21768 | $18850 |
| **12/31/2022** | $13253 | $20493 | $18091 |
| **1/31/2023** | $13796 | $21905 | $19028 |
| **2/28/2023** | $13440 | $21393 | $18357 |
| **3/31/2023** | $13174 | $21965 | $18273 |
| **4/30/2023** | $13080 | $22199 | $18548 |
| **5/31/2023** | $12593 | $22285 | $17833 |
| **6/30/2023** | $13352 | $23807 | $19017 |
| **7/31/2023** | $13578 | $24661 | $19686 |
| **8/31/2023** | $13221 | $24185 | $19154 |
| **9/30/2023** | $12595 | $23032 | $18415 |
| **10/31/2023** | $12388 | $22422 | $17766 |
| **11/30/2023** | $13196 | $24513 | $19106 |
| **12/31/2023** | $13923 | $25813 | $20164 |
| **1/31/2024** | $14093 | $26099 | $20185 |
| **2/29/2024** | $14621 | $27512 | $20930 |
| **3/31/2024** | $15223 | $28399 | $21976 |
| **4/30/2024** | $14580 | $27150 | $21037 |
| **5/31/2024** | $14977 | $28432 | $21704 |
| **6/30/2024** | $15012 | $29313 | $21500 |
| **7/31/2024** | $15655 | $29857 | $22599 |
| **8/31/2024** | $16110 | $30507 | $23205 |
| **9/30/2024** | $16385 | $31138 | $23528 |
| **10/31/2024** | $16157 | $30910 | $23269 |
| **11/30/2024** | $17104 | $32966 | $24755 |
| **12/31/2024** | $16032 | $31958 | $23061 |
| **1/31/2025** | $16561 | $32967 | $24129 |
| **2/28/2025** | $16723 | $32336 | $24227 |
| **3/31/2025** | $16110 | $30449 | $23554 |
| **4/30/2025** | $15764 | $30245 | $22836 |
| **5/31/2025** | $16476 | $32162 | $23638 |
| **6/30/2025** | $16912 | $33796 | $24446 |
| **7/31/2025** | $16810 | $34540 | $24586 |
| **8/31/2025** | $17177 | $35340 | $25370 |
| **9/30/2025** | $17412 | $36559 | $25749 |
| **10/31/2025** | $17270 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CP3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 5.89% | 9.94% | 5.62% |
| Class C | 6.88% | 9.94% | 5.62% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $194373890 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1256456 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.4% |
| Information Technology | 20.1 |
| Industrials | 17.5 |
| Health Care | 12.9 |
| Materials | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 5.0 |
| Consumer Discretionary | 4.0 |
| Real Estate | 3.0 |
| Utilities | 1.2 |
| Energy | 1.1 |
| Repurchase Agreements | 1.4 |
| 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 Sustainable Equity Income

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Broadcom, Inc. | 4.7% |
| Cisco Systems, Inc. | 4.5 |
| Alphabet, Inc., Class A | 3.9 |
| Gilead Sciences, Inc. | 3.9 |
| Morgan Stanley | 3.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.7 |
| Bank of America Corp. | 3.5 |
| Microsoft Corp. | 3.2 |
| CME Group, Inc. | 3.2 |
| MetLife, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Sustainable Equity Income

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class I

## TDFIX
October 31, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This 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 | $81 | 0.78% |

---

## 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 8.06%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* Sector allocation added value, but stock selection detracted from relative performance. 

* From an allocation perspective, the Fund's underweight allocations to the energy and consumer staples sectors added value, as did an overweight to technology, which benefited from significant investor enthusiasm for the artificial intelligence ('AI') theme. 

* Stock selection was disappointing within the consumer discretionary, industrials and consumer staples sectors, which accounted for the bulk of the overall negative selection effect. 

* Within consumer staples, holding Colgate Palmolive was one of the main individual detractors, as the company struggled with a difficult industry backdrop in relation to volumes and pricing. 

* Alphabet, the parent company of Google, was added to the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025, and the stock went on to outperform the index materially. Alphabet was added to the Fund during the third quarter of 2025 but was a large relative detractor because the Fund missed out on the gains the stock had already recorded since being added to the index. 

* The Fund also faced a relative headwind versus the index by not owning JPMorgan Chase. The stock performed well but does not pass the Fund's responsible investment criteria and therefore cannot be held by the Fund. 

* Advertising specialist Omnicom, energy pipeline firm ONEOK and Packaging Corporation of America also detracted from benchmark relative performance. 

* Despite the above, there were also a number of positive performers. Stock picking in the technology sector added value, as a number of the Fund's AI-related holdings saw a huge surge in demand. Examples included Broadcom, Taiwan Semiconductor Manufacturing Company, Microsoft and KLA Corporation.

* Stock selection was also accretive in health care, primarily driven by Gilead Sciences, which delivered a string of positive earnings releases.

* The views expressed reflect the opinions of Aegon Asset Management UK plc 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 Sustainable Equity Income

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g73g38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10086 | $10055 | $10038 |
| **12/31/2015** | $9884 | $9849 | $9822 |
| **1/31/2016** | $9479 | $9293 | $9315 |
| **2/29/2016** | $9460 | $9290 | $9312 |
| **3/31/2016** | $10007 | $9944 | $9983 |
| **4/30/2016** | $10229 | $10006 | $10193 |
| **5/31/2016** | $10266 | $10185 | $10351 |
| **6/30/2016** | $10337 | $10206 | $10441 |
| **7/31/2016** | $10635 | $10611 | $10744 |
| **8/31/2016** | $10691 | $10638 | $10827 |
| **9/30/2016** | $10531 | $10655 | $10804 |
| **10/31/2016** | $10438 | $10424 | $10637 |
| **11/30/2016** | $11112 | $10891 | $11245 |
| **12/31/2016** | $11348 | $11103 | $11526 |
| **1/31/2017** | $11434 | $11312 | $11608 |
| **2/28/2017** | $11918 | $11733 | $12025 |
| **3/31/2017** | $11827 | $11741 | $11902 |
| **4/30/2017** | $11816 | $11865 | $11880 |
| **5/31/2017** | $11913 | $11987 | $11868 |
| **6/30/2017** | $12154 | $12095 | $12062 |
| **7/31/2017** | $12132 | $12323 | $12223 |
| **8/31/2017** | $12067 | $12347 | $12080 |
| **10/31/2017** | $12584 | $12924 | $12528 |
| **11/30/2017** | $12911 | $13316 | $12912 |
| **12/31/2017** | $13180 | $13450 | $13101 |
| **1/31/2018** | $13636 | $14158 | $13607 |
| **2/28/2018** | $12922 | $13637 | $12957 |
| **3/31/2018** | $12718 | $13363 | $12729 |
| **4/30/2018** | $12859 | $13414 | $12771 |
| **5/31/2018** | $12777 | $13792 | $12847 |
| **6/30/2018** | $12806 | $13883 | $12879 |
| **7/31/2018** | $13326 | $14343 | $13389 |
| **8/31/2018** | $13409 | $14847 | $13587 |
| **9/30/2018** | $13352 | $14871 | $13614 |
| **10/31/2018** | $12591 | $13776 | $12909 |
| **11/30/2018** | $12853 | $14052 | $13294 |
| **12/31/2018** | $11583 | $12745 | $12018 |
| **1/31/2019** | $12525 | $13838 | $12953 |
| **2/28/2019** | $12849 | $14325 | $13367 |
| **3/31/2019** | $12885 | $14534 | $13452 |
| **4/30/2019** | $13139 | $15115 | $13929 |
| **5/31/2019** | $12206 | $14137 | $13033 |
| **6/30/2019** | $13101 | $15129 | $13969 |
| **7/31/2019** | $13272 | $15354 | $14085 |
| **8/31/2019** | $13030 | $15041 | $13671 |
| **9/30/2019** | $13480 | $15305 | $14158 |
| **10/31/2019** | $13680 | $15635 | $14356 |
| **11/30/2019** | $14023 | $16229 | $14800 |
| **12/31/2019** | $14283 | $16698 | $15207 |
| **1/31/2020** | $13765 | $16680 | $14880 |
| **2/29/2020** | $12420 | $15314 | $13439 |
| **3/31/2020** | $10031 | $13208 | $11142 |
| **4/30/2020** | $10896 | $14957 | $12395 |
| **5/31/2020** | $11336 | $15757 | $12820 |
| **6/30/2020** | $11235 | $16117 | $12735 |
| **7/31/2020** | $11497 | $17033 | $13238 |
| **8/31/2020** | $11760 | $18266 | $13785 |
| **9/30/2020** | $11421 | $17601 | $13447 |
| **10/31/2020** | $11306 | $17221 | $13270 |
| **11/30/2020** | $12937 | $19317 | $15055 |
| **12/31/2020** | $13189 | $20186 | $15632 |
| **1/31/2021** | $13172 | $20096 | $15489 |
| **2/28/2021** | $13388 | $20724 | $16425 |
| **3/31/2021** | $14252 | $21467 | $17392 |
| **4/30/2021** | $14636 | $22573 | $18087 |
| **5/31/2021** | $15103 | $22676 | $18509 |
| **6/30/2021** | $15062 | $23236 | $18297 |
| **7/31/2021** | $15396 | $23628 | $18444 |
| **8/31/2021** | $15931 | $24302 | $18809 |
| **9/30/2021** | $15053 | $23212 | $18155 |
| **10/31/2021** | $15974 | $24782 | $19077 |
| **11/30/2021** | $15388 | $24404 | $18404 |
| **12/31/2021** | $16136 | $25365 | $19565 |
| **1/31/2022** | $15390 | $23873 | $19110 |
| **2/28/2022** | $14919 | $23272 | $18888 |
| **3/31/2022** | $15367 | $24026 | $19421 |
| **4/30/2022** | $14499 | $21870 | $18326 |
| **5/31/2022** | $14618 | $21841 | $18682 |
| **6/30/2022** | $13474 | $20014 | $17050 |
| **7/31/2022** | $14168 | $21891 | $18180 |
| **8/31/2022** | $13712 | $21074 | $17639 |
| **9/30/2022** | $12512 | $19120 | $16092 |
| **10/31/2022** | $13763 | $20688 | $17742 |
| **11/30/2022** | $14887 | $21768 | $18850 |
| **12/31/2022** | $14344 | $20493 | $18091 |
| **1/31/2023** | $14948 | $21905 | $19028 |
| **2/28/2023** | $14565 | $21393 | $18357 |
| **3/31/2023** | $14300 | $21965 | $18273 |
| **4/30/2023** | $14219 | $22199 | $18548 |
| **5/31/2023** | $13693 | $22285 | $17833 |
| **6/30/2023** | $14530 | $23807 | $19017 |
| **7/31/2023** | $14794 | $24661 | $19686 |
| **8/31/2023** | $14408 | $24185 | $19154 |
| **9/30/2023** | $13750 | $23032 | $18415 |
| **10/31/2023** | $13525 | $22422 | $17766 |
| **11/30/2023** | $14423 | $24513 | $19106 |
| **12/31/2023** | $15232 | $25813 | $20164 |
| **1/31/2024** | $15458 | $26099 | $20185 |
| **2/29/2024** | $16033 | $27512 | $20930 |
| **3/31/2024** | $16730 | $28399 | $21976 |
| **4/30/2024** | $16029 | $27150 | $21037 |
| **5/31/2024** | $16483 | $28432 | $21704 |
| **6/30/2024** | $16521 | $29313 | $21500 |
| **7/31/2024** | $17246 | $29857 | $22599 |
| **8/31/2024** | $17763 | $30507 | $23205 |
| **9/30/2024** | $18088 | $31138 | $23528 |
| **10/31/2024** | $17860 | $30910 | $23269 |
| **11/30/2024** | $18919 | $32966 | $24755 |
| **12/31/2024** | $17757 | $31958 | $23061 |
| **1/31/2025** | $18360 | $32967 | $24129 |
| **2/28/2025** | $18561 | $32336 | $24227 |
| **3/31/2025** | $17889 | $30449 | $23554 |
| **4/30/2025** | $17508 | $30245 | $22836 |
| **5/31/2025** | $18315 | $32162 | $23638 |
| **6/30/2025** | $18843 | $33796 | $24446 |
| **7/31/2025** | $18753 | $34540 | $24586 |
| **8/31/2025** | $19181 | $35340 | $25370 |
| **9/30/2025** | $19457 | $36559 | $25749 |
| **10/31/2025** | $19299 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CP8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.06% | 11.29% | 6.80% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $194373890 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1256456 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.4% |
| Information Technology | 20.1 |
| Industrials | 17.5 |
| Health Care | 12.9 |
| Materials | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 5.0 |
| Consumer Discretionary | 4.0 |
| Real Estate | 3.0 |
| Utilities | 1.2 |
| Energy | 1.1 |
| Repurchase Agreements | 1.4 |
| 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 Sustainable Equity Income

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Broadcom, Inc. | 4.7% |
| Cisco Systems, Inc. | 4.5 |
| Alphabet, Inc., Class A | 3.9 |
| Gilead Sciences, Inc. | 3.9 |
| Morgan Stanley | 3.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.7 |
| Bank of America Corp. | 3.5 |
| Microsoft Corp. | 3.2 |
| CME Group, Inc. | 3.2 |
| MetLife, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Sustainable Equity Income

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class I2

## TRDIX
October 31, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This 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 I2 | $80 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 8.06%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* Sector allocation added value, but stock selection detracted from relative performance. 

* From an allocation perspective, the Fund's underweight allocations to the energy and consumer staples sectors added value, as did an overweight to technology, which benefited from significant investor enthusiasm for the artificial intelligence ('AI') theme. 

* Stock selection was disappointing within the consumer discretionary, industrials and consumer staples sectors, which accounted for the bulk of the overall negative selection effect. 

* Within consumer staples, holding Colgate Palmolive was one of the main individual detractors, as the company struggled with a difficult industry backdrop in relation to volumes and pricing. 

* Alphabet, the parent company of Google, was added to the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025, and the stock went on to outperform the index materially. Alphabet was added to the Fund during the third quarter of 2025 but was a large relative detractor because the Fund missed out on the gains the stock had already recorded since being added to the index. 

* The Fund also faced a relative headwind versus the index by not owning JPMorgan Chase. The stock performed well but does not pass the Fund's responsible investment criteria and therefore cannot be held by the Fund. 

* Advertising specialist Omnicom, energy pipeline firm ONEOK and Packaging Corporation of America also detracted from benchmark relative performance. 

* Despite the above, there were also a number of positive performers. Stock picking in the technology sector added value, as a number of the Fund's AI-related holdings saw a huge surge in demand. Examples included Broadcom, Taiwan Semiconductor Manufacturing Company, Microsoft and KLA Corporation.

* Stock selection was also accretive in health care, primarily driven by Gilead Sciences, which delivered a string of positive earnings releases.

* The views expressed reflect the opinions of Aegon Asset Management UK plc 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 Sustainable Equity Income

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g74e44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10094 | $10055 | $10038 |
| **12/31/2015** | $9896 | $9849 | $9822 |
| **1/31/2016** | $9490 | $9293 | $9315 |
| **2/29/2016** | $9472 | $9290 | $9312 |
| **3/31/2016** | $10012 | $9944 | $9983 |
| **4/30/2016** | $10244 | $10006 | $10193 |
| **5/31/2016** | $10281 | $10185 | $10351 |
| **6/30/2016** | $10354 | $10206 | $10441 |
| **7/31/2016** | $10652 | $10611 | $10744 |
| **8/31/2016** | $10708 | $10638 | $10827 |
| **9/30/2016** | $10551 | $10655 | $10804 |
| **10/31/2016** | $10457 | $10424 | $10637 |
| **11/30/2016** | $11123 | $10891 | $11245 |
| **12/31/2016** | $11372 | $11103 | $11526 |
| **1/31/2017** | $11458 | $11312 | $11608 |
| **2/28/2017** | $11932 | $11733 | $12025 |
| **3/31/2017** | $11843 | $11741 | $11902 |
| **4/30/2017** | $11843 | $11865 | $11880 |
| **5/31/2017** | $11940 | $11987 | $11868 |
| **6/30/2017** | $12185 | $12095 | $12062 |
| **7/31/2017** | $12163 | $12323 | $12223 |
| **8/31/2017** | $12098 | $12347 | $12080 |
| **10/31/2017** | $12618 | $12924 | $12528 |
| **11/30/2017** | $12946 | $13316 | $12912 |
| **12/31/2017** | $13217 | $13450 | $13101 |
| **1/31/2018** | $13674 | $14158 | $13607 |
| **2/28/2018** | $12959 | $13637 | $12957 |
| **3/31/2018** | $12749 | $13363 | $12729 |
| **4/30/2018** | $12902 | $13414 | $12771 |
| **5/31/2018** | $12820 | $13792 | $12847 |
| **6/30/2018** | $12840 | $13883 | $12879 |
| **7/31/2018** | $13374 | $14343 | $13389 |
| **8/31/2018** | $13457 | $14847 | $13587 |
| **9/30/2018** | $13392 | $14871 | $13614 |
| **10/31/2018** | $12628 | $13776 | $12909 |
| **11/30/2018** | $12903 | $14052 | $13294 |
| **12/31/2018** | $11621 | $12745 | $12018 |
| **1/31/2019** | $12580 | $13838 | $12953 |
| **2/28/2019** | $12905 | $14325 | $13367 |
| **3/31/2019** | $12930 | $14534 | $13452 |
| **4/30/2019** | $13200 | $15115 | $13929 |
| **5/31/2019** | $12249 | $14137 | $13033 |
| **6/30/2019** | $13151 | $15129 | $13969 |
| **7/31/2019** | $13322 | $15354 | $14085 |
| **8/31/2019** | $13079 | $15041 | $13671 |
| **9/30/2019** | $13535 | $15305 | $14158 |
| **10/31/2019** | $13736 | $15635 | $14356 |
| **11/30/2019** | $14095 | $16229 | $14800 |
| **12/31/2019** | $14344 | $16698 | $15207 |
| **1/31/2020** | $13824 | $16680 | $14880 |
| **2/29/2020** | $12474 | $15314 | $13439 |
| **3/31/2020** | $10079 | $13208 | $11142 |
| **4/30/2020** | $10947 | $14957 | $12395 |
| **5/31/2020** | $11390 | $15757 | $12820 |
| **6/30/2020** | $11291 | $16117 | $12735 |
| **7/31/2020** | $11555 | $17033 | $13238 |
| **8/31/2020** | $11835 | $18266 | $13785 |
| **9/30/2020** | $11481 | $17601 | $13447 |
| **10/31/2020** | $11365 | $17221 | $13270 |
| **11/30/2020** | $13005 | $19317 | $15055 |
| **12/31/2020** | $13263 | $20186 | $15632 |
| **1/31/2021** | $13247 | $20096 | $15489 |
| **2/28/2021** | $13463 | $20724 | $16425 |
| **3/31/2021** | $14336 | $21467 | $17392 |
| **4/30/2021** | $14706 | $22573 | $18087 |
| **5/31/2021** | $15176 | $22676 | $18509 |
| **6/30/2021** | $15138 | $23236 | $18297 |
| **7/31/2021** | $15474 | $23628 | $18444 |
| **8/31/2021** | $16012 | $24302 | $18809 |
| **9/30/2021** | $15133 | $23212 | $18155 |
| **10/31/2021** | $16060 | $24782 | $19077 |
| **11/30/2021** | $15487 | $24404 | $18404 |
| **12/31/2021** | $16208 | $25365 | $19565 |
| **1/31/2022** | $15476 | $23873 | $19110 |
| **2/28/2022** | $15002 | $23272 | $18888 |
| **3/31/2022** | $15458 | $24026 | $19421 |
| **4/30/2022** | $14524 | $21870 | $18326 |
| **5/31/2022** | $14623 | $21841 | $18682 |
| **6/30/2022** | $13493 | $20014 | $17050 |
| **7/31/2022** | $14193 | $21891 | $18180 |
| **8/31/2022** | $13733 | $21074 | $17639 |
| **9/30/2022** | $12548 | $19120 | $16092 |
| **10/31/2022** | $13775 | $20688 | $17742 |
| **11/30/2022** | $14901 | $21768 | $18850 |
| **12/31/2022** | $14381 | $20493 | $18091 |
| **1/31/2023** | $14966 | $21905 | $19028 |
| **2/28/2023** | $14603 | $21393 | $18357 |
| **3/31/2023** | $14321 | $21965 | $18273 |
| **4/30/2023** | $14240 | $22199 | $18548 |
| **5/31/2023** | $13712 | $22285 | $17833 |
| **6/30/2023** | $14555 | $23807 | $19017 |
| **7/31/2023** | $14820 | $24661 | $19686 |
| **8/31/2023** | $14432 | $24185 | $19154 |
| **9/30/2023** | $13756 | $23032 | $18415 |
| **10/31/2023** | $13551 | $22422 | $17766 |
| **11/30/2023** | $14452 | $24513 | $19106 |
| **12/31/2023** | $15267 | $25813 | $20164 |
| **1/31/2024** | $15473 | $26099 | $20185 |
| **2/29/2024** | $16070 | $27512 | $20930 |
| **3/31/2024** | $16754 | $28399 | $21976 |
| **4/30/2024** | $16049 | $27150 | $21037 |
| **5/31/2024** | $16505 | $28432 | $21704 |
| **6/30/2024** | $16548 | $29313 | $21500 |
| **7/31/2024** | $17275 | $29857 | $22599 |
| **8/31/2024** | $17795 | $30507 | $23205 |
| **9/30/2024** | $18126 | $31138 | $23528 |
| **10/31/2024** | $17896 | $30910 | $23269 |
| **11/30/2024** | $18939 | $32966 | $24755 |
| **12/31/2024** | $17797 | $31958 | $23061 |
| **1/31/2025** | $18403 | $32967 | $24129 |
| **2/28/2025** | $18583 | $32336 | $24227 |
| **3/31/2025** | $17912 | $30449 | $23554 |
| **4/30/2025** | $17551 | $30245 | $22836 |
| **5/31/2025** | $18362 | $32162 | $23638 |
| **6/30/2025** | $18876 | $33796 | $24446 |
| **7/31/2025** | $18785 | $34540 | $24586 |
| **8/31/2025** | $19193 | $35340 | $25370 |
| **9/30/2025** | $19475 | $36559 | $25749 |
| **10/31/2025** | $19339 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CP4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 8.06% | 11.22% | 6.82% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $194373890 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1256456 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.4% |
| Information Technology | 20.1 |
| Industrials | 17.5 |
| Health Care | 12.9 |
| Materials | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 5.0 |
| Consumer Discretionary | 4.0 |
| Real Estate | 3.0 |
| Utilities | 1.2 |
| Energy | 1.1 |
| Repurchase Agreements | 1.4 |
| 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 Sustainable Equity Income

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Broadcom, Inc. | 4.7% |
| Cisco Systems, Inc. | 4.5 |
| Alphabet, Inc., Class A | 3.9 |
| Gilead Sciences, Inc. | 3.9 |
| Morgan Stanley | 3.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.7 |
| Bank of America Corp. | 3.5 |
| Microsoft Corp. | 3.2 |
| CME Group, Inc. | 3.2 |
| MetLife, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Sustainable Equity Income

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica Sustainable Equity Income

# Class R6

## TADFX
October 31, 2025

## Fund Overview
Transamerica Sustainable Equity Income (the "Fund") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This 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 R6 | $80 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 8.07%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 11.15% over the same period.

* Sector allocation added value, but stock selection detracted from relative performance. 

* From an allocation perspective, the Fund's underweight allocations to the energy and consumer staples sectors added value, as did an overweight to technology, which benefited from significant investor enthusiasm for the artificial intelligence ('AI') theme. 

* Stock selection was disappointing within the consumer discretionary, industrials and consumer staples sectors, which accounted for the bulk of the overall negative selection effect. 

* Within consumer staples, holding Colgate Palmolive was one of the main individual detractors, as the company struggled with a difficult industry backdrop in relation to volumes and pricing. 

* Alphabet, the parent company of Google, was added to the Russell 1000<sup>®</sup> Value Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025, and the stock went on to outperform the index materially. Alphabet was added to the Fund during the third quarter of 2025 but was a large relative detractor because the Fund missed out on the gains the stock had already recorded since being added to the index. 

* The Fund also faced a relative headwind versus the index by not owning JPMorgan Chase. The stock performed well but does not pass the Fund's responsible investment criteria and therefore cannot be held by the Fund. 

* Advertising specialist Omnicom, energy pipeline firm ONEOK and Packaging Corporation of America also detracted from benchmark relative performance. 

* Despite the above, there were also a number of positive performers. Stock picking in the technology sector added value, as a number of the Fund's AI-related holdings saw a huge surge in demand. Examples included Broadcom, Taiwan Semiconductor Manufacturing Company, Microsoft and KLA Corporation.

* Stock selection was also accretive in health care, primarily driven by Gilead Sciences, which delivered a string of positive earnings releases.

* The views expressed reflect the opinions of Aegon Asset Management UK plc 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 Sustainable Equity Income

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g96d92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10094 | $10055 | $10038 |
| **12/31/2015** | $9896 | $9849 | $9822 |
| **1/31/2016** | $9490 | $9293 | $9315 |
| **2/29/2016** | $9472 | $9290 | $9312 |
| **3/31/2016** | $10012 | $9944 | $9983 |
| **4/30/2016** | $10235 | $10006 | $10193 |
| **5/31/2016** | $10272 | $10185 | $10351 |
| **6/30/2016** | $10354 | $10206 | $10441 |
| **7/31/2016** | $10643 | $10611 | $10744 |
| **8/31/2016** | $10708 | $10638 | $10827 |
| **9/30/2016** | $10542 | $10655 | $10804 |
| **10/31/2016** | $10457 | $10424 | $10637 |
| **11/30/2016** | $11123 | $10891 | $11245 |
| **12/31/2016** | $11362 | $11103 | $11526 |
| **1/31/2017** | $11459 | $11312 | $11608 |
| **2/28/2017** | $11933 | $11733 | $12025 |
| **3/31/2017** | $11843 | $11741 | $11902 |
| **4/30/2017** | $11833 | $11865 | $11880 |
| **5/31/2017** | $11941 | $11987 | $11868 |
| **6/30/2017** | $12185 | $12095 | $12062 |
| **7/31/2017** | $12164 | $12323 | $12223 |
| **8/31/2017** | $12087 | $12347 | $12080 |
| **10/31/2017** | $12619 | $12924 | $12528 |
| **11/30/2017** | $12936 | $13316 | $12912 |
| **12/31/2017** | $13217 | $13450 | $13101 |
| **1/31/2018** | $13663 | $14158 | $13607 |
| **2/28/2018** | $12947 | $13637 | $12957 |
| **3/31/2018** | $12749 | $13363 | $12729 |
| **4/30/2018** | $12891 | $13414 | $12771 |
| **5/31/2018** | $12808 | $13792 | $12847 |
| **6/30/2018** | $12841 | $13883 | $12879 |
| **7/31/2018** | $13363 | $14343 | $13389 |
| **8/31/2018** | $13446 | $14847 | $13587 |
| **9/30/2018** | $13392 | $14871 | $13614 |
| **10/31/2018** | $12629 | $13776 | $12909 |
| **11/30/2018** | $12891 | $14052 | $13294 |
| **12/31/2018** | $11622 | $12745 | $12018 |
| **1/31/2019** | $12567 | $13838 | $12953 |
| **2/28/2019** | $12891 | $14325 | $13367 |
| **3/31/2019** | $12931 | $14534 | $13452 |
| **4/30/2019** | $13186 | $15115 | $13929 |
| **5/31/2019** | $12249 | $14137 | $13033 |
| **6/30/2019** | $13151 | $15129 | $13969 |
| **7/31/2019** | $13323 | $15354 | $14085 |
| **8/31/2019** | $13080 | $15041 | $13671 |
| **9/30/2019** | $13536 | $15305 | $14158 |
| **10/31/2019** | $13737 | $15635 | $14356 |
| **11/30/2019** | $14081 | $16229 | $14800 |
| **12/31/2019** | $14347 | $16698 | $15207 |
| **1/31/2020** | $13810 | $16680 | $14880 |
| **2/29/2020** | $12476 | $15314 | $13439 |
| **3/31/2020** | $10080 | $13208 | $11142 |
| **4/30/2020** | $10949 | $14957 | $12395 |
| **5/31/2020** | $11392 | $15757 | $12820 |
| **6/30/2020** | $11277 | $16117 | $12735 |
| **7/31/2020** | $11557 | $17033 | $13238 |
| **8/31/2020** | $11821 | $18266 | $13785 |
| **9/30/2020** | $11483 | $17601 | $13447 |
| **10/31/2020** | $11367 | $17221 | $13270 |
| **11/30/2020** | $13008 | $19317 | $15055 |
| **12/31/2020** | $13249 | $20186 | $15632 |
| **1/31/2021** | $13249 | $20096 | $15489 |
| **2/28/2021** | $13466 | $20724 | $16425 |
| **3/31/2021** | $14339 | $21467 | $17392 |
| **4/30/2021** | $14709 | $22573 | $18087 |
| **5/31/2021** | $15179 | $22676 | $18509 |
| **6/30/2021** | $15141 | $23236 | $18297 |
| **7/31/2021** | $15477 | $23628 | $18444 |
| **8/31/2021** | $16016 | $24302 | $18809 |
| **9/30/2021** | $15136 | $23212 | $18155 |
| **10/31/2021** | $16063 | $24782 | $19077 |
| **11/30/2021** | $15473 | $24404 | $18404 |
| **12/31/2021** | $16211 | $25365 | $19565 |
| **1/31/2022** | $15460 | $23873 | $19110 |
| **2/28/2022** | $15005 | $23272 | $18888 |
| **3/31/2022** | $15461 | $24026 | $19421 |
| **4/30/2022** | $14527 | $21870 | $18326 |
| **5/31/2022** | $14626 | $21841 | $18682 |
| **6/30/2022** | $13496 | $20014 | $17050 |
| **7/31/2022** | $14196 | $21891 | $18180 |
| **8/31/2022** | $13716 | $21074 | $17639 |
| **9/30/2022** | $12531 | $19120 | $16092 |
| **10/31/2022** | $13778 | $20688 | $17742 |
| **11/30/2022** | $14904 | $21768 | $18850 |
| **12/31/2022** | $14363 | $20493 | $18091 |
| **1/31/2023** | $14969 | $21905 | $19028 |
| **2/28/2023** | $14586 | $21393 | $18357 |
| **3/31/2023** | $14303 | $21965 | $18273 |
| **4/30/2023** | $14243 | $22199 | $18548 |
| **5/31/2023** | $13695 | $22285 | $17833 |
| **6/30/2023** | $14558 | $23807 | $19017 |
| **7/31/2023** | $14802 | $24661 | $19686 |
| **8/31/2023** | $14435 | $24185 | $19154 |
| **9/30/2023** | $13759 | $23032 | $18415 |
| **10/31/2023** | $13554 | $22422 | $17766 |
| **11/30/2023** | $14434 | $24513 | $19106 |
| **12/31/2023** | $15249 | $25813 | $20164 |
| **1/31/2024** | $15476 | $26099 | $20185 |
| **2/29/2024** | $16053 | $27512 | $20930 |
| **3/31/2024** | $16736 | $28399 | $21976 |
| **4/30/2024** | $16053 | $27150 | $21037 |
| **5/31/2024** | $16488 | $28432 | $21704 |
| **6/30/2024** | $16551 | $29313 | $21500 |
| **7/31/2024** | $17279 | $29857 | $22599 |
| **8/31/2024** | $17778 | $30507 | $23205 |
| **9/30/2024** | $18129 | $31138 | $23528 |
| **10/31/2024** | $17879 | $30910 | $23269 |
| **11/30/2024** | $18943 | $32966 | $24755 |
| **12/31/2024** | $17780 | $31958 | $23061 |
| **1/31/2025** | $18386 | $32967 | $24129 |
| **2/28/2025** | $18588 | $32336 | $24227 |
| **3/31/2025** | $17895 | $30449 | $23554 |
| **4/30/2025** | $17534 | $30245 | $22836 |
| **5/31/2025** | $18346 | $32162 | $23638 |
| **6/30/2025** | $18859 | $33796 | $24446 |
| **7/31/2025** | $18768 | $34540 | $24586 |
| **8/31/2025** | $19199 | $35340 | $25370 |
| **9/30/2025** | $19481 | $36559 | $25749 |
| **10/31/2025** | $19322 | $37343 | $25863 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CPB | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 8.07% | 11.19% | 6.81% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 11.15% | 14.28% | 9.97% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $194373890 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1256456 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 22.4% |
| Information Technology | 20.1 |
| Industrials | 17.5 |
| Health Care | 12.9 |
| Materials | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 5.0 |
| Consumer Discretionary | 4.0 |
| Real Estate | 3.0 |
| Utilities | 1.2 |
| Energy | 1.1 |
| Repurchase Agreements | 1.4 |
| 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 Sustainable Equity Income

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Broadcom, Inc. | 4.7% |
| Cisco Systems, Inc. | 4.5 |
| Alphabet, Inc., Class A | 3.9 |
| Gilead Sciences, Inc. | 3.9 |
| Morgan Stanley | 3.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.7 |
| Bank of America Corp. | 3.5 |
| Microsoft Corp. | 3.2 |
| CME Group, Inc. | 3.2 |
| MetLife, Inc. | 3.1 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or 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](g66697g70e46.jpg)

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

Transamerica Sustainable Equity Income

Class R6

![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica UltraShort Bond

# Class A

## TUSBX
October 31, 2025

## Fund Overview
Transamerica UltraShort Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. 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 | $70 | 0.69% |

---

## 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 4.14%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg Short-Term Government Corporate Index, returned 4.55% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which contributed to additional yield relative to the Bloomberg Short-Term Government Corporate Index, a benchmark of the Fund. Positive impacts of credit spread compression during the fiscal year also contributed to benchmark relative returns.

* While overall duration was managed relatively in line with the benchmark, the Fund had slightly more exposure to longer-dated debt, which modestly detracted from relative returns given yield curve changes during the fiscal year. 

* At a sector level, allocations to asset-backed securities (ABS), selection within investment grade corporate credit and an underweight allocation to government securities contributed to relative returns. While there were no detractors from relative returns at a sector level, allocations to commercial paper and commercial mortgage-backed securities contributed the least.

* Within investment grade corporate bonds, an overweight allocation to banking and selection within banking and capital goods contributed the most to relative returns, while underweight allocations to consumer cyclicals, technology and electric detracted from benchmark relative performance.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Allocations to commercial paper were reduced during the fiscal year in favor of what the sub-adviser viewed as more attractive opportunities in investment grade corporate credit and ABS. The additions in ABS were largely made in high-quality sub-sectors viewed favorably by the sub-adviser, including transactions backed by credit card receivables, auto loans and equipment leases. Increases in investment grade corporate credit primarily occurred in banking.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 UltraShort Bond

# Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g99c44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Bloomberg US Universal Bond Index** | **Bloomberg Short-Term Government Corporate Index** |
| **3/31/2023** | $10000 | $10000 | $10000 |
| **4/30/2023** | $10037 | $10061 | $10032 |
| **5/31/2023** | $10076 | $9957 | $10059 |
| **6/30/2023** | $10114 | $9941 | $10100 |
| **7/31/2023** | $10164 | $9951 | $10146 |
| **8/31/2023** | $10215 | $9891 | $10191 |
| **9/30/2023** | $10256 | $9655 | $10234 |
| **10/31/2023** | $10290 | $9510 | $10280 |
| **11/30/2023** | $10342 | $9938 | $10337 |
| **12/31/2023** | $10402 | $10315 | $10396 |
| **1/31/2024** | $10455 | $10291 | $10441 |
| **2/29/2024** | $10485 | $10167 | $10473 |
| **3/31/2024** | $10526 | $10267 | $10519 |
| **4/30/2024** | $10557 | $10027 | $10557 |
| **5/31/2024** | $10608 | $10193 | $10608 |
| **6/30/2024** | $10650 | $10287 | $10653 |
| **7/31/2024** | $10713 | $10520 | $10713 |
| **8/31/2024** | $10765 | $10675 | $10772 |
| **9/30/2024** | $10825 | $10821 | $10830 |
| **10/31/2024** | $10850 | $10576 | $10860 |
| **11/30/2024** | $10886 | $10687 | $10901 |
| **12/31/2024** | $10931 | $10526 | $10948 |
| **1/31/2025** | $10968 | $10589 | $10989 |
| **2/28/2025** | $11003 | $10808 | $11028 |
| **3/31/2025** | $11038 | $10805 | $11070 |
| **4/30/2025** | $11073 | $10844 | $11110 |
| **5/31/2025** | $11109 | $10789 | $11141 |
| **6/30/2025** | $11144 | $10957 | $11185 |
| **7/31/2025** | $11181 | $10941 | $11218 |
| **8/31/2025** | $11229 | $11072 | $11272 |
| **9/30/2025** | $11274 | $11190 | $11317 |
| **10/31/2025** | $11300 | $11264 | $11355 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3A81 | **1 Year** | **Since Inception 3/31/23** |
| Class A | 4.14% | 4.84% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 4.71% |
| Bloomberg Short-Term Government Corporate Index<sup>Footnote Reference(b)</sup> | 4.55% | 5.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg Short-Term Government Corporate Index is a broad-based flagship benchmark that measures the non-securitized component of the US Aggregate 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 | $36128920 |
| Number of Portfolio Holdings | 133 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $0 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.56 years |
| Duration<sup>Footnote Reference†</sup> | 0.51 years |

---

---

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

---

# Transamerica UltraShort Bond

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 24.0% |
| AA | 1.6 |
| A | 19.2 |
| BBB | 22.5 |
| NR (Not Rated) | 31.9 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 40.2% |
| Commercial Paper | 31.9 |
| Asset-Backed Securities | 26.4 |
| Mortgage-Backed Securities | 0.7 |
| Repurchase Agreements | 0.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.82%, 04/25/2035 | 1.9% |
| American Express Credit Account Master Trust, Series 2023-1, Class A, 4.87%, 05/15/2028 | 1.7 |
| BA Credit Card Trust, Series 2023-A1, Class A1, 4.79%, 05/15/2028 | 1.7 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A1, 4.92%, 05/15/2028 | 1.7 |
| Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31%, 03/15/2028 | 1.7 |
| Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.37%, 10/17/2033 | 1.6 |
| Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.06%, 08/15/2028 | 1.6 |
| Endeavour Funding Co. LLC, 4.03%, 04/10/2026 | 1.6 |
| GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.17%, 06/12/2034 | 1.6 |
| Bayer Corp., 4.02%, 07/20/2026 | 1.6 |

---

# Transamerica UltraShort Bond
Class A

## 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](g66697g70e46.jpg)

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

# Transamerica UltraShort Bond

# Class A
![Image](g66697g67g43.jpg)

Annual Shareholder Report

# Transamerica UltraShort Bond

# Class I

## TUSFX
October 31, 2025

## Fund Overview
Transamerica UltraShort Bond (the "Fund") seeks a high level of income consistent with minimal fluctuation in principal value and liquidity. 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 | $36 | 0.35% |

---

## 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 4.60%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg Short-Term Government Corporate Index, returned 4.55% over the same period.

* The primary contributor to benchmark relative performance was an overweight to credit, which contributed to additional yield relative to the Bloomberg Short-Term Government Corporate Index, a benchmark of the Fund. Positive impacts of credit spread compression during the fiscal year also contributed to benchmark relative returns.

* While overall duration was managed relatively in line with the benchmark, the Fund had slightly more exposure to longer-dated debt, which modestly detracted from relative returns given yield curve changes during the fiscal year. 

* At a sector level, allocations to asset-backed securities (ABS), selection within investment grade corporate credit and an underweight allocation to government securities contributed to relative returns. While there were no detractors from relative returns at a sector level, allocations to commercial paper and commercial mortgage-backed securities contributed the least.

* Within investment grade corporate bonds, an overweight allocation to banking and selection within banking and capital goods contributed the most to relative returns, while underweight allocations to consumer cyclicals, technology and electric detracted from benchmark relative performance.

* During the fiscal year, the sub-adviser adjusted allocations to reflect developments in the economic environment and evolving views on relative value across sectors.

* Allocations to commercial paper were reduced during the fiscal year in favor of what the sub-adviser viewed as more attractive opportunities in investment grade corporate credit and ABS. The additions in ABS were largely made in high-quality sub-sectors viewed favorably by the sub-adviser, including transactions backed by credit card receivables, auto loans and equipment leases. Increases in investment grade corporate credit primarily occurred in banking.

* The views expressed reflect the opinions of Aegon USA Investment Management, LLC 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 UltraShort Bond

# Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g67w13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Universal Bond Index** | **Bloomberg Short-Term Government Corporate Index** |
| **3/31/2023** | $10000 | $10000 | $10000 |
| **4/30/2023** | $10040 | $10061 | $10032 |
| **5/31/2023** | $10073 | $9957 | $10059 |
| **6/30/2023** | $10123 | $9941 | $10100 |
| **7/31/2023** | $10176 | $9951 | $10146 |
| **8/31/2023** | $10220 | $9891 | $10191 |
| **9/30/2023** | $10264 | $9655 | $10234 |
| **10/31/2023** | $10311 | $9510 | $10280 |
| **11/30/2023** | $10366 | $9938 | $10337 |
| **12/31/2023** | $10429 | $10315 | $10396 |
| **1/31/2024** | $10485 | $10291 | $10441 |
| **2/29/2024** | $10518 | $10167 | $10473 |
| **3/31/2024** | $10563 | $10267 | $10519 |
| **4/30/2024** | $10596 | $10027 | $10557 |
| **5/31/2024** | $10651 | $10193 | $10608 |
| **6/30/2024** | $10696 | $10287 | $10653 |
| **7/31/2024** | $10763 | $10520 | $10713 |
| **8/31/2024** | $10818 | $10675 | $10772 |
| **9/30/2024** | $10881 | $10821 | $10830 |
| **10/31/2024** | $10901 | $10576 | $10860 |
| **11/30/2024** | $10951 | $10687 | $10901 |
| **12/31/2024** | $10989 | $10526 | $10948 |
| **1/31/2025** | $11029 | $10589 | $10989 |
| **2/28/2025** | $11078 | $10808 | $11028 |
| **3/31/2025** | $11116 | $10805 | $11070 |
| **4/30/2025** | $11155 | $10844 | $11110 |
| **5/31/2025** | $11194 | $10789 | $11141 |
| **6/30/2025** | $11233 | $10957 | $11185 |
| **7/31/2025** | $11273 | $10941 | $11218 |
| **8/31/2025** | $11324 | $11072 | $11272 |
| **9/30/2025** | $11373 | $11190 | $11317 |
| **10/31/2025** | $11402 | $11264 | $11355 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3A88 | **1 Year** | **Since Inception 3/31/23** |
| Class I | 4.60% | 5.20% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 4.71% |
| Bloomberg Short-Term Government Corporate Index<sup>Footnote Reference(b)</sup> | 4.55% | 5.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg Short-Term Government Corporate Index is a broad-based flagship benchmark that measures the non-securitized component of the US Aggregate 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 | $36128920 |
| Number of Portfolio Holdings | 133 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $0 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.56 years |
| Duration<sup>Footnote Reference†</sup> | 0.51 years |

---

---

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

---

# Transamerica UltraShort Bond

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 24.0% |
| AA | 1.6 |
| A | 19.2 |
| BBB | 22.5 |
| NR (Not Rated) | 31.9 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 40.2% |
| Commercial Paper | 31.9 |
| Asset-Backed Securities | 26.4 |
| Mortgage-Backed Securities | 0.7 |
| Repurchase Agreements | 0.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| 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. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.82%, 04/25/2035 | 1.9% |
| American Express Credit Account Master Trust, Series 2023-1, Class A, 4.87%, 05/15/2028 | 1.7 |
| BA Credit Card Trust, Series 2023-A1, Class A1, 4.79%, 05/15/2028 | 1.7 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A1, 4.92%, 05/15/2028 | 1.7 |
| Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31%, 03/15/2028 | 1.7 |
| Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.37%, 10/17/2033 | 1.6 |
| Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.06%, 08/15/2028 | 1.6 |
| Endeavour Funding Co. LLC, 4.03%, 04/10/2026 | 1.6 |
| GM Financial Revolving Receivables Trust, Series 2021-1, Class A, 1.17%, 06/12/2034 | 1.6 |
| Bayer Corp., 4.02%, 07/20/2026 | 1.6 |

---

# Transamerica UltraShort Bond
Class I

## 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](g66697g70e46.jpg)

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

# Transamerica UltraShort Bond

# Class I
![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica US Growth

# Class A

## TADAX
October 31, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. 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 | $114 | 1.00% |

---

## 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 27.81%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund at NAV underperformed the Russell 1000<sup>®</sup> Growth Total Return Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. The Fund's overweight positions to financials and materials detracted the most from the Fund's relative performance. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights to Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight to Chipotle, a fast casual restaurant chain.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 US Growth

Class A

## Fund Overview

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

![Growth of 10K Chart](g66697g79q91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $9448 | $10000 | $10000 |
| **11/30/2015** | $9410 | $10055 | $10028 |
| **12/31/2015** | $9264 | $9849 | $9881 |
| **1/31/2016** | $8687 | $9293 | $9329 |
| **2/29/2016** | $8610 | $9290 | $9325 |
| **3/31/2016** | $9198 | $9944 | $9954 |
| **4/30/2016** | $9131 | $10006 | $9863 |
| **5/31/2016** | $9386 | $10185 | $10055 |
| **6/30/2016** | $9325 | $10206 | $10015 |
| **7/31/2016** | $9741 | $10611 | $10488 |
| **8/31/2016** | $9625 | $10638 | $10436 |
| **9/30/2016** | $9602 | $10655 | $10474 |
| **10/31/2016** | $9358 | $10424 | $10228 |
| **11/30/2016** | $9453 | $10891 | $10451 |
| **12/31/2016** | $9483 | $11103 | $10580 |
| **1/31/2017** | $9841 | $11312 | $10937 |
| **2/28/2017** | $10255 | $11733 | $11391 |
| **3/31/2017** | $10374 | $11741 | $11523 |
| **4/30/2017** | $10646 | $11865 | $11786 |
| **5/31/2017** | $10986 | $11987 | $12093 |
| **6/30/2017** | $10867 | $12095 | $12061 |
| **7/31/2017** | $11174 | $12323 | $12381 |
| **8/31/2017** | $11287 | $12347 | $12608 |
| **9/30/2017** | $11310 | $12648 | $12772 |
| **10/31/2017** | $11769 | $12924 | $13267 |
| **11/30/2017** | $12104 | $13316 | $13670 |
| **12/31/2017** | $12208 | $13450 | $13777 |
| **1/31/2018** | $13132 | $14158 | $14752 |
| **2/28/2018** | $12837 | $13637 | $14366 |
| **3/31/2018** | $12547 | $13363 | $13972 |
| **4/30/2018** | $12585 | $13414 | $14020 |
| **5/31/2018** | $13189 | $13792 | $14635 |
| **6/30/2018** | $13390 | $13883 | $14776 |
| **7/31/2018** | $13723 | $14343 | $15210 |
| **8/31/2018** | $14509 | $14847 | $16041 |
| **9/30/2018** | $14565 | $14871 | $16131 |
| **10/31/2018** | $13151 | $13776 | $14688 |
| **11/30/2018** | $13339 | $14052 | $14844 |
| **12/31/2018** | $12172 | $12745 | $13568 |
| **1/31/2019** | $13430 | $13838 | $14788 |
| **2/28/2019** | $14010 | $14325 | $15317 |
| **3/31/2019** | $14293 | $14534 | $15753 |
| **4/30/2019** | $15064 | $15115 | $16464 |
| **5/31/2019** | $14131 | $14137 | $15424 |
| **6/30/2019** | $15064 | $15129 | $16484 |
| **7/31/2019** | $15354 | $15354 | $16856 |
| **8/31/2019** | $15022 | $15041 | $16727 |
| **9/30/2019** | $15191 | $15305 | $16729 |
| **10/31/2019** | $15672 | $15635 | $17200 |
| **11/30/2019** | $16450 | $16229 | $17964 |
| **12/31/2019** | $16961 | $16698 | $18506 |
| **1/31/2020** | $17329 | $16680 | $18919 |
| **2/29/2020** | $16034 | $15314 | $17631 |
| **3/31/2020** | $14324 | $13208 | $15896 |
| **4/30/2020** | $16440 | $14957 | $18249 |
| **5/31/2020** | $17582 | $15757 | $19474 |
| **6/30/2020** | $18287 | $16117 | $20322 |
| **7/31/2020** | $19536 | $17033 | $21885 |
| **8/31/2020** | $21452 | $18266 | $24144 |
| **9/30/2020** | $20640 | $17601 | $23008 |
| **10/31/2020** | $19866 | $17221 | $22226 |
| **11/30/2020** | $22027 | $19317 | $24502 |
| **12/31/2020** | $23048 | $20186 | $25629 |
| **1/31/2021** | $22736 | $20096 | $25439 |
| **2/28/2021** | $22913 | $20724 | $25433 |
| **3/31/2021** | $23317 | $21467 | $25870 |
| **4/30/2021** | $24748 | $22573 | $27630 |
| **5/31/2021** | $24335 | $22676 | $27248 |
| **6/30/2021** | $25649 | $23236 | $28958 |
| **7/31/2021** | $26364 | $23628 | $29912 |
| **8/31/2021** | $27240 | $24302 | $31030 |
| **9/30/2021** | $25708 | $23212 | $29293 |
| **10/31/2021** | $27551 | $24782 | $31830 |
| **11/30/2021** | $27214 | $24404 | $32024 |
| **12/31/2021** | $27705 | $25365 | $32701 |
| **1/31/2022** | $25329 | $23873 | $29895 |
| **2/28/2022** | $24103 | $23272 | $28625 |
| **3/31/2022** | $24926 | $24026 | $29745 |
| **4/30/2022** | $22062 | $21870 | $26153 |
| **5/31/2022** | $21420 | $21841 | $25545 |
| **6/30/2022** | $19456 | $20014 | $23521 |
| **7/31/2022** | $21823 | $21891 | $26344 |
| **8/31/2022** | $20759 | $21074 | $25117 |
| **9/30/2022** | $18671 | $19120 | $22675 |
| **10/31/2022** | $19571 | $20688 | $24001 |
| **11/30/2022** | $20405 | $21768 | $25094 |
| **12/31/2022** | $18937 | $20493 | $23173 |
| **1/31/2023** | $20669 | $21905 | $25105 |
| **2/28/2023** | $20229 | $21393 | $24807 |
| **3/31/2023** | $21631 | $21965 | $26502 |
| **4/30/2023** | $21851 | $22199 | $26764 |
| **5/31/2023** | $22822 | $22285 | $27984 |
| **6/30/2023** | $24485 | $23807 | $29897 |
| **7/31/2023** | $25076 | $24661 | $30904 |
| **8/31/2023** | $24745 | $24185 | $30627 |
| **9/30/2023** | $23403 | $23032 | $28961 |
| **10/31/2023** | $23113 | $22422 | $28549 |
| **11/30/2023** | $25526 | $24513 | $31661 |
| **12/31/2023** | $26775 | $25813 | $33063 |
| **1/31/2024** | $27616 | $26099 | $33888 |
| **2/29/2024** | $29838 | $27512 | $36200 |
| **3/31/2024** | $30346 | $28399 | $36837 |
| **4/30/2024** | $28893 | $27150 | $35275 |
| **5/31/2024** | $30024 | $28432 | $37386 |
| **6/30/2024** | $31820 | $29313 | $39907 |
| **7/31/2024** | $31208 | $29857 | $39229 |
| **8/31/2024** | $31976 | $30507 | $40046 |
| **9/30/2024** | $32786 | $31138 | $41180 |
| **10/31/2024** | $32391 | $30910 | $41044 |
| **11/30/2024** | $34229 | $32966 | $43706 |
| **12/31/2024** | $34429 | $31958 | $44092 |
| **1/31/2025** | $35383 | $32967 | $44964 |
| **2/28/2025** | $33740 | $32336 | $43349 |
| **3/31/2025** | $30708 | $30449 | $39697 |
| **4/30/2025** | $31469 | $30245 | $40400 |
| **5/31/2025** | $34018 | $32162 | $43975 |
| **6/30/2025** | $36289 | $33796 | $46778 |
| **7/31/2025** | $37594 | $34540 | $48544 |
| **8/31/2025** | $37860 | $35340 | $49087 |
| **9/30/2025** | $39732 | $36559 | $51695 |
| **10/31/2025** | $41399 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3B41 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 20.76% | 14.51% | 15.27% |
| Class A | 27.81% | 15.82% | 15.92% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $3005707394 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16642063 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 54.0% |
| Communication Services | 14.2 |
| Consumer Discretionary | 11.5 |
| Financials | 7.0 |
| Industrials | 6.0 |
| Health Care | 4.8 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 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 US Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 8.2 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class A | 6.8 |
| Broadcom, Inc. | 6.4 |
| Amazon.com, Inc. | 5.3 |
| Meta Platforms, Inc., Class A | 3.9 |
| Eli Lilly & Co. | 3.1 |
| Mastercard, Inc., Class A | 2.7 |
| Oracle Corp. | 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](g66697g70e46.jpg)

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

Transamerica US Growth

Class A

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica US Growth

# Class C

## TADCX
October 31, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. 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 | $204 | 1.80% |

---

## 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 26.80%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund at NAV underperformed the Russell 1000<sup>®</sup> Growth Total Return Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. The Fund's overweight positions to financials and materials detracted the most from the Fund's relative performance. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights to Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight to Chipotle, a fast casual restaurant chain.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 US Growth

Class C

## Fund Overview

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

![Growth of 10K Chart](g66697g57l68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9953 | $10055 | $10028 |
| **12/31/2015** | $9793 | $9849 | $9881 |
| **1/31/2016** | $9173 | $9293 | $9329 |
| **2/29/2016** | $9088 | $9290 | $9325 |
| **3/31/2016** | $9702 | $9944 | $9954 |
| **4/30/2016** | $9629 | $10006 | $9863 |
| **5/31/2016** | $9890 | $10185 | $10055 |
| **6/30/2016** | $9817 | $10206 | $10015 |
| **7/31/2016** | $10254 | $10611 | $10488 |
| **8/31/2016** | $10121 | $10638 | $10436 |
| **9/30/2016** | $10090 | $10655 | $10474 |
| **10/31/2016** | $9823 | $10424 | $10228 |
| **11/30/2016** | $9920 | $10891 | $10451 |
| **12/31/2016** | $9941 | $11103 | $10580 |
| **1/31/2017** | $10313 | $11312 | $10937 |
| **2/28/2017** | $10742 | $11733 | $11391 |
| **3/31/2017** | $10859 | $11741 | $11523 |
| **4/30/2017** | $11133 | $11865 | $11786 |
| **5/31/2017** | $11487 | $11987 | $12093 |
| **6/30/2017** | $11350 | $12095 | $12061 |
| **7/31/2017** | $11667 | $12323 | $12381 |
| **8/31/2017** | $11772 | $12347 | $12608 |
| **10/31/2017** | $12263 | $12924 | $13267 |
| **11/30/2017** | $12604 | $13316 | $13670 |
| **12/31/2017** | $12699 | $13450 | $13777 |
| **1/31/2018** | $13654 | $14158 | $14752 |
| **2/28/2018** | $13335 | $13637 | $14366 |
| **3/31/2018** | $13031 | $13363 | $13972 |
| **4/30/2018** | $13058 | $13414 | $14020 |
| **5/31/2018** | $13674 | $13792 | $14635 |
| **6/30/2018** | $13875 | $13883 | $14776 |
| **7/31/2018** | $14214 | $14343 | $15210 |
| **8/31/2018** | $15017 | $14847 | $16041 |
| **9/30/2018** | $15065 | $14871 | $16131 |
| **10/31/2018** | $13584 | $13776 | $14688 |
| **11/30/2018** | $13771 | $14052 | $14844 |
| **12/31/2018** | $12554 | $12745 | $13568 |
| **1/31/2019** | $13849 | $13838 | $14788 |
| **2/28/2019** | $14438 | $14325 | $15317 |
| **3/31/2019** | $14721 | $14534 | $15753 |
| **4/30/2019** | $15506 | $15115 | $16464 |
| **5/31/2019** | $14532 | $14137 | $15424 |
| **6/30/2019** | $15474 | $15129 | $16484 |
| **7/31/2019** | $15765 | $15354 | $16856 |
| **8/31/2019** | $15419 | $15041 | $16727 |
| **9/30/2019** | $15576 | $15305 | $16729 |
| **10/31/2019** | $16071 | $15635 | $17200 |
| **11/30/2019** | $16856 | $16229 | $17964 |
| **12/31/2019** | $17368 | $16698 | $18506 |
| **1/31/2020** | $17736 | $16680 | $18919 |
| **2/29/2020** | $16399 | $15314 | $17631 |
| **3/31/2020** | $14634 | $13208 | $15896 |
| **4/30/2020** | $16793 | $14957 | $18249 |
| **5/31/2020** | $17950 | $15757 | $19474 |
| **6/30/2020** | $18653 | $16117 | $20322 |
| **7/31/2020** | $19912 | $17033 | $21885 |
| **8/31/2020** | $21849 | $18266 | $24144 |
| **9/30/2020** | $21009 | $17601 | $23008 |
| **10/31/2020** | $20204 | $17221 | $22226 |
| **11/30/2020** | $22388 | $19317 | $24502 |
| **12/31/2020** | $23408 | $20186 | $25629 |
| **1/31/2021** | $23076 | $20096 | $25439 |
| **2/28/2021** | $23247 | $20724 | $25433 |
| **3/31/2021** | $23646 | $21467 | $25870 |
| **4/30/2021** | $25072 | $22573 | $27630 |
| **5/31/2021** | $24644 | $22676 | $27248 |
| **6/30/2021** | $25946 | $23236 | $28958 |
| **7/31/2021** | $26659 | $23628 | $29912 |
| **8/31/2021** | $27524 | $24302 | $31030 |
| **9/30/2021** | $25956 | $23212 | $29293 |
| **10/31/2021** | $27809 | $24782 | $31830 |
| **11/30/2021** | $27448 | $24404 | $32024 |
| **12/31/2021** | $27924 | $25365 | $32701 |
| **1/31/2022** | $25516 | $23873 | $29895 |
| **2/28/2022** | $24262 | $23272 | $28625 |
| **3/31/2022** | $25076 | $24026 | $29745 |
| **4/30/2022** | $22172 | $21870 | $26153 |
| **5/31/2022** | $21512 | $21841 | $25545 |
| **6/30/2022** | $19522 | $20014 | $23521 |
| **7/31/2022** | $21897 | $21891 | $26344 |
| **8/31/2022** | $20819 | $21074 | $25117 |
| **9/30/2022** | $18708 | $19120 | $22675 |
| **10/31/2022** | $19599 | $20688 | $24001 |
| **11/30/2022** | $20423 | $21768 | $25094 |
| **12/31/2022** | $18947 | $20493 | $23173 |
| **1/31/2023** | $20660 | $21905 | $25105 |
| **2/28/2023** | $20209 | $21393 | $24807 |
| **3/31/2023** | $21598 | $21965 | $26502 |
| **4/30/2023** | $21806 | $22199 | $26764 |
| **5/31/2023** | $22744 | $22285 | $27984 |
| **6/30/2023** | $24387 | $23807 | $29897 |
| **7/31/2023** | $24966 | $24661 | $30904 |
| **8/31/2023** | $24619 | $24185 | $30627 |
| **9/30/2023** | $23264 | $23032 | $28961 |
| **10/31/2023** | $22964 | $22422 | $28549 |
| **11/30/2023** | $25348 | $24513 | $31661 |
| **12/31/2023** | $26559 | $25813 | $33063 |
| **1/31/2024** | $27392 | $26099 | $33888 |
| **2/29/2024** | $29565 | $27512 | $36200 |
| **3/31/2024** | $30060 | $28399 | $36837 |
| **4/30/2024** | $28599 | $27150 | $35275 |
| **5/31/2024** | $29698 | $28432 | $37386 |
| **6/30/2024** | $31448 | $29313 | $39907 |
| **7/31/2024** | $30821 | $29857 | $39229 |
| **8/31/2024** | $31557 | $30507 | $40046 |
| **9/30/2024** | $32342 | $31138 | $41180 |
| **10/31/2024** | $31931 | $30910 | $41044 |
| **11/30/2024** | $33718 | $32966 | $43706 |
| **12/31/2024** | $33903 | $31958 | $44092 |
| **1/31/2025** | $34801 | $32967 | $44964 |
| **2/28/2025** | $33165 | $32336 | $43349 |
| **3/31/2025** | $30168 | $30449 | $39697 |
| **4/30/2025** | $30892 | $30245 | $40400 |
| **5/31/2025** | $33382 | $32162 | $43975 |
| **6/30/2025** | $35582 | $33796 | $46778 |
| **7/31/2025** | $36856 | $34540 | $48544 |
| **8/31/2025** | $37073 | $35340 | $49087 |
| **9/30/2025** | $38883 | $36559 | $51695 |
| **10/31/2025** | $40490 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3B43 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 25.80% | 14.92% | 15.01% |
| Class C | 26.80% | 14.92% | 15.01% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $3005707394 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16642063 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 54.0% |
| Communication Services | 14.2 |
| Consumer Discretionary | 11.5 |
| Financials | 7.0 |
| Industrials | 6.0 |
| Health Care | 4.8 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 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 US Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 8.2 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class A | 6.8 |
| Broadcom, Inc. | 6.4 |
| Amazon.com, Inc. | 5.3 |
| Meta Platforms, Inc., Class A | 3.9 |
| Eli Lilly & Co. | 3.1 |
| Mastercard, Inc., Class A | 2.7 |
| Oracle Corp. | 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](g66697g70e46.jpg)

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

Transamerica US Growth

Class C

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica US Growth

# Class I

## TDEIX
October 31, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. 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 | $88 | 0.77% |

---

## 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 28.11%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund underperformed the Russell 1000<sup>®</sup> Growth Total Return Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. The Fund's overweight positions to financials and materials detracted the most from the Fund's relative performance. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights to Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight to Chipotle, a fast casual restaurant chain.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 US Growth

Class I

## Fund Overview

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

![Growth of 10K Chart](g66697g92w55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9961 | $10055 | $10028 |
| **12/31/2015** | $9811 | $9849 | $9881 |
| **1/31/2016** | $9198 | $9293 | $9329 |
| **2/29/2016** | $9116 | $9290 | $9325 |
| **3/31/2016** | $9742 | $9944 | $9954 |
| **4/30/2016** | $9678 | $10006 | $9863 |
| **5/31/2016** | $9956 | $10185 | $10055 |
| **6/30/2016** | $9887 | $10206 | $10015 |
| **7/31/2016** | $10339 | $10611 | $10488 |
| **8/31/2016** | $10211 | $10638 | $10436 |
| **9/30/2016** | $10188 | $10655 | $10474 |
| **10/31/2016** | $9933 | $10424 | $10228 |
| **11/30/2016** | $10037 | $10891 | $10451 |
| **12/31/2016** | $10072 | $11103 | $10580 |
| **1/31/2017** | $10458 | $11312 | $10937 |
| **2/28/2017** | $10897 | $11733 | $11391 |
| **3/31/2017** | $11028 | $11741 | $11523 |
| **4/30/2017** | $11319 | $11865 | $11786 |
| **5/31/2017** | $11687 | $11987 | $12093 |
| **6/30/2017** | $11562 | $12095 | $12061 |
| **7/31/2017** | $11895 | $12323 | $12381 |
| **8/31/2017** | $12014 | $12347 | $12608 |
| **10/31/2017** | $12536 | $12924 | $13267 |
| **11/30/2017** | $12898 | $13316 | $13670 |
| **12/31/2017** | $13007 | $13450 | $13777 |
| **1/31/2018** | $13989 | $14158 | $14752 |
| **2/28/2018** | $13686 | $13637 | $14366 |
| **3/31/2018** | $13377 | $13363 | $13972 |
| **4/30/2018** | $13423 | $13414 | $14020 |
| **5/31/2018** | $14068 | $13792 | $14635 |
| **6/30/2018** | $14286 | $13883 | $14776 |
| **7/31/2018** | $14648 | $14343 | $15210 |
| **8/31/2018** | $15492 | $14847 | $16041 |
| **9/30/2018** | $15551 | $14871 | $16131 |
| **10/31/2018** | $14042 | $13776 | $14688 |
| **11/30/2018** | $14246 | $14052 | $14844 |
| **12/31/2018** | $13002 | $12745 | $13568 |
| **1/31/2019** | $14348 | $13838 | $14788 |
| **2/28/2019** | $14977 | $14325 | $15317 |
| **3/31/2019** | $15280 | $14534 | $15753 |
| **4/30/2019** | $16116 | $15115 | $16464 |
| **5/31/2019** | $15117 | $14137 | $15424 |
| **6/30/2019** | $16116 | $15129 | $16484 |
| **7/31/2019** | $16434 | $15354 | $16856 |
| **8/31/2019** | $16086 | $15041 | $16727 |
| **9/30/2019** | $16264 | $15305 | $16729 |
| **10/31/2019** | $16789 | $15635 | $17200 |
| **11/30/2019** | $17625 | $16229 | $17964 |
| **12/31/2019** | $18182 | $16698 | $18506 |
| **1/31/2020** | $18574 | $16680 | $18919 |
| **2/29/2020** | $17190 | $15314 | $17631 |
| **3/31/2020** | $15358 | $13208 | $15896 |
| **4/30/2020** | $17638 | $14957 | $18249 |
| **5/31/2020** | $18862 | $15757 | $19474 |
| **6/30/2020** | $19621 | $16117 | $20322 |
| **7/31/2020** | $20973 | $17033 | $21885 |
| **8/31/2020** | $23029 | $18266 | $24144 |
| **9/30/2020** | $22165 | $17601 | $23008 |
| **10/31/2020** | $21333 | $17221 | $22226 |
| **11/30/2020** | $23661 | $19317 | $24502 |
| **12/31/2020** | $24758 | $20186 | $25629 |
| **1/31/2021** | $24425 | $20096 | $25439 |
| **2/28/2021** | $24627 | $20724 | $25433 |
| **3/31/2021** | $25074 | $21467 | $25870 |
| **4/30/2021** | $26607 | $22573 | $27630 |
| **5/31/2021** | $26169 | $22676 | $27248 |
| **6/30/2021** | $27588 | $23236 | $28958 |
| **7/31/2021** | $28359 | $23628 | $29912 |
| **8/31/2021** | $29305 | $24302 | $31030 |
| **9/30/2021** | $27667 | $23212 | $29293 |
| **10/31/2021** | $29664 | $24782 | $31830 |
| **11/30/2021** | $29305 | $24404 | $32024 |
| **12/31/2021** | $29833 | $25365 | $32701 |
| **1/31/2022** | $27282 | $23873 | $29895 |
| **2/28/2022** | $25962 | $23272 | $28625 |
| **3/31/2022** | $26855 | $24026 | $29745 |
| **4/30/2022** | $23809 | $21870 | $26153 |
| **5/31/2022** | $23134 | $21841 | $25545 |
| **6/30/2022** | $21010 | $20014 | $23521 |
| **7/31/2022** | $23570 | $21891 | $26344 |
| **8/31/2022** | $22439 | $21074 | $25117 |
| **9/30/2022** | $20176 | $19120 | $22675 |
| **10/31/2022** | $21160 | $20688 | $24001 |
| **11/30/2022** | $22066 | $21768 | $25094 |
| **12/31/2022** | $20491 | $20493 | $23173 |
| **1/31/2023** | $22360 | $21905 | $25105 |
| **2/28/2023** | $21893 | $21393 | $24807 |
| **3/31/2023** | $23408 | $21965 | $26502 |
| **4/30/2023** | $23658 | $22199 | $26764 |
| **5/31/2023** | $24716 | $22285 | $27984 |
| **6/30/2023** | $26512 | $23807 | $29897 |
| **7/31/2023** | $27166 | $24661 | $30904 |
| **8/31/2023** | $26813 | $24185 | $30627 |
| **9/30/2023** | $25360 | $23032 | $28961 |
| **10/31/2023** | $25059 | $22422 | $28549 |
| **11/30/2023** | $27675 | $24513 | $31661 |
| **12/31/2023** | $29031 | $25813 | $33063 |
| **1/31/2024** | $29955 | $26099 | $33888 |
| **2/29/2024** | $32373 | $27512 | $36200 |
| **3/31/2024** | $32932 | $28399 | $36837 |
| **4/30/2024** | $31363 | $27150 | $35275 |
| **5/31/2024** | $32588 | $28432 | $37386 |
| **6/30/2024** | $34554 | $29313 | $39907 |
| **7/31/2024** | $33899 | $29857 | $39229 |
| **8/31/2024** | $34737 | $30507 | $40046 |
| **9/30/2024** | $35618 | $31138 | $41180 |
| **10/31/2024** | $35199 | $30910 | $41044 |
| **11/30/2024** | $37197 | $32966 | $43706 |
| **12/31/2024** | $37425 | $31958 | $44092 |
| **1/31/2025** | $38467 | $32967 | $44964 |
| **2/28/2025** | $36693 | $32336 | $43349 |
| **3/31/2025** | $33394 | $30449 | $39697 |
| **4/30/2025** | $34225 | $30245 | $40400 |
| **5/31/2025** | $37016 | $32162 | $43975 |
| **6/30/2025** | $39497 | $33796 | $46778 |
| **7/31/2025** | $40923 | $34540 | $48544 |
| **8/31/2025** | $41221 | $35340 | $49087 |
| **9/30/2025** | $43268 | $36559 | $51695 |
| **10/31/2025** | $45091 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3B48 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 28.11% | 16.15% | 16.25% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $3005707394 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16642063 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 54.0% |
| Communication Services | 14.2 |
| Consumer Discretionary | 11.5 |
| Financials | 7.0 |
| Industrials | 6.0 |
| Health Care | 4.8 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 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 US Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 8.2 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class A | 6.8 |
| Broadcom, Inc. | 6.4 |
| Amazon.com, Inc. | 5.3 |
| Meta Platforms, Inc., Class A | 3.9 |
| Eli Lilly & Co. | 3.1 |
| Mastercard, Inc., Class A | 2.7 |
| Oracle Corp. | 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](g66697g70e46.jpg)

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

Transamerica US Growth

Class I

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica US Growth

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. 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 I2 | $76 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 28.22%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund underperformed the Russell 1000<sup>®</sup> Growth Total Return Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. The Fund's overweight positions to financials and materials detracted the most from the Fund's relative performance. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights to Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight to Chipotle, a fast casual restaurant chain.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 US Growth

Class I2

## Fund Overview

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

![Growth of 10K Chart](g66697g80t54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9960 | $10055 | $10028 |
| **12/31/2015** | $9814 | $9849 | $9881 |
| **1/31/2016** | $9204 | $9293 | $9329 |
| **2/29/2016** | $9123 | $9290 | $9325 |
| **3/31/2016** | $9750 | $9944 | $9954 |
| **4/30/2016** | $9686 | $10006 | $9863 |
| **5/31/2016** | $9959 | $10185 | $10055 |
| **6/30/2016** | $9895 | $10206 | $10015 |
| **7/31/2016** | $10342 | $10611 | $10488 |
| **8/31/2016** | $10226 | $10638 | $10436 |
| **9/30/2016** | $10203 | $10655 | $10474 |
| **10/31/2016** | $9947 | $10424 | $10228 |
| **11/30/2016** | $10052 | $10891 | $10451 |
| **12/31/2016** | $10082 | $11103 | $10580 |
| **1/31/2017** | $10470 | $11312 | $10937 |
| **2/28/2017** | $10917 | $11733 | $11391 |
| **3/31/2017** | $11048 | $11741 | $11523 |
| **4/30/2017** | $11340 | $11865 | $11786 |
| **5/31/2017** | $11710 | $11987 | $12093 |
| **6/30/2017** | $11585 | $12095 | $12061 |
| **7/31/2017** | $11919 | $12323 | $12381 |
| **8/31/2017** | $12038 | $12347 | $12608 |
| **10/31/2017** | $12563 | $12924 | $13267 |
| **11/30/2017** | $12926 | $13316 | $13670 |
| **12/31/2017** | $13039 | $13450 | $13777 |
| **1/31/2018** | $14033 | $14158 | $14752 |
| **2/28/2018** | $13721 | $13637 | $14366 |
| **3/31/2018** | $13416 | $13363 | $13972 |
| **4/30/2018** | $13463 | $13414 | $14020 |
| **5/31/2018** | $14112 | $13792 | $14635 |
| **6/30/2018** | $14331 | $13883 | $14776 |
| **7/31/2018** | $14695 | $14343 | $15210 |
| **8/31/2018** | $15543 | $14847 | $16041 |
| **9/30/2018** | $15603 | $14871 | $16131 |
| **10/31/2018** | $14092 | $13776 | $14688 |
| **11/30/2018** | $14298 | $14052 | $14844 |
| **12/31/2018** | $13053 | $12745 | $13568 |
| **1/31/2019** | $14407 | $13838 | $14788 |
| **2/28/2019** | $15039 | $14325 | $15317 |
| **3/31/2019** | $15344 | $14534 | $15753 |
| **4/30/2019** | $16177 | $15115 | $16464 |
| **5/31/2019** | $15188 | $14137 | $15424 |
| **6/30/2019** | $16185 | $15129 | $16484 |
| **7/31/2019** | $16504 | $15354 | $16856 |
| **8/31/2019** | $16162 | $15041 | $16727 |
| **9/30/2019** | $16341 | $15305 | $16729 |
| **10/31/2019** | $16869 | $15635 | $17200 |
| **11/30/2019** | $17717 | $16229 | $17964 |
| **12/31/2019** | $18269 | $16698 | $18506 |
| **1/31/2020** | $18671 | $16680 | $18919 |
| **2/29/2020** | $17280 | $15314 | $17631 |
| **3/31/2020** | $15445 | $13208 | $15896 |
| **4/30/2020** | $17730 | $14957 | $18249 |
| **5/31/2020** | $18969 | $15757 | $19474 |
| **6/30/2020** | $19733 | $16117 | $20322 |
| **7/31/2020** | $21093 | $17033 | $21885 |
| **8/31/2020** | $23168 | $18266 | $24144 |
| **9/30/2020** | $22291 | $17601 | $23008 |
| **10/31/2020** | $21463 | $17221 | $22226 |
| **11/30/2020** | $23804 | $19317 | $24502 |
| **12/31/2020** | $24916 | $20186 | $25629 |
| **1/31/2021** | $24581 | $20096 | $25439 |
| **2/28/2021** | $24792 | $20724 | $25433 |
| **3/31/2021** | $25233 | $21467 | $25870 |
| **4/30/2021** | $26784 | $22573 | $27630 |
| **5/31/2021** | $26344 | $22676 | $27248 |
| **6/30/2021** | $27771 | $23236 | $28958 |
| **7/31/2021** | $28556 | $23628 | $29912 |
| **8/31/2021** | $29516 | $24302 | $31030 |
| **9/30/2021** | $27859 | $23212 | $29293 |
| **10/31/2021** | $29869 | $24782 | $31830 |
| **11/30/2021** | $29516 | $24404 | $32024 |
| **12/31/2021** | $30056 | $25365 | $32701 |
| **1/31/2022** | $27491 | $23873 | $29895 |
| **2/28/2022** | $26163 | $23272 | $28625 |
| **3/31/2022** | $27061 | $24026 | $29745 |
| **4/30/2022** | $23957 | $21870 | $26153 |
| **5/31/2022** | $23268 | $21841 | $25545 |
| **6/30/2022** | $21142 | $20014 | $23521 |
| **7/31/2022** | $23717 | $21891 | $26344 |
| **8/31/2022** | $22579 | $21074 | $25117 |
| **9/30/2022** | $20304 | $19120 | $22675 |
| **10/31/2022** | $21292 | $20688 | $24001 |
| **11/30/2022** | $22210 | $21768 | $25094 |
| **12/31/2022** | $20621 | $20493 | $23173 |
| **1/31/2023** | $22506 | $21905 | $25105 |
| **2/28/2023** | $22037 | $21393 | $24807 |
| **3/31/2023** | $23568 | $21965 | $26502 |
| **4/30/2023** | $23818 | $22199 | $26764 |
| **5/31/2023** | $24880 | $22285 | $27984 |
| **6/30/2023** | $26703 | $23807 | $29897 |
| **7/31/2023** | $27359 | $24661 | $30904 |
| **8/31/2023** | $27005 | $24185 | $30627 |
| **9/30/2023** | $25547 | $23032 | $28961 |
| **10/31/2023** | $25245 | $22422 | $28549 |
| **11/30/2023** | $27880 | $24513 | $31661 |
| **12/31/2023** | $29251 | $25813 | $33063 |
| **1/31/2024** | $30189 | $26099 | $33888 |
| **2/29/2024** | $32614 | $27512 | $36200 |
| **3/31/2024** | $33185 | $28399 | $36837 |
| **4/30/2024** | $31601 | $27150 | $35275 |
| **5/31/2024** | $32851 | $28432 | $37386 |
| **6/30/2024** | $34823 | $29313 | $39907 |
| **7/31/2024** | $34166 | $29857 | $39229 |
| **8/31/2024** | $35017 | $30507 | $40046 |
| **9/30/2024** | $35912 | $31138 | $41180 |
| **10/31/2024** | $35491 | $30910 | $41044 |
| **11/30/2024** | $37507 | $32966 | $43706 |
| **12/31/2024** | $37749 | $31958 | $44092 |
| **1/31/2025** | $38793 | $32967 | $44964 |
| **2/28/2025** | $37003 | $32336 | $43349 |
| **3/31/2025** | $33683 | $30449 | $39697 |
| **4/30/2025** | $34528 | $30245 | $40400 |
| **5/31/2025** | $37351 | $32162 | $43975 |
| **6/30/2025** | $39850 | $33796 | $46778 |
| **7/31/2025** | $41292 | $34540 | $48544 |
| **8/31/2025** | $41591 | $35340 | $49087 |
| **9/30/2025** | $43667 | $36559 | $51695 |
| **10/31/2025** | $45507 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3B44 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 28.22% | 16.22% | 16.36% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $3005707394 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16642063 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 54.0% |
| Communication Services | 14.2 |
| Consumer Discretionary | 11.5 |
| Financials | 7.0 |
| Industrials | 6.0 |
| Health Care | 4.8 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 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 US Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 8.2 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class A | 6.8 |
| Broadcom, Inc. | 6.4 |
| Amazon.com, Inc. | 5.3 |
| Meta Platforms, Inc., Class A | 3.9 |
| Eli Lilly & Co. | 3.1 |
| Mastercard, Inc., Class A | 2.7 |
| Oracle Corp. | 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](g66697g70e46.jpg)

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

Transamerica US Growth

Class I2

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica US Growth

# Class R6

## TAGHX
October 31, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. 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 R6 | $76 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 28.22%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund underperformed the Russell 1000<sup>®</sup> Growth Total Return Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. The Fund's overweight positions to financials and materials detracted the most from the Fund's relative performance. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights to Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight to Chipotle, a fast casual restaurant chain.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 US Growth

Class R6

## Fund Overview

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

![Growth of 10K Chart](g66697g12q48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **5/28/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $10542 | $10247 | $10627 |
| **7/31/2021** | $10840 | $10420 | $10978 |
| **8/31/2021** | $11201 | $10717 | $11388 |
| **9/30/2021** | $10575 | $10236 | $10750 |
| **10/31/2021** | $11338 | $10928 | $11681 |
| **11/30/2021** | $11204 | $10762 | $11753 |
| **12/31/2021** | $11410 | $11186 | $12001 |
| **1/31/2022** | $10432 | $10528 | $10971 |
| **2/28/2022** | $9932 | $10263 | $10505 |
| **3/31/2022** | $10273 | $10595 | $10916 |
| **4/30/2022** | $9094 | $9645 | $9598 |
| **5/31/2022** | $8833 | $9632 | $9375 |
| **6/30/2022** | $8026 | $8826 | $8632 |
| **7/31/2022** | $9003 | $9654 | $9668 |
| **8/31/2022** | $8568 | $9294 | $9218 |
| **9/30/2022** | $7708 | $8432 | $8322 |
| **10/31/2022** | $8083 | $9123 | $8808 |
| **11/30/2022** | $8431 | $9599 | $9210 |
| **12/31/2022** | $7828 | $9037 | $8505 |
| **1/31/2023** | $8543 | $9660 | $9213 |
| **2/28/2023** | $8366 | $9434 | $9104 |
| **3/31/2023** | $8947 | $9686 | $9726 |
| **4/30/2023** | $9042 | $9789 | $9822 |
| **5/31/2023** | $9445 | $9828 | $10270 |
| **6/30/2023** | $10133 | $10499 | $10972 |
| **7/31/2023** | $10382 | $10875 | $11342 |
| **8/31/2023** | $10251 | $10665 | $11240 |
| **9/30/2023** | $9698 | $10157 | $10629 |
| **10/31/2023** | $9579 | $9888 | $10477 |
| **11/30/2023** | $10580 | $10810 | $11620 |
| **12/31/2023** | $11100 | $11383 | $12134 |
| **1/31/2024** | $11456 | $11509 | $12437 |
| **2/29/2024** | $12381 | $12132 | $13285 |
| **3/31/2024** | $12598 | $12524 | $13519 |
| **4/30/2024** | $11996 | $11973 | $12946 |
| **5/31/2024** | $12467 | $12538 | $13721 |
| **6/30/2024** | $13220 | $12926 | $14646 |
| **7/31/2024** | $12966 | $13167 | $14397 |
| **8/31/2024** | $13289 | $13453 | $14697 |
| **9/30/2024** | $13629 | $13732 | $15113 |
| **10/31/2024** | $13469 | $13631 | $15063 |
| **11/30/2024** | $14238 | $14538 | $16040 |
| **12/31/2024** | $14325 | $14093 | $16182 |
| **1/31/2025** | $14722 | $14538 | $16502 |
| **2/28/2025** | $14042 | $14260 | $15909 |
| **3/31/2025** | $12787 | $13428 | $14569 |
| **4/30/2025** | $13108 | $13338 | $14827 |
| **5/31/2025** | $14174 | $14183 | $16138 |
| **6/30/2025** | $15123 | $14904 | $17167 |
| **7/31/2025** | $15675 | $15232 | $17816 |
| **8/31/2025** | $15784 | $15584 | $18015 |
| **9/30/2025** | $16572 | $16122 | $18972 |
| **10/31/2025** | $17271 | $16468 | $19661 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3B4B | **1 Year** | **Since Inception 5/28/21** |
| Class R6 | 28.22% | 13.16% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 11.95% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 16.53% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $3005707394 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16642063 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 54.0% |
| Communication Services | 14.2 |
| Consumer Discretionary | 11.5 |
| Financials | 7.0 |
| Industrials | 6.0 |
| Health Care | 4.8 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 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 US Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 8.2 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class A | 6.8 |
| Broadcom, Inc. | 6.4 |
| Amazon.com, Inc. | 5.3 |
| Meta Platforms, Inc., Class A | 3.9 |
| Eli Lilly & Co. | 3.1 |
| Mastercard, Inc., Class A | 2.7 |
| Oracle Corp. | 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](g66697g70e46.jpg)

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

Transamerica US Growth

Class R6

![Image](g66697g15v74.jpg)

Annual Shareholder Report

# Transamerica US Growth

# Class T

## TWMTX
October 31, 2025

## Fund Overview
Transamerica US Growth (the "Fund") seeks to maximize long-term growth. 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 T | $80 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class T shares at NAV returned 28.19%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

* The Fund underperformed the Russell 1000<sup>®</sup> Growth Total Return Index, a benchmark of the Fund, during the fiscal year ended October 31, 2025. 

* U.S. equities rose over the trailing twelve-month period ended October 31, 2025, as measured by the S&P 500<sup>®</sup> Index. Gains were supported by easing inflation, strong corporate earnings, increased trade optimism, higher than expected GDP growth, and a more accommodative stance from the U.S. Federal Reserve. 

* During the fiscal year, weak stock selection within consumer discretionary, real estate, and industrials were the primary drivers of relative underperformance. This was partially offset by strong stock selection in communication services, information technology, and consumer staples. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. The Fund's overweight positions to financials and materials detracted the most from the Fund's relative performance. This was partially offset by underweight allocations to industrials and consumer discretionary, which contributed to relative performance.

* Significant contributors to relative performance during the fiscal year included overweight positions in Broadcom, a semiconductor software company, and KLA, a wafer fab equipment company, and an underweight in Alphabet, a multinational conglomerate company.

* Significant detractors from relative performance during the fiscal year included underweights to Tesla, an electric vehicle and clean energy company, and Palantir Technologies, a software platforms company, and an overweight to Chipotle, a fast casual restaurant chain.

* The views expressed reflect the opinions of Wellington Management Company LLP 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 US Growth

Class T

## Fund Overview

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

![Growth of 10K Chart](g66697g07v50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class T** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9960 | $10055 | $10028 |
| **12/31/2015** | $9813 | $9849 | $9881 |
| **1/31/2016** | $9203 | $9293 | $9329 |
| **2/29/2016** | $9122 | $9290 | $9325 |
| **3/31/2016** | $9748 | $9944 | $9954 |
| **4/30/2016** | $9684 | $10006 | $9863 |
| **5/31/2016** | $9958 | $10185 | $10055 |
| **6/30/2016** | $9893 | $10206 | $10015 |
| **7/31/2016** | $10341 | $10611 | $10488 |
| **8/31/2016** | $10220 | $10638 | $10436 |
| **9/30/2016** | $10196 | $10655 | $10474 |
| **10/31/2016** | $9941 | $10424 | $10228 |
| **11/30/2016** | $10043 | $10891 | $10451 |
| **12/31/2016** | $10078 | $11103 | $10580 |
| **1/31/2017** | $10463 | $11312 | $10937 |
| **2/28/2017** | $10907 | $11733 | $11391 |
| **3/31/2017** | $11037 | $11741 | $11523 |
| **4/30/2017** | $11331 | $11865 | $11786 |
| **5/31/2017** | $11696 | $11987 | $12093 |
| **6/30/2017** | $11571 | $12095 | $12061 |
| **7/31/2017** | $11905 | $12323 | $12381 |
| **8/31/2017** | $12028 | $12347 | $12608 |
| **10/31/2017** | $12550 | $12924 | $13267 |
| **11/30/2017** | $12913 | $13316 | $13670 |
| **12/31/2017** | $13021 | $13450 | $13777 |
| **1/31/2018** | $14010 | $14158 | $14752 |
| **2/28/2018** | $13702 | $13637 | $14366 |
| **3/31/2018** | $13394 | $13363 | $13972 |
| **4/30/2018** | $13444 | $13414 | $14020 |
| **5/31/2018** | $14088 | $13792 | $14635 |
| **6/30/2018** | $14310 | $13883 | $14776 |
| **7/31/2018** | $14671 | $14343 | $15210 |
| **8/31/2018** | $15517 | $14847 | $16041 |
| **9/30/2018** | $15575 | $14871 | $16131 |
| **10/31/2018** | $14068 | $13776 | $14688 |
| **11/30/2018** | $14273 | $14052 | $14844 |
| **12/31/2018** | $13027 | $12745 | $13568 |
| **1/31/2019** | $14379 | $13838 | $14788 |
| **2/28/2019** | $15009 | $14325 | $15317 |
| **3/31/2019** | $15314 | $14534 | $15753 |
| **4/30/2019** | $16145 | $15115 | $16464 |
| **5/31/2019** | $15152 | $14137 | $15424 |
| **6/30/2019** | $16150 | $15129 | $16484 |
| **7/31/2019** | $16466 | $15354 | $16856 |
| **8/31/2019** | $16121 | $15041 | $16727 |
| **9/30/2019** | $16304 | $15305 | $16729 |
| **10/31/2019** | $16829 | $15635 | $17200 |
| **11/30/2019** | $17672 | $16229 | $17964 |
| **12/31/2019** | $18227 | $16698 | $18506 |
| **1/31/2020** | $18624 | $16680 | $18919 |
| **2/29/2020** | $17240 | $15314 | $17631 |
| **3/31/2020** | $15402 | $13208 | $15896 |
| **4/30/2020** | $17682 | $14957 | $18249 |
| **5/31/2020** | $18919 | $15757 | $19474 |
| **6/30/2020** | $19678 | $16117 | $20322 |
| **7/31/2020** | $21033 | $17033 | $21885 |
| **8/31/2020** | $23099 | $18266 | $24144 |
| **9/30/2020** | $22230 | $17601 | $23008 |
| **10/31/2020** | $21401 | $17221 | $22226 |
| **11/30/2020** | $23735 | $19317 | $24502 |
| **12/31/2020** | $24840 | $20186 | $25629 |
| **1/31/2021** | $24509 | $20096 | $25439 |
| **2/28/2021** | $24713 | $20724 | $25433 |
| **3/31/2021** | $25158 | $21467 | $25870 |
| **4/30/2021** | $26703 | $22573 | $27630 |
| **5/31/2021** | $26266 | $22676 | $27248 |
| **6/30/2021** | $27686 | $23236 | $28958 |
| **7/31/2021** | $28468 | $23628 | $29912 |
| **8/31/2021** | $29419 | $24302 | $31030 |
| **9/30/2021** | $27772 | $23212 | $29293 |
| **10/31/2021** | $29778 | $24782 | $31830 |
| **11/30/2021** | $29422 | $24404 | $32024 |
| **12/31/2021** | $29958 | $25365 | $32701 |
| **1/31/2022** | $27394 | $23873 | $29895 |
| **2/28/2022** | $26071 | $23272 | $28625 |
| **3/31/2022** | $26969 | $24026 | $29745 |
| **4/30/2022** | $23874 | $21870 | $26153 |
| **5/31/2022** | $23188 | $21841 | $25545 |
| **6/30/2022** | $21065 | $20014 | $23521 |
| **7/31/2022** | $23630 | $21891 | $26344 |
| **8/31/2022** | $22494 | $21074 | $25117 |
| **9/30/2022** | $20228 | $19120 | $22675 |
| **10/31/2022** | $21214 | $20688 | $24001 |
| **11/30/2022** | $22127 | $21768 | $25094 |
| **12/31/2022** | $20543 | $20493 | $23173 |
| **1/31/2023** | $22421 | $21905 | $25105 |
| **2/28/2023** | $21954 | $21393 | $24807 |
| **3/31/2023** | $23478 | $21965 | $26502 |
| **4/30/2023** | $23728 | $22199 | $26764 |
| **5/31/2023** | $24785 | $22285 | $27984 |
| **6/30/2023** | $26594 | $23807 | $29897 |
| **7/31/2023** | $27247 | $24661 | $30904 |
| **8/31/2023** | $26898 | $24185 | $30627 |
| **9/30/2023** | $25444 | $23032 | $28961 |
| **10/31/2023** | $25136 | $22422 | $28549 |
| **11/30/2023** | $27764 | $24513 | $31661 |
| **12/31/2023** | $29127 | $25813 | $33063 |
| **1/31/2024** | $30060 | $26099 | $33888 |
| **2/29/2024** | $32481 | $27512 | $36200 |
| **3/31/2024** | $33046 | $28399 | $36837 |
| **4/30/2024** | $31467 | $27150 | $35275 |
| **5/31/2024** | $32706 | $28432 | $37386 |
| **6/30/2024** | $34673 | $29313 | $39907 |
| **7/31/2024** | $34017 | $29857 | $39229 |
| **8/31/2024** | $34861 | $30507 | $40046 |
| **9/30/2024** | $35755 | $31138 | $41180 |
| **10/31/2024** | $35336 | $30910 | $41044 |
| **11/30/2024** | $37347 | $32966 | $43706 |
| **12/31/2024** | $37579 | $31958 | $44092 |
| **1/31/2025** | $38616 | $32967 | $44964 |
| **2/28/2025** | $36837 | $32336 | $43349 |
| **3/31/2025** | $33537 | $30449 | $39697 |
| **4/30/2025** | $34373 | $30245 | $40400 |
| **5/31/2025** | $37178 | $32162 | $43975 |
| **6/30/2025** | $39663 | $33796 | $46778 |
| **7/31/2025** | $41108 | $34540 | $48544 |
| **8/31/2025** | $41397 | $35340 | $49087 |
| **9/30/2025** | $43462 | $36559 | $51695 |
| **10/31/2025** | $45296 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3B46 | **1 Year** | **5 Years** | **10 Years** |
| Class T | 28.19% | 16.18% | 16.31% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. 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 | $3005707394 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $16642063 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 54.0% |
| Communication Services | 14.2 |
| Consumer Discretionary | 11.5 |
| Financials | 7.0 |
| Industrials | 6.0 |
| Health Care | 4.8 |
| Consumer Staples | 1.7 |
| Materials | 0.9 |
| Repurchase Agreements | 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 US Growth

Class T

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.7% |
| Apple, Inc. | 8.2 |
| Microsoft Corp. | 7.3 |
| Alphabet, Inc., Class A | 6.8 |
| Broadcom, Inc. | 6.4 |
| Amazon.com, Inc. | 5.3 |
| Meta Platforms, Inc., Class A | 3.9 |
| Eli Lilly & Co. | 3.1 |
| Mastercard, Inc., Class A | 2.7 |
| Oracle Corp. | 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](g66697g70e46.jpg)

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

Transamerica US Growth

Class T

------

(b) Not Applicable.

---

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

---

(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) ------

![](g67628imgc3e95c191.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Large Cap Value**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img1abde5ac2.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_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_SOI-RunningFooter-157_1) | 2 |
| [Statement of Assets and Liabilities](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_FS-RunningFooter-157_1) | 4 |
| [Statement of Operations](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_FS-RunningFooter-157_2) | 5 |
| [Statement of Changes in Net Assets](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_FS-RunningFooter-157_3) | 6 |
| [Financial Highlights](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_FIHI-RunningFooter-157_1) | 8 |
| [Notes to Financial Statements](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_NTF-RunningFooter-157_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_AUD-RunningFooter-157_1)** | 20 |
| **[Supplemental Information](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_STI-RunningFooter-157_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_DWA-RunningFooter-157_1)**<br> **[Companies](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_DWA-RunningFooter-157_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_PD-RunningFooter-157_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_REMU-RunningFooter-157_1)**<br> **[Companies](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_REMU-RunningFooter-157_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_da16292e-8e09-4eb2-a2d9-5ab3fc880c65_AIAC-RunningFooter-157_1)** | 25 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Large Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.1%**  | **COMMON STOCKS - 97.1%**  | **COMMON STOCKS - 97.1%**  |
| **Aerospace & Defense - 5.7%**  | **Aerospace & Defense - 5.7%**  | **Aerospace & Defense - 5.7%**  |
| Boeing Co. <sup>(A)</sup> <br>| 187218 | $37634562 |
| RTX Corp. | 392893 | 70131401 |
| Textron, Inc. | 321177 | 25954313 |
|  |  | 133720276 |
| **Automobiles - 2.1%**  | **Automobiles - 2.1%**  | **Automobiles - 2.1%**  |
| General Motors Co. | 703144 | 48580219 |
| **Banks - 10.1%**  | **Banks - 10.1%**  | **Banks - 10.1%**  |
| Bank of America Corp. | 1036058 | 55377300 |
| JPMorgan Chase & Co. | 305988 | 95198987 |
| Wells Fargo & Co. | 997037 | 86712308 |
|  |  | 237288595 |
| **Beverages - 2.3%**  | **Beverages - 2.3%**  | **Beverages - 2.3%**  |
| PepsiCo, Inc. | 372335 | 54394420 |
| **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  |
| AbbVie, Inc. | 175814 | 38334484 |
| Gilead Sciences, Inc. | 387834 | 46458635 |
|  |  | 84793119 |
| **Broadline Retail - 3.4%**  | **Broadline Retail - 3.4%**  | **Broadline Retail - 3.4%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 330939 | 80821923 |
| **Capital Markets - 7.5%**  | **Capital Markets - 7.5%**  | **Capital Markets - 7.5%**  |
| Blackrock, Inc. | 65582 | 71012845 |
| Goldman Sachs Group, Inc. | 66554 | 52535731 |
| Intercontinental Exchange, Inc. | 350620 | 51292200 |
|  |  | 174840776 |
| **Communications Equipment - 1.5%**  | **Communications Equipment - 1.5%**  | **Communications Equipment - 1.5%**  |
| Motorola Solutions, Inc. | 87078 | 35415493 |
| **Construction & Engineering - 2.1%**  | **Construction & Engineering - 2.1%**  | **Construction & Engineering - 2.1%**  |
| Quanta Services, Inc. | 110873 | 49796391 |
| **Construction Materials - 2.1%**  | **Construction Materials - 2.1%**  | **Construction Materials - 2.1%**  |
| Martin Marietta Materials, Inc. | 80454 | 49326347 |
| **Electric Utilities - 1.9%**  | **Electric Utilities - 1.9%**  | **Electric Utilities - 1.9%**  |
| Duke Energy Corp. | 353070 | 43886601 |
| **Electrical Equipment - 3.2%**  | **Electrical Equipment - 3.2%**  | **Electrical Equipment - 3.2%**  |
| GE Vernova, Inc. | 57623 | 33717522 |
| Rockwell Automation, Inc. | 113910 | 41959888 |
|  |  | 75677410 |
| **Energy Equipment & Services - 1.2%**  | **Energy Equipment & Services - 1.2%**  | **Energy Equipment & Services - 1.2%**  |
| SLB Ltd. | 777576 | 28039391 |
| **Entertainment - 2.5%**  | **Entertainment - 2.5%**  | **Entertainment - 2.5%**  |
| Walt Disney Co. | 524574 | 59077524 |
| **Food Products - 1.3%**  | **Food Products - 1.3%**  | **Food Products - 1.3%**  |
| Mondelez International, Inc., Class A | 516065 | 29653095 |
| **Ground Transportation - 2.1%**  | **Ground Transportation - 2.1%**  | **Ground Transportation - 2.1%**  |
| CSX Corp. | 1375347 | 49539999 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies - 4.8%**  | **Health Care Equipment & Supplies - 4.8%**  | **Health Care Equipment & Supplies - 4.8%**  |
| Abbott Laboratories | 526192 | $65047854 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 471378 | 47477192 |
|  |  | 112525046 |
| **Health Care Providers & Services - 2.1%**  | **Health Care Providers & Services - 2.1%**  | **Health Care Providers & Services - 2.1%**  |
| Cencora, Inc. | 142731 | 48215959 |
| **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  |
| Prologis, Inc. | 284179 | 35263772 |
| **Insurance - 2.4%**  | **Insurance - 2.4%**  | **Insurance - 2.4%**  |
| Hartford Insurance Group, Inc. | 452107 | 56142647 |
| **Interactive Media & Services - 5.5%**  | **Interactive Media & Services - 5.5%**  | **Interactive Media & Services - 5.5%**  |
| Alphabet, Inc., Class A | 311196 | 87505203 |
| Meta Platforms, Inc., Class A | 65701 | 42597244 |
|  |  | 130102447 |
| **Life Sciences Tools & Services - 2.0%**  | **Life Sciences Tools & Services - 2.0%**  | **Life Sciences Tools & Services - 2.0%**  |
| Thermo Fisher Scientific, Inc. | 82196 | 46637188 |
| **Machinery - 2.4%**  | **Machinery - 2.4%**  | **Machinery - 2.4%**  |
| Parker-Hannifin Corp. | 71336 | 55130601 |
| **Media - 2.3%**  | **Media - 2.3%**  | **Media - 2.3%**  |
| Fox Corp., Class A | 831895 | 53782012 |
| **Metals & Mining - 1.1%**  | **Metals & Mining - 1.1%**  | **Metals & Mining - 1.1%**  |
| Freeport-McMoRan, Inc. | 611787 | 25511518 |
| **Oil, Gas & Consumable Fuels - 4.8%**  | **Oil, Gas & Consumable Fuels - 4.8%**  | **Oil, Gas & Consumable Fuels - 4.8%**  |
| ConocoPhillips | 424744 | 37742752 |
| Exxon Mobil Corp. | 645144 | 73778668 |
|  |  | 111521420 |
| **Passenger Airlines - 1.7%**  | **Passenger Airlines - 1.7%**  | **Passenger Airlines - 1.7%**  |
| Delta Air Lines, Inc. | 698743 | 40093873 |
| **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  | **Pharmaceuticals - 1.9%**  |
| Merck & Co., Inc. | 524449 | 45092125 |
| **Semiconductors & Semiconductor Equipment - 4.6%**  | **Semiconductors & Semiconductor Equipment - 4.6%**  | **Semiconductors & Semiconductor Equipment - 4.6%**  |
| Broadcom, Inc. | 114503 | 42323744 |
| Micron Technology, Inc. | 296195 | 66279555 |
|  |  | 108603299 |
| **Software - 1.8%**  | **Software - 1.8%**  | **Software - 1.8%**  |
| Microsoft Corp. | 81102 | 41995427 |
| **Specialized REITs - 1.4%**  | **Specialized REITs - 1.4%**  | **Specialized REITs - 1.4%**  |
| American Tower Corp. | 189043 | 33834916 |
| **Specialty Retail - 4.2%**  | **Specialty Retail - 4.2%**  | **Specialty Retail - 4.2%**  |
| Lowe's Cos., Inc. | 182061 | 43354186 |
| TJX Cos., Inc. | 396874 | 55617922 |
|  |  | 98972108 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $1,497,826,910)**<br>|  | 2278275937 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Large Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.3%**  | **REPURCHASE AGREEMENT - 2.3%**  | **REPURCHASE AGREEMENT - 2.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $54,499,135 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $55,582,171.<br>| $54492324 | $54492324 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $54,492,324)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $54,492,324)** | 54492324 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,552,319,234)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,552,319,234)** | 2332768261 |
| **Net Other Assets (Liabilities) - 0.6%** | **Net Other Assets (Liabilities) - 0.6%** | 13684654 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$2346452915** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $2278275937 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2278275937 |
| Repurchase Agreement |  | &nbsp;&nbsp; 54492324 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54492324 |
| **Total Investments** | **$2278275937** | &nbsp;&nbsp; **$54492324** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2332768261** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<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.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Large Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,497,826,910) | $2278275937 |
| Repurchase agreement, at value (cost $54,492,324) | 54492324 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 14052901 |
| Dividends  | 1124680 |
| Interest | 2271 |
| Total assets | 2347948113 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 175995 |
| Investment management fees | 1116948 |
| Distribution and service fees | 46145 |
| Transfer agent fees | 49123 |
| Trustee and CCO fees | 778 |
| Audit and tax fees  | 19682 |
| Custody fees | 19681 |
| Legal fees | 24976 |
| Printing and shareholder reports fees | 13198 |
| Other accrued expenses | 28672 |
| Total liabilities | 1495198 |
| **Net assets**  | $2346452915 |
| **Net assets consist of:** |  |
| Paid-in capital | $1504910785 |
| Total distributable earnings (accumulated losses) | 841542130 |
| **Net assets** | $2346452915 |
| **Net assets by class:** |  |
| Class A | $146614970 |
| Class C | 18578158 |
| Class I | 305350329 |
| Class I2 | 1823732983 |
| Class R6 | 52176475 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 8745138 |
| Class C | 1118141 |
| Class I | 17955735 |
| Class I2 | 107895605 |
| Class R6 | 3086312 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $16.77 |
| Class C | 16.62 |
| Class I | 17.01 |
| Class I2 | 16.90 |
| Class R6 | 16.91 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $17.75 |

---

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

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Large Cap Value**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $35206346 |
| Interest income | 755941 |
| Total investment income  | 35962287 |
| **Expenses:** |  |
| Investment management fees | 12199849 |
| Distribution and service fees: |  |
| Class A | 318072 |
| Class C | 145145 |
| Transfer agent fees: |  |
| Class A | 121047 |
| Class C | 17568 |
| Class I | 191646 |
| Class I2 | 126287 |
| Class R6 | 5484 |
| Trustee and CCO fees | 88901 |
| Audit and tax fees | 43734 |
| Custody fees | 118682 |
| Legal fees | 155361 |
| Printing and shareholder reports fees | 90209 |
| Registration fees | 122248 |
| Other | 102244 |
| Total expenses before waiver and/or reimbursement and recapture | 13846477 |
| Expenses waived and/or reimbursed: |  |
| Class I | (165742)<br>|
| Net expenses | 13680735 |
| **Net investment income (loss)** | 22281552 |
| **Net realized gain (loss) on:** |  |
| Investments | 75658662 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 217280822 |
| Net realized and change in unrealized gain (loss) | 292939484 |
| **Net increase (decrease) in net assets resulting from operations** | $315221036 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Large Cap Value**

------

**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) | $22281552 | &nbsp;&nbsp;&nbsp;&nbsp; $21588584 |
| Net realized gain (loss) | 75658662 | &nbsp;&nbsp;&nbsp;&nbsp; 30306876 |
| Net change in unrealized appreciation (depreciation) | 217280822 | &nbsp;&nbsp;&nbsp;&nbsp; 438829980 |
| Net increase (decrease) in net assets resulting from operations | 315221036 | &nbsp;&nbsp;&nbsp;&nbsp; 490725440 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (3274810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6532969)<br>|
| Class C | (250338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1070382)<br>|
| Class I | (4736748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8218852)<br>|
| Class I2 | (47933491)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (116725336)<br>|
| Class R6 | (2176149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3757254)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (58371536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136304793)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 72860430 | &nbsp;&nbsp;&nbsp;&nbsp; 21460841 |
| Class C | 8773503 | &nbsp;&nbsp;&nbsp;&nbsp; 1526898 |
| Class I | 185627855 | &nbsp;&nbsp;&nbsp;&nbsp; 84646471 |
| Class I2 | 208562264 | &nbsp;&nbsp;&nbsp;&nbsp; 408518545 |
| Class R6 | 34831573 | &nbsp;&nbsp;&nbsp;&nbsp; 43084904 |
|  | 510655625 | &nbsp;&nbsp;&nbsp;&nbsp; 559237659 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2984617 | &nbsp;&nbsp;&nbsp;&nbsp; 5887326 |
| Class C | 220341 | &nbsp;&nbsp;&nbsp;&nbsp; 919131 |
| Class I | 4201138 | &nbsp;&nbsp;&nbsp;&nbsp; 7102791 |
| Class I2 | 47933491 | &nbsp;&nbsp;&nbsp;&nbsp; 116725336 |
| Class R6 | 2176149 | &nbsp;&nbsp;&nbsp;&nbsp; 3757254 |
|  | 57515736 | &nbsp;&nbsp;&nbsp;&nbsp; 134391838 |
| Cost of shares redeemed: |  |  |
| Class A | (52948884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21176783)<br>|
| Class C | (1840589)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3081367)<br>|
| Class I | (47157534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63997011)<br>|
| Class I2 | (235955334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (309211500)<br>|
| Class R6 | (62720589)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30271372)<br>|
|  | (400622930)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (427738033)<br>|
| Automatic conversions: |  |  |
| Class A | 4435691 | &nbsp;&nbsp;&nbsp;&nbsp; 2869610 |
| Class C | (4435691)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2869610)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 167548431 | &nbsp;&nbsp;&nbsp;&nbsp; 265891464 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 522 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1052 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1574 |
| **Net increase (decrease) in net assets** | 424397931 | &nbsp;&nbsp;&nbsp;&nbsp; 620313685 |
| **Net assets:** |  |  |
| Beginning of year | 1922054984 | &nbsp;&nbsp;&nbsp;&nbsp; 1301741299 |
| End of year | $2346452915 | &nbsp;&nbsp;&nbsp;&nbsp; $1922054984 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Large Cap Value**

------

**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 | 4890745 | &nbsp;&nbsp;&nbsp;&nbsp; 1545495 |
| Class C | 583749 | &nbsp;&nbsp;&nbsp;&nbsp; 111578 |
| Class I | 11633688 | &nbsp;&nbsp;&nbsp;&nbsp; 5984885 |
| Class I2 | 13787836 | &nbsp;&nbsp;&nbsp;&nbsp; 30442236 |
| Class R6 | 2289131 | &nbsp;&nbsp;&nbsp;&nbsp; 3274087 |
|  | 33185149 | &nbsp;&nbsp;&nbsp;&nbsp; 41358281 |
| Shares reinvested: |  |  |
| Class A | 204078 | &nbsp;&nbsp;&nbsp;&nbsp; 465071 |
| Class C | 15354 | &nbsp;&nbsp;&nbsp;&nbsp; 73886 |
| Class I | 281753 | &nbsp;&nbsp;&nbsp;&nbsp; 552719 |
| Class I2 | 3243366 | &nbsp;&nbsp;&nbsp;&nbsp; 9125926 |
| Class R6 | 147791 | &nbsp;&nbsp;&nbsp;&nbsp; 291476 |
|  | 3892342 | &nbsp;&nbsp;&nbsp;&nbsp; 10509078 |
| Shares redeemed: |  |  |
| Class A | (3551585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1543206)<br>|
| Class C | (121276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (229857)<br>|
| Class I | (3122684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4622962)<br>|
| Class I2 | (16046413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22819498)<br>|
| Class R6 | (3984698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2168892)<br>|
|  | (26826656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31384415)<br>|
| Automatic conversions: |  |  |
| Class A | 291505 | &nbsp;&nbsp;&nbsp;&nbsp; 209016 |
| Class C | (294005)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (210829)<br>|
|  | (2500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1813)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1834743 | &nbsp;&nbsp;&nbsp;&nbsp; 676376 |
| Class C | 183822 | &nbsp;&nbsp;&nbsp;&nbsp; (255222)<br>|
| Class I | 8792757 | &nbsp;&nbsp;&nbsp;&nbsp; 1914642 |
| Class I2 | 984789 | &nbsp;&nbsp;&nbsp;&nbsp; 16748664 |
| Class R6 | (1547776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1396671 |
|  | 10248335 | &nbsp;&nbsp;&nbsp;&nbsp; 20481131 |

---

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Large Cap Value**

------

**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** | $14.84 | $11.96 | $12.80 | $14.07 | $9.10 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.11 | 0.12 | 0.12 | 0.11 | 0.09 |
| Net realized and unrealized gain (loss) | 2.22 | 3.82 | (0.13 )<sup>(B)</sup><br>| (1.03)<br>| 4.98 |
| Total investment operations | 2.33 | 3.94 | (0.01)<br>| (0.92)<br>| 5.07 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.12)<br>| (0.13)<br>| (0.12)<br>| (0.10)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.40)<br>| (1.06)<br>| (0.83)<br>| (0.35)<br>| (0.10)<br>|
| **Net asset value, end of year** | $16.77 | $14.84 | $11.96 | $12.80 | $14.07 |
| **Total return** <sup>(F)</sup> <br>| 16.07<br> %<br>| 34.49 %<sup>(D)</sup><br>| (0.12)%<br>| (6.69 )%<sup>(E)</sup><br>| 55.91<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $146615 | $102530 | $74589 | $77059 | $82859 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 1.00 %<sup>(G)</sup><br>| 0.98 %<sup>(G)</sup><br>| 0.99 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 0.75<br> %<br>| 0.91<br> %<br>| 0.98<br> %<br>| 0.81<br> %<br>| 0.76<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

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

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

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

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

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

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

<sup>(G)</sup> *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** | $14.71 | $11.87 | $12.70 | $13.95 | $9.05 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.00)<br>| 0.02 | 0.03 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 2.20 | 3.77 | (0.13 )<sup>(C)</sup><br>| (1.02)<br>| 4.94 |
| Total investment operations | 2.20 | 3.79 | (0.10)<br>| (1.01)<br>| 4.94 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(E)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.02)<br>| (0.01)<br>| (0.03)<br>| (0.01)<br>| (0.04)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.29)<br>| (0.95)<br>| (0.73)<br>| (0.24)<br>| (0.04)<br>|
| **Net asset value, end of year** | $16.62 | $14.71 | $11.87 | $12.70 | $13.95 |
| **Total return** <sup>(F)</sup> <br>| 15.22<br> %<br>| 33.37 %<sup>(D)</sup><br>| (0.84)%<br>| (7.34 )%<sup>(E)</sup><br>| 54.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $18578 | $13747 | $14119 | $17682 | $19204 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.74<br> %<br>| 1.75<br> %<br>| 1.77<br> %<br>| 1.75<br> %<br>| 1.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.74<br> %<br>| 1.75<br> %<br>| 1.77 %<sup>(G)</sup><br>| 1.75 %<sup>(G)</sup><br>| 1.76 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | (0.03)%<br>| 0.16<br> %<br>| 0.22<br> %<br>| 0.04<br> %<br>| 0.02<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

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

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

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

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

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

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

<sup>(G)</sup> *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 8**

------

**Transamerica Large Cap Value**

------

**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** | $15.03 | $12.10 | $12.92 | $14.19 | $9.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.17 | 0.17 | 0.16 | 0.14 |
| Net realized and unrealized gain (loss) | 2.25 | 3.85 | (0.12 )<sup>(B)</sup><br>| (1.04)<br>| 5.01 |
| Total investment operations | 2.41 | 4.02 | 0.05 | (0.88)<br>| 5.15 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.15)<br>| (0.17)<br>| (0.17)<br>| (0.13)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.43)<br>| (1.09)<br>| (0.87)<br>| (0.40)<br>| (0.13)<br>|
| **Net asset value, end of year** | $17.01 | $15.03 | $12.10 | $12.92 | $14.19 |
| **Total return** | 16.48<br> %<br>| 34.84<br> %<br>| 0.32<br> %<br>| (6.27 )%<sup>(C)</sup><br>| 56.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $305350 | $137717 | $87679 | $99796 | $108943 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63 %<sup>(D)</sup><br>| 0.63 %<sup>(D)</sup><br>| 0.64 %<sup>(D)</sup><br>| 0.63 %<sup>(D)(E)</sup><br>| 0.63 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.06<br> %<br>| 1.24<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

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

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

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.* 

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $14.95 | $12.05 | $12.88 | $14.16 | $9.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.17 | 0.17 | 0.16 | 0.14 |
| Net realized and unrealized gain (loss) | 2.23 | 3.84 | (0.12 )<sup>(B)</sup><br>| (1.05)<br>| 5.00 |
| Total investment operations | 2.40 | 4.01 | 0.05 | (0.89)<br>| 5.14 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.17)<br>| (0.18)<br>| (0.16)<br>| (0.14)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.45)<br>| (1.11)<br>| (0.88)<br>| (0.39)<br>| (0.14)<br>|
| **Net asset value, end of year** | $16.90 | $14.95 | $12.05 | $12.88 | $14.16 |
| **Total return** | 16.47<br> %<br>| 34.85<br> %<br>| 0.34<br> %<br>| (6.37)%<br>| 56.43<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1823733 | $1598755 | $1086343 | $1684204 | $2294601 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.61<br> %<br>|
| Net investment income (loss) to average net assets | 1.10<br> %<br>| 1.25<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

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

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

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

&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**

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**Transamerica Large Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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** | $14.96 | $12.05 | $12.88 | $14.16 | $9.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.17 | 0.17 | 0.15 | 0.15 |
| Net realized and unrealized gain (loss) | 2.23 | 3.85 | (0.12 )<sup>(B)</sup><br>| (1.04)<br>| 4.99 |
| Total investment operations | 2.40 | 4.02 | 0.05 | (0.89)<br>| 5.14 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.17)<br>| (0.18)<br>| (0.16)<br>| (0.14)<br>|
| Net realized gains | (0.27)<br>| (0.94)<br>| (0.70)<br>| (0.23)<br>|  |
| Total dividends and/or distributions to shareholders | (0.45)<br>| (1.11)<br>| (0.88)<br>| (0.39)<br>| (0.14)<br>|
| **Net asset value, end of year** | $16.91 | $14.96 | $12.05 | $12.88 | $14.16 |
| **Total return** | 16.46<br> %<br>| 34.94<br> %<br>| 0.33<br> %<br>| (6.37)%<br>| 56.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $52177 | $69306 | $39011 | $43589 | $24977 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.62 %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 1.12<br> %<br>| 1.23<br> %<br>| 1.35<br> %<br>| 1.16<br> %<br>| 1.23<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 25<br> %<br>| 18<br> %<br>| 26<br> %<br>| 127<br> %<br>|

---

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

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

<sup>(B)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Large Cap Value**

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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 Large Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Large Cap Value**

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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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $14,716.

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Large Cap Value**

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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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Large Cap Value**

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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)**

**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 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Large Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. 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.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

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** |
| $1841496248 | 78.48<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.594<br> % <br>|
| Over $1 billion up to $2 billion | 0.580 |
| Over $2 billion up to $3 billion | 0.560 |
| Over $3 billion | 0.540 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.05<br> % <br>| March 1, 2026 |
| Class C | 1.81 | March 1, 2026 |
| Class I | 0.77 | March 1, 2026 |
| Class I2, Class R6 | 0.67 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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.

As of October 31, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

**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 | $155614 | &nbsp;&nbsp;&nbsp;&nbsp; 16974 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 416 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2026.

For the 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** |
| $456844 | &nbsp;&nbsp; $48149 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $638600568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $522245862 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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>|
| $1564707567 | &nbsp;&nbsp; $792944711 | &nbsp;&nbsp; $(24884017)<br>| &nbsp;&nbsp; $768060694 |

---

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; **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>|
| $33910855 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $24460681 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20838761 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $115466032 | &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>|
| $926183 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72555253 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $768060694 |

---

**10. 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Large Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**10. OPERATING SEGMENTS (continued)**

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 19**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Large Cap Value

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Large Cap Value (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. ![](g67628imgb9d3d0173.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 20**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $32,922,833 of qualified dividend income.

For corporate shareholders, 96% 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 $24,460,681 for the year ended October 31, 2025.

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 21**

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**Transamerica Large Cap Value** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Large Cap Value** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Large Cap Value** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Large Cap Value** 

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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 Large Cap Value (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 Great Lakes Advisors, LLC (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 25**

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**Transamerica Large Cap Value** 

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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 and the benchmark that TAM utilizes to measure performance of the Fund, each for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on December 1, 2020 pursuant to its current investment strategies.

**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 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 I Shares of the Fund were below 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 26**

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**Transamerica Large Cap Value** 

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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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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 27**

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![](g67628imgebbf2d175.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

4886773 TA LCV 10/25© 2025 Transamerica Corporation. All Rights Reserved.

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![](g67628imga8b142451.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Large Core ESG**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img9f29a2902.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_fe55f038-9020-41fa-b4f1-a008020507e9_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_SOI-RunningFooter-146_1) | 2 |
| [Statement of Assets and Liabilities](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_FS-RunningFooter-146_1) | 5 |
| [Statement of Operations](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_FS-RunningFooter-146_2) | 6 |
| [Statement of Changes in Net Assets](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_FS-RunningFooter-146_3) | 7 |
| [Financial Highlights](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_FIHI-RunningFooter-146_1) | 9 |
| [Notes to Financial Statements](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_NTF-RunningFooter-146_1) | 12 |
| **[Report of Independent Registered Public Accounting Firm](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_AUD-RunningFooter-146_1)** | 22 |
| **[Supplemental Information](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_STI-RunningFooter-146_1)** | 23 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_DWA-RunningFooter-146_1)**<br> **[Companies](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_DWA-RunningFooter-146_1)**<br>| 24 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_PD-RunningFooter-146_1)** | 25 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_REMU-RunningFooter-146_1)**<br> **[Companies](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_REMU-RunningFooter-146_1)**<br>| 26 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_fe55f038-9020-41fa-b4f1-a008020507e9_AIAC-RunningFooter-146_1)** | 27 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Large Core ESG**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.4%**  | **COMMON STOCKS - 98.4%**  | **COMMON STOCKS - 98.4%**  |
| **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  |
| Howmet Aerospace, Inc. | 6716 | $1383160 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv PLC <sup>(A)</sup> <br>| 3527 | 286040 |
| **Automobiles - 1.1%**  | **Automobiles - 1.1%**  | **Automobiles - 1.1%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 4044 | 1846329 |
| **Banks - 4.9%**  | **Banks - 4.9%**  | **Banks - 4.9%**  |
| Bank of America Corp. | 38026 | 2032490 |
| Citigroup, Inc. | 12580 | 1273474 |
| JPMorgan Chase & Co. | 13627 | 4239632 |
| PNC Financial Services Group, Inc. | 708 | 129245 |
| U.S. Bancorp | 19944 | 930986 |
|  |  | 8605827 |
| **Beverages - 1.1%**  | **Beverages - 1.1%**  | **Beverages - 1.1%**  |
| Coca-Cola Co. | 27402 | 1887998 |
| PepsiCo, Inc. | 430 | 62819 |
|  |  | 1950817 |
| **Biotechnology - 1.0%**  | **Biotechnology - 1.0%**  | **Biotechnology - 1.0%**  |
| AbbVie, Inc. | 3102 | 676360 |
| Gilead Sciences, Inc. | 2594 | 310735 |
| Regeneron Pharmaceuticals, Inc. | 793 | 516877 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 466 | 198316 |
|  |  | 1702288 |
| **Broadline Retail - 3.2%**  | **Broadline Retail - 3.2%**  | **Broadline Retail - 3.2%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 19797 | 4834823 |
| eBay, Inc. | 8065 | 655765 |
|  |  | 5490588 |
| **Building Products - 1.9%**  | **Building Products - 1.9%**  | **Building Products - 1.9%**  |
| Carrier Global Corp. | 4975 | 295963 |
| Johnson Controls International PLC | 9533 | 1090480 |
| Trane Technologies PLC | 4210 | 1888816 |
|  |  | 3275259 |
| **Capital Markets - 2.8%**  | **Capital Markets - 2.8%**  | **Capital Markets - 2.8%**  |
| Ameriprise Financial, Inc. | 2587 | 1171316 |
| Bank of New York Mellon Corp. | 5128 | 553465 |
| Goldman Sachs Group, Inc. | 1238 | 977240 |
| Intercontinental Exchange, Inc. | 1400 | 204806 |
| Moody's Corp. | 4 | 1921 |
| Morgan Stanley | 1655 | 271420 |
| Nasdaq, Inc. | 516 | 44113 |
| S&P Global, Inc. | 3406 | 1659437 |
|  |  | 4883718 |
| **Chemicals - 1.7%**  | **Chemicals - 1.7%**  | **Chemicals - 1.7%**  |
| Ecolab, Inc. | 3184 | 816377 |
| Linde PLC | 4866 | 2035448 |
| Solstice Advanced Materials, Inc. <sup>(A)</sup> <br>| 2511 | 113171 |
|  |  | 2964996 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  |
| Cintas Corp. | 1334 | $244482 |
| Copart, Inc. <sup>(A)</sup> <br>| 6779 | 291565 |
|  |  | 536047 |
| **Communications Equipment - 1.9%**  | **Communications Equipment - 1.9%**  | **Communications Equipment - 1.9%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 12203 | 1924291 |
| Cisco Systems, Inc. | 18072 | 1321244 |
|  |  | 3245535 |
| **Construction & Engineering - 0.2%**  | **Construction & Engineering - 0.2%**  | **Construction & Engineering - 0.2%**  |
| EMCOR Group, Inc. | 525 | 354785 |
| **Consumer Finance - 1.3%**  | **Consumer Finance - 1.3%**  | **Consumer Finance - 1.3%**  |
| American Express Co. | 711 | 256479 |
| Capital One Financial Corp. | 9171 | 2017528 |
|  |  | 2274007 |
| **Consumer Staples Distribution & Retail - 0.2%**  | **Consumer Staples Distribution & Retail - 0.2%**  | **Consumer Staples Distribution & Retail - 0.2%**  |
| Dollar General Corp. | 1247 | 123029 |
| Sprouts Farmers Market, Inc. <sup>(A)</sup> <br>| 2815 | 222272 |
|  |  | 345301 |
| **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  | **Diversified Telecommunication Services - 1.2%**  |
| Verizon Communications, Inc. | 53319 | 2118897 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| Duke Energy Corp. | 11764 | 1462265 |
| FirstEnergy Corp. | 7085 | 324705 |
| NextEra Energy, Inc. | 14609 | 1189173 |
|  |  | 2976143 |
| **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  |
| GE Vernova, Inc. | 1904 | 1114107 |
| **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  |
| TE Connectivity PLC | 1219 | 301105 |
| **Energy Equipment & Services - 1.0%**  | **Energy Equipment & Services - 1.0%**  | **Energy Equipment & Services - 1.0%**  |
| Baker Hughes Co. | 31166 | 1508746 |
| TechnipFMC PLC | 6593 | 272621 |
|  |  | 1781367 |
| **Entertainment - 1.5%**  | **Entertainment - 1.5%**  | **Entertainment - 1.5%**  |
| Electronic Arts, Inc. | 7844 | 1569271 |
| Spotify Technology SA <sup>(A)</sup> <br>| 888 | 581924 |
| Take-Two Interactive Software, Inc. <sup>(A)</sup> <br>| 1942 | 497870 |
|  |  | 2649065 |
| **Financial Services - 4.1%**  | **Financial Services - 4.1%**  | **Financial Services - 4.1%**  |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 1649 | 787463 |
| Mastercard, Inc., Class A | 5282 | 2915611 |
| PayPal Holdings, Inc. <sup>(A)</sup> <br>| 2303 | 159529 |
| Visa, Inc., Class A | 9829 | 3349134 |
|  |  | 7211737 |
| **Gas Utilities - 0.6%**  | **Gas Utilities - 0.6%**  | **Gas Utilities - 0.6%**  |
| UGI Corp. | 31792 | 1062807 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Large Core ESG**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  | **Ground Transportation - 1.5%**  |
| Uber Technologies, Inc. <sup>(A)</sup> <br>| 6726 | $649059 |
| Union Pacific Corp. | 9087 | 2002502 |
|  |  | 2651561 |
| **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 2895 | 238693 |
| IDEXX Laboratories, Inc. <sup>(A)</sup> <br>| 623 | 392185 |
| ResMed, Inc. | 1770 | 436977 |
| STERIS PLC | 2731 | 643697 |
| Stryker Corp. | 1021 | 363721 |
|  |  | 2075273 |
| **Health Care Providers & Services - 1.2%**  | **Health Care Providers & Services - 1.2%**  | **Health Care Providers & Services - 1.2%**  |
| Cigna Group | 173 | 42283 |
| Elevance Health, Inc. | 1570 | 498004 |
| HCA Healthcare, Inc. | 118 | 54242 |
| Humana, Inc. | 1085 | 301836 |
| McKesson Corp. | 1453 | 1178877 |
|  |  | 2075242 |
| **Health Care REITs - 0.6%**  | **Health Care REITs - 0.6%**  | **Health Care REITs - 0.6%**  |
| Welltower, Inc. | 5791 | 1048403 |
| **Health Care Technology - 0.6%**  | **Health Care Technology - 0.6%**  | **Health Care Technology - 0.6%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 3571 | 1039875 |
| **Hotels, Restaurants & Leisure - 1.8%**  | **Hotels, Restaurants & Leisure - 1.8%**  | **Hotels, Restaurants & Leisure - 1.8%**  |
| Booking Holdings, Inc. | 405 | 2056485 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 1122 | 35556 |
| Las Vegas Sands Corp. | 1 | 59 |
| McDonald's Corp. | 3642 | 1086882 |
|  |  | 3178982 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| NVR, Inc. <sup>(A)</sup> <br>| 33 | 237957 |
| **Household Products - 2.2%**  | **Household Products - 2.2%**  | **Household Products - 2.2%**  |
| Colgate-Palmolive Co. | 6938 | 534573 |
| Kimberly-Clark Corp. | 5048 | 604296 |
| Procter & Gamble Co. | 17828 | 2680796 |
|  |  | 3819665 |
| **Industrial Conglomerates - 1.9%**  | **Industrial Conglomerates - 1.9%**  | **Industrial Conglomerates - 1.9%**  |
| 3M Co. | 7360 | 1225440 |
| Honeywell International, Inc. | 10046 | 2022561 |
|  |  | 3248001 |
| **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  | **Industrial REITs - 0.2%**  |
| Prologis, Inc. | 2962 | 367555 |
| **Insurance - 0.5%**  | **Insurance - 0.5%**  | **Insurance - 0.5%**  |
| Progressive Corp. | 2033 | 418798 |
| Travelers Cos., Inc. | 1929 | 518168 |
|  |  | 936966 |
| **Interactive Media & Services - 5.4%**  | **Interactive Media & Services - 5.4%**  | **Interactive Media & Services - 5.4%**  |
| Alphabet, Inc., Class A | 12671 | 3562959 |
| Alphabet, Inc., Class C | 11437 | 3223175 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Meta Platforms, Inc., Class A | 4010 | $2599884 |
| ZoomInfo Technologies, Inc. <sup>(A)</sup> <br>| 3247 | 36431 |
|  |  | 9422449 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| Accenture PLC, Class A | 2246 | 561725 |
| International Business Machines Corp. | 111 | 34122 |
|  |  | 595847 |
| **Machinery - 0.3%**  | **Machinery - 0.3%**  | **Machinery - 0.3%**  |
| Caterpillar, Inc. | 155 | 89475 |
| Cummins, Inc. | 134 | 58649 |
| Deere & Co. | 888 | 409928 |
|  |  | 558052 |
| **Media - 0.7%**  | **Media - 0.7%**  | **Media - 0.7%**  |
| Interpublic Group of Cos., Inc. | 4014 | 102999 |
| New York Times Co., Class A | 16455 | 937771 |
| Paramount Skydance Corp., Class B | 16885 | 259860 |
|  |  | 1300630 |
| **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  |
| Newmont Corp. | 6309 | 510840 |
| **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  |
| ConocoPhillips | 22872 | 2032406 |
| EOG Resources, Inc. | 10651 | 1127302 |
| Kinder Morgan, Inc. | 4780 | 125188 |
| Valero Energy Corp. | 5948 | 1008543 |
|  |  | 4293439 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| Delta Air Lines, Inc. | 8034 | 460991 |
| **Pharmaceuticals - 4.2%**  | **Pharmaceuticals - 4.2%**  | **Pharmaceuticals - 4.2%**  |
| Bristol-Myers Squibb Co. | 29590 | 1363211 |
| Eli Lilly & Co. | 4164 | 3592949 |
| Merck & Co., Inc. | 24981 | 2147867 |
| Zoetis, Inc. | 1925 | 277373 |
|  |  | 7381400 |
| **Professional Services - 1.1%**  | **Professional Services - 1.1%**  | **Professional Services - 1.1%**  |
| Automatic Data Processing, Inc. | 7063 | 1838499 |
| **Semiconductors & Semiconductor Equipment - 16.5%**  | **Semiconductors & Semiconductor Equipment - 16.5%**  | **Semiconductors & Semiconductor Equipment - 16.5%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 5607 | 1436065 |
| Broadcom, Inc. | 17547 | 6485897 |
| Intel Corp. <sup>(A)</sup> <br>| 9722 | 388783 |
| KLA Corp. | 469 | 566899 |
| Lam Research Corp. | 15446 | 2432127 |
| Micron Technology, Inc. | 1844 | 412632 |
| NVIDIA Corp. | 80422 | 16284651 |
| QUALCOMM, Inc. | 3687 | 666978 |
|  |  | 28674032 |
| **Software - 11.8%**  | **Software - 11.8%**  | **Software - 11.8%**  |
| Adobe, Inc. <sup>(A)</sup> <br>| 4421 | 1504510 |
| Autodesk, Inc. <sup>(A)</sup> <br>| 1868 | 562903 |
| Fortinet, Inc. <sup>(A)</sup> <br>| 1288 | 111322 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Large Core ESG**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Intuit, Inc. | 2832 | $1890502 |
| Microsoft Corp. | 24972 | 12930751 |
| Oracle Corp. | 4029 | 1058056 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 103 | 20648 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 1920 | 422861 |
| Salesforce, Inc. | 6055 | 1576783 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 454 | 417353 |
|  |  | 20495689 |
| **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  |
| American Tower Corp. | 6 | 1074 |
| VICI Properties, Inc. | 13366 | 400846 |
|  |  | 401920 |
| **Specialty Retail - 2.8%**  | **Specialty Retail - 2.8%**  | **Specialty Retail - 2.8%**  |
| Best Buy Co., Inc. | 174 | 14293 |
| Home Depot, Inc. | 7151 | 2714448 |
| Lowe's Cos., Inc. | 6216 | 1480216 |
| TJX Cos., Inc. | 3993 | 559579 |
| Williams-Sonoma, Inc. | 306 | 59468 |
|  |  | 4828004 |
| **Technology Hardware, Storage & Peripherals - 5.9%**  | **Technology Hardware, Storage & Peripherals - 5.9%**  | **Technology Hardware, Storage & Peripherals - 5.9%**  |
| Apple, Inc. | 36154 | 9774957 |
| Seagate Technology Holdings PLC | 823 | 210589 |
| Western Digital Corp. | 1864 | 279992 |
|  |  | 10265538 |
| **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  |
| Ralph Lauren Corp. | 1440 | 460310 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Tobacco - 0.4%**  | **Tobacco - 0.4%**  | **Tobacco - 0.4%**  |
| Altria Group, Inc. | 11415 | $643578 |
| **Wireless Telecommunication Services - 0.1%**  | **Wireless Telecommunication Services - 0.1%**  | **Wireless Telecommunication Services - 0.1%**  |
| Millicom International Cellular SA | 2148 | 101192 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $116,081,430)**<br>|  | 171271815 |
| **EXCHANGE-TRADED FUND - 1.5%**  | **EXCHANGE-TRADED FUND - 1.5%**  | **EXCHANGE-TRADED FUND - 1.5%**  |
| **U.S. Equity Fund - 1.5%**  | **U.S. Equity Fund - 1.5%**  | **U.S. Equity Fund - 1.5%**  |
| SPDR S&P 500 ETF Trust <sup>(B)</sup> <br>| 3852 | 2627295 |
| &nbsp;&nbsp; **Total Exchange-Traded Fund** <br>**(Cost $2,527,493)**<br>|  | 2627295 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(C)</sup>, dated 10/31/2025, to be <br> repurchased at $535,264 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 $546,012.<br>| $535197 | 535197 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $535,197)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $535,197)** | 535197 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $119,144,120)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $119,144,120)** | 174434307 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (387726) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$174046581** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $171271815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $171271815 |
| Exchange-Traded Fund | 2627295 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2627295 |
| Repurchase Agreement |  | &nbsp;&nbsp; 535197 | &nbsp;&nbsp; — | &nbsp;&nbsp; 535197 |
| **Total Investments** | **$173899110** | &nbsp;&nbsp; **$535197** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$174434307** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(D)</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.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***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 Large Core ESG**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $118,608,923) | $173899110 |
| Repurchase agreement, at value (cost $535,197) | 535197 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 5483 |
| Dividends  | 110534 |
| Interest | 22 |
| Total assets | 174550346 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 384179 |
| Investment management fees | 65804 |
| Distribution and service fees | 18896 |
| Transfer agent fees | 1011 |
| Trustee and CCO fees | 59 |
| Audit and tax fees  | 16684 |
| Custody fees | 1909 |
| Legal fees | 2055 |
| Printing and shareholder reports fees | 1330 |
| Registration fees | 2270 |
| Other accrued expenses | 9568 |
| Total liabilities | 503765 |
| **Net assets**  | $174046581 |
| **Net assets consist of:** |  |
| Paid-in capital | $96423890 |
| Total distributable earnings (accumulated losses) | 77622691 |
| **Net assets** | $174046581 |
| **Net assets by class:** |  |
| Class A | $474399 |
| Class I3 | 127920960 |
| Class R | 44503531 |
| Class R4 | 849078 |
| Class R6 | 298613 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 36730 |
| Class I3 | 9913103 |
| Class R | 3443331 |
| Class R4 | 65646 |
| Class R6 | 23060 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $12.92 |
| Class I3 | 12.90 |
| Class R | 12.92 |
| Class R4 | 12.93 |
| Class R6 | 12.95 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $13.67 |

---

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

<sup>(A)</sup> *Net asset value per share for Class I3, R, R4 and R6 shares represents offering price. The redemption price for Class A shares equals net asset* *value less any applicable contingent deferred sales charge.* 

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Large Core ESG**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $2442448 |
| Interest income | 6493 |
| Net income from securities lending | 412 |
| Withholding taxes on foreign income | (644)<br>|
| Total investment income  | 2448709 |
| **Expenses:** |  |
| Investment management fees | 756176 |
| Distribution and service fees: |  |
| Class A | 1062 |
| Class R | 227094 |
| Class R4 | 2174 |
| Transfer agent fees: |  |
| Class A | 752 |
| Class I3 | 9081 |
| Class R | 759 |
| Class R4 | 65 |
| Class R6 | 18 |
| Trustee and CCO fees | 7249 |
| Audit and tax fees | 30781 |
| Custody fees | 13776 |
| Legal fees | 12422 |
| Printing and shareholder reports fees | 7594 |
| Registration fees | 66663 |
| Other | 22269 |
| Total expenses before waiver and/or reimbursement and recapture | 1157935 |
| Expenses waived and/or reimbursed: |  |
| Class A | (29)<br>|
| Class R4 | (138)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 203 |
| Net expenses | 1157971 |
| **Net investment income (loss)** | 1290738 |
| **Net realized gain (loss) on:** |  |
| Investments | 25104526 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 5153763 |
| Net realized and change in unrealized gain (loss) | 30258289 |
| **Net increase (decrease) in net assets resulting from operations** | $31549027 |

---

***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 Large Core ESG**

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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) | $1290738 | &nbsp;&nbsp;&nbsp;&nbsp; $1473318 |
| Net realized gain (loss) | 25104526 | &nbsp;&nbsp;&nbsp;&nbsp; 32912894 |
| Net change in unrealized appreciation (depreciation) | 5153763 | &nbsp;&nbsp;&nbsp;&nbsp; 21164338 |
| Net increase (decrease) in net assets resulting from operations | 31549027 | &nbsp;&nbsp;&nbsp;&nbsp; 55550550 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (79114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7093)<br>|
| Class I3 | (23681423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9119689)<br>|
| Class R | (8120801)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4114822)<br>|
| Class R4 | (149004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110241)<br>|
| Class R6 | (43402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (994)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (32073744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13352839)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 163139 | &nbsp;&nbsp;&nbsp;&nbsp; 323303 |
| Class I3 | 1657274 | &nbsp;&nbsp;&nbsp;&nbsp; 1772670 |
| Class R | 303600 | &nbsp;&nbsp;&nbsp;&nbsp; 1759603 |
| Class R4 | 148279 | &nbsp;&nbsp;&nbsp;&nbsp; 198715 |
| Class R6 | 81858 | &nbsp;&nbsp;&nbsp;&nbsp; 192711 |
|  | 2354150 | &nbsp;&nbsp;&nbsp;&nbsp; 4247002 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 79114 | &nbsp;&nbsp;&nbsp;&nbsp; 7093 |
| Class I3 | 23681423 | &nbsp;&nbsp;&nbsp;&nbsp; 9119689 |
| Class R | 8120801 | &nbsp;&nbsp;&nbsp;&nbsp; 4114822 |
| Class R4 | 149004 | &nbsp;&nbsp;&nbsp;&nbsp; 110241 |
| Class R6 | 43402 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
|  | 32073744 | &nbsp;&nbsp;&nbsp;&nbsp; 13352839 |
| Cost of shares redeemed: |  |  |
| Class A | (109514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64809)<br>|
| Class I3 | (24957356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17629440)<br>|
| Class R | (27381951)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7483685)<br>|
| Class R4 | (1299064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177119)<br>|
| Class R6 | (35676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
|  | (53783561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25355132)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (19355667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7755291)<br>|
| **Net increase (decrease) in net assets** | (19880384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34442420 |
| **Net assets:** |  |  |
| Beginning of year | 193926965 | &nbsp;&nbsp;&nbsp;&nbsp; 159484545 |
| End of year | $174046581 | &nbsp;&nbsp;&nbsp;&nbsp; $193926965 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Large Core ESG**

------

**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 | 12947 | &nbsp;&nbsp;&nbsp;&nbsp; 26407 |
| Class I3 | 144735 | &nbsp;&nbsp;&nbsp;&nbsp; 144482 |
| Class R | 25511 | &nbsp;&nbsp;&nbsp;&nbsp; 147020 |
| Class R4 | 11998 | &nbsp;&nbsp;&nbsp;&nbsp; 16191 |
| Class R6 | 6973 | &nbsp;&nbsp;&nbsp;&nbsp; 14350 |
|  | 202164 | &nbsp;&nbsp;&nbsp;&nbsp; 348450 |
| Shares reinvested: |  |  |
| Class A | 7027 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
| Class I3 | 2104625 | &nbsp;&nbsp;&nbsp;&nbsp; 810769 |
| Class R | 720696 | &nbsp;&nbsp;&nbsp;&nbsp; 367385 |
| Class R4 | 13209 | &nbsp;&nbsp;&nbsp;&nbsp; 9807 |
| Class R6 | 3844 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | 2849401 | &nbsp;&nbsp;&nbsp;&nbsp; 1188675 |
| Shares redeemed: |  |  |
| Class A | (9428)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5120)<br>|
| Class I3 | (2013326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1412071)<br>|
| Class R | (2060080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (607704)<br>|
| Class R4 | (94912)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14065)<br>|
| Class R6 | (3195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6)<br>|
|  | (4180941)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2038966)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 10546 | &nbsp;&nbsp;&nbsp;&nbsp; 21914 |
| Class I3 | 236034 | &nbsp;&nbsp;&nbsp;&nbsp; (456820)<br>|
| Class R | (1313873)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93299)<br>|
| Class R4 | (69705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11933 |
| Class R6 | 7622 | &nbsp;&nbsp;&nbsp;&nbsp; 14431 |
|  | (1129376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (501841)<br>|

---

***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 Large Core ESG**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $13.28 | $10.57 | $9.98 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.05 | 0.06 | 0.04 |
| Net realized and unrealized gain (loss) | 2.18 | 3.52 | 0.59 |
| Total investment operations | 2.23 | 3.58 | 0.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.07)<br>| (0.08)<br>| (0.04)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>|  |
| Total dividends and/or distributions to shareholders | (2.59)<br>| (0.87)<br>| (0.04)<br>|
| **Net asset value, end of year** | $12.92 | $13.28 | $10.57 |
| **Total return** <sup>(C)</sup> <br>| 19.76<br> %<br>| 35.38<br> %<br>| 6.28 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $474 | $348 | $45 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.96<br> %<br>| 1.15 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.97 %<sup>(G)(H)</sup><br>| 0.98<br> %<br>| 1.00 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 0.47<br> %<br>| 0.49<br> %<br>| 0.49 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>|

---

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

<sup>(A)</sup> *Commenced operations on March 1, 2023.*

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

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

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

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

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

<sup>(G)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **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** | $13.27 | $10.55 | $10.17 | $13.68 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.11 | 0.11 | 0.12 | 0.12 | 0.13 |
| Net realized and unrealized gain (loss) | 2.15 | 3.52 | 0.89 | (1.57)<br>| 4.06 |
| Total investment operations | 2.26 | 3.63 | 1.01 | (1.45)<br>| 4.19 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.11)<br>| (0.12)<br>| (0.12)<br>| (0.12)<br>| (0.13)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>|
| Total dividends and/or distributions to shareholders | (2.63)<br>| (0.91)<br>| (0.63)<br>| (2.06)<br>| (1.03)<br>|
| **Net asset value, end of year** | $12.90 | $13.27 | $10.55 | $10.17 | $13.68 |
| **Total return** | 20.15<br> %<br>| 36.05<br> %<br>| 10.41<br> %<br>| (12.58)%<br>| 42.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $127921 | $128401 | $106910 | $109512 | $136168 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.54<br> %<br>| 0.59<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>|
| Net investment income (loss) to average net assets | 0.89<br> %<br>| 0.94<br> %<br>| 1.12<br> %<br>| 1.03<br> %<br>| 1.03<br> %<br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>|

---

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

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *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 9**

------

**Transamerica Large Core ESG**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.05 | 0.06 | 0.07 | 0.06 | 0.07 |
| Net realized and unrealized gain (loss) | 2.16 | 3.51 | 0.88 | (1.56)<br>| 4.06 |
| Total investment operations | 2.21 | 3.57 | 0.95 | (1.50)<br>| 4.13 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.05)<br>| (0.06)<br>| (0.06)<br>| (0.06)<br>| (0.07)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>|
| Total dividends and/or distributions to shareholders | (2.57)<br>| (0.85)<br>| (0.57)<br>| (2.00)<br>| (0.97)<br>|
| **Net asset value, end of year** | $12.92 | $13.28 | $10.56 | $10.18 | $13.68 |
| **Total return** | 19.54<br> %<br>| 35.39<br> %<br>| 9.85<br> %<br>| (13.03)%<br>| 41.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $44504 | $63176 | $51216 | $49946 | $66418 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.05<br> %<br>| 1.03<br> %<br>| 1.08<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.05<br> %<br>| 1.03<br> %<br>| 1.06<br> %<br>| 1.02<br> %<br>| 1.01<br> %<br>|
| Net investment income (loss) to average net assets | 0.43<br> %<br>| 0.47<br> %<br>| 0.62<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>|

---

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

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *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** | $13.28 | $10.56 | $10.18 | $13.68 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.08 | 0.09 | 0.09 | 0.10 |
| Net realized and unrealized gain (loss) | 2.15 | 3.52 | 0.89 | (1.56)<br>| 4.06 |
| Total investment operations | 2.24 | 3.60 | 0.98 | (1.47)<br>| 4.16 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.09)<br>| (0.09)<br>| (0.09)<br>| (0.10)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>| (0.51)<br>| (1.94)<br>| (0.90)<br>|
| Total dividends and/or distributions to shareholders | (2.59)<br>| (0.88)<br>| (0.60)<br>| (2.03)<br>| (1.00)<br>|
| **Net asset value, end of year** | $12.93 | $13.28 | $10.56 | $10.18 | $13.68 |
| **Total return** | 19.87<br> %<br>| 35.69<br> %<br>| 10.12<br> %<br>| (12.73)%<br>| 41.88<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $849 | $1797 | $1303 | $2391 | $2800 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.79<br> %<br>| 0.84<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Net investment income (loss) to average net assets | 0.72<br> %<br>| 0.68<br> %<br>| 0.89<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>| 77<br> %<br>| 82<br> %<br>|

---

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

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *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 10**

------

**Transamerica Large Core ESG**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $13.31 | $10.58 | $9.98 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.10 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) | 2.17 | 3.55 | 0.59 |
| Total investment operations | 2.27 | 3.64 | 0.66 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.11)<br>| (0.12)<br>| (0.06)<br>|
| Net realized gains | (2.52)<br>| (0.79)<br>|  |
| Total dividends and/or distributions to shareholders | (2.63)<br>| (0.91)<br>| (0.06)<br>|
| **Net asset value, end of year** | $12.95 | $13.31 | $10.58 |
| **Total return** | 20.18<br> %<br>| 36.06<br> %<br>| 6.56 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $299 | $205 | $11 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.54<br> %<br>| 0.59 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.54 %<sup>(F)</sup><br>| 0.55 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 0.88<br> %<br>| 0.69<br> %<br>| 1.01 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 110<br> %<br>| 105<br> %<br>| 98<br> %<br>|

---

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

<sup>(A)</sup> *Commenced operations on March 1, 2023.*

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

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Large Core ESG**

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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 Large Core ESG (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Large Core ESG**

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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**

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $2,431.

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Large Core ESG**

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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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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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**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.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

**Transamerica Funds**

**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)**

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 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.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Environmental, social and governance ("ESG") investing risk:** Applying the sub-adviser's ESG criteria to its investment analysis for the Fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Fund may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact the Fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Fund's investment performance. The relevance and weightings of ESG criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and a company's ESG practices, or the sub-adviser's assessment of such practices, may change over time. The Fund's performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves a subjective assessment. There may be significant differences in views in what constitutes positive or

**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 FACTORS (continued)**

negative ESG characteristics of a company. The sub-adviser's ESG assessment of a company may differ from that of other funds or investors. The Fund's investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third part data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on the Fund's ability to invest in accordance with its ESG strategy.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $166597387 | 95.72<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**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;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.45<br> % <br>|
| Over $250 million up to $750 million  | 0.44 |
| Over $750 million  | 0.43 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.00<br> % <br>| March 1, 2026 |
| Class I3, Class R6 | 0.57 | March 1, 2026 |
| Class R | 1.15 | March 1, 2026 |
| Class R4 | 0.81 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 R4 | $— | $— | $130 | $130 |

---

**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 18**

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**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class R | 0.50 |
| Class R4 | 0.25 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I3 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $1166 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the 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** |
| $9959 | &nbsp;&nbsp; $889 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $185940136 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $235306775 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

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. The primary permanent differences are due to a portion of the payments made to redeeming shareholders as a distribution for income tax purposes and basis adjustments related to a prior 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; $2480508 | &nbsp;&nbsp;&nbsp;&nbsp; $(2480508)<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>|
| $118726630 | &nbsp;&nbsp; $58042062 | &nbsp;&nbsp; $(2334385)<br>| &nbsp;&nbsp; $55707677 |

---

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>|
| $11173636 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20900108 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1702280 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11650559 | &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>|
| $3161669 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19662421 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(909076)<br>| &nbsp;&nbsp; $55707677 |

---

**10. 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Large Core ESG**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**10. OPERATING SEGMENTS (continued)**

single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Large Core ESG

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Large Core ESG (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. ![](g67628img67c0bb9e3.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 22**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $2,299,283 of qualified dividend income.

For corporate shareholders, 38% 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 $20,900,108 for the year ended October 31, 2025.

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 23**

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**Transamerica Large Core ESG** 

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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 24**

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**Transamerica Large Core ESG** 

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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 25**

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**Transamerica Large Core ESG** 

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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 26**

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**Transamerica Large Core ESG** 

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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 Large Core ESG (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 PineBridge Investments LLC (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 27**

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**Transamerica Large Core ESG** 

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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 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).

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 3-year period and in line with the median for the past 1- 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 Board noted that the Sub-Adviser had commenced sub-advising the Fund on September 1, 2018 pursuant to its current investment objective and investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 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 Partners Institutional Large Core, effective as of that date in place of its own historical performance record. The Trustees noted that TAM and the Fund's sub-adviser implemented changes to the Fund's principal investment strategy, which took effect on March 1, 2023.

**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 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 also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fees 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 below the medians for its peer group and 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 and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Large Core ESG** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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 29**

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![](g67628img10a51be84.gif)

![](g67628img1d48f9b45.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

4886784 TA LRG CORE ESG 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img0f57181c6.gif)

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![](g67628img522b36171.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Large Growth**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img6ac19a5b2.gif)

------

**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_be3d38e1-5e85-492f-8519-9a9ee0cdd554_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_SOI-RunningFooter-145_1) | 2 |
| [Statement of Assets and Liabilities](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_FS-RunningFooter-145_1) | 5 |
| [Statement of Operations](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_FS-RunningFooter-145_2) | 6 |
| [Statement of Changes in Net Assets](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_FS-RunningFooter-145_3) | 7 |
| [Financial Highlights](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_FIHI-RunningFooter-145_1) | 9 |
| [Notes to Financial Statements](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_NTF-RunningFooter-145_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_AUD-RunningFooter-145_1)** | 22 |
| **[Supplemental Information](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_STI-RunningFooter-145_1)** | 23 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_DWA-RunningFooter-145_1)**<br> **[Companies](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_DWA-RunningFooter-145_1)**<br>| 24 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_PD-RunningFooter-145_1)** | 25 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_REMU-RunningFooter-145_1)**<br> **[Companies](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_REMU-RunningFooter-145_1)**<br>| 26 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_be3d38e1-5e85-492f-8519-9a9ee0cdd554_AIAC-RunningFooter-145_1)** | 27 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Large Growth**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.3%**  | **COMMON STOCKS - 96.3%**  | **COMMON STOCKS - 96.3%**  |
| **Aerospace & Defense - 0.7%**  | **Aerospace & Defense - 0.7%**  | **Aerospace & Defense - 0.7%**  |
| General Electric Co. | 9744 | $3010409 |
| **Automobiles - 5.3%**  | **Automobiles - 5.3%**  | **Automobiles - 5.3%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 47279 | 21585700 |
| **Banks - 0.3%**  | **Banks - 0.3%**  | **Banks - 0.3%**  |
| Wells Fargo & Co. | 12570 | 1093213 |
| **Biotechnology - 1.9%**  | **Biotechnology - 1.9%**  | **Biotechnology - 1.9%**  |
| Roivant Sciences Ltd. <sup>(A)</sup> <br>| 273444 | 5466146 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 5160 | 2195941 |
|  |  | 7662087 |
| **Broadline Retail - 4.1%**  | **Broadline Retail - 4.1%**  | **Broadline Retail - 4.1%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 45295 | 11061945 |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 2384 | 5548188 |
|  |  | 16610133 |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| Builders FirstSource, Inc. <sup>(A)</sup> <br>| 6497 | 754756 |
| **Capital Markets - 1.6%**  | **Capital Markets - 1.6%**  | **Capital Markets - 1.6%**  |
| Ares Management Corp., Class A | 7580 | 1127222 |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 3072 | 1056092 |
| Interactive Brokers Group, Inc., Class A | 15412 | 1084388 |
| Intercontinental Exchange, Inc. | 13015 | 1903964 |
| KKR & Co., Inc. | 11123 | 1316185 |
|  |  | 6487851 |
| **Chemicals - 0.5%**  | **Chemicals - 0.5%**  | **Chemicals - 0.5%**  |
| Sherwin-Williams Co. | 5321 | 1835426 |
| **Commercial Services & Supplies - 0.2%**  | **Commercial Services & Supplies - 0.2%**  | **Commercial Services & Supplies - 0.2%**  |
| Republic Services, Inc. | 3532 | 735504 |
| **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 19480 | 3071801 |
| **Consumer Finance - 0.4%**  | **Consumer Finance - 0.4%**  | **Consumer Finance - 0.4%**  |
| American Express Co. | 4507 | 1625810 |
| **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  |
| BJ's Wholesale Club Holdings, Inc. <sup>(A)</sup> <br>| 17092 | 1508540 |
| Walmart, Inc. | 18153 | 1836720 |
|  |  | 3345260 |
| **Electrical Equipment - 0.5%**  | **Electrical Equipment - 0.5%**  | **Electrical Equipment - 0.5%**  |
| GE Vernova, Inc. | 3571 | 2089535 |
| **Electronic Equipment, Instruments & Components - 1.1%**  | **Electronic Equipment, Instruments & Components - 1.1%**  | **Electronic Equipment, Instruments & Components - 1.1%**  |
| Amphenol Corp., Class A | 15426 | 2149459 |
| Coherent Corp. <sup>(A)</sup> <br>| 17556 | 2316690 |
|  |  | 4466149 |
| **Entertainment - 4.7%**  | **Entertainment - 4.7%**  | **Entertainment - 4.7%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 13978 | 1395703 |
| Live Nation Entertainment, Inc. <sup>(A)</sup> <br>| 2265 | 338685 |
| Netflix, Inc. <sup>(A)</sup> <br>| 3823 | 4277402 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 104208 | $11850534 |
| Spotify Technology SA <sup>(A)</sup> <br>| 1683 | 1102904 |
|  |  | 18965228 |
| **Financial Services - 5.9%**  | **Financial Services - 5.9%**  | **Financial Services - 5.9%**  |
| Affirm Holdings, Inc. <sup>(A)</sup> <br>| 171685 | 12340717 |
| Federal National Mortgage Association <sup>(A)</sup> <br>| 394829 | 4031204 |
| Klarna Group PLC <sup>(A)</sup> <br>| 20851 | 783372 |
| Mastercard, Inc., Class A | 9644 | 5323392 |
| Visa, Inc., Class A | 4388 | 1495167 |
|  |  | 23973852 |
| **Health Care Technology - 0.3%**  | **Health Care Technology - 0.3%**  | **Health Care Technology - 0.3%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 4777 | 1391062 |
| **Hotels, Restaurants & Leisure - 4.4%**  | **Hotels, Restaurants & Leisure - 4.4%**  | **Hotels, Restaurants & Leisure - 4.4%**  |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 23971 | 3033290 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 39165 | 1241139 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 41674 | 10600616 |
| DraftKings, Inc., Class A <sup>(A)</sup> <br>| 34943 | 1068906 |
| Hilton Worldwide Holdings, Inc. | 7568 | 1944673 |
|  |  | 17888624 |
| **Interactive Media & Services - 5.2%**  | **Interactive Media & Services - 5.2%**  | **Interactive Media & Services - 5.2%**  |
| Alphabet, Inc., Class A | 47860 | 13457753 |
| Meta Platforms, Inc., Class A | 12086 | 7835958 |
|  |  | 21293711 |
| **IT Services - 12.9%**  | **IT Services - 12.9%**  | **IT Services - 12.9%**  |
| Cloudflare, Inc., Class A <sup>(A)</sup> <br>| 119433 | 30252379 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 68766 | 11955657 |
| Snowflake, Inc., Class A <sup>(A)</sup> <br>| 37990 | 10442691 |
|  |  | 52650727 |
| **Machinery - 0.6%**  | **Machinery - 0.6%**  | **Machinery - 0.6%**  |
| Caterpillar, Inc. | 3862 | 2229378 |
| **Pharmaceuticals - 3.9%**  | **Pharmaceuticals - 3.9%**  | **Pharmaceuticals - 3.9%**  |
| Eli Lilly & Co. | 7234 | 6241929 |
| Royalty Pharma PLC, Class A | 259732 | 9750340 |
|  |  | 15992269 |
| **Semiconductors & Semiconductor Equipment - 11.0%**  | **Semiconductors & Semiconductor Equipment - 11.0%**  | **Semiconductors & Semiconductor Equipment - 11.0%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 14490 | 3711179 |
| Broadcom, Inc. | 34145 | 12621016 |
| Credo Technology Group Holding Ltd. <sup>(A)</sup> <br>| 5174 | 970746 |
| KLA Corp. | 2628 | 3176569 |
| NVIDIA Corp. | 119557 | 24209097 |
|  |  | 44688607 |
| **Software - 19.3%**  | **Software - 19.3%**  | **Software - 19.3%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 23864 | 15209243 |
| Aurora Innovation, Inc. <sup>(A)</sup> <br>| 1293703 | 6779004 |
| BitMine Immersion Technologies, Inc. <sup>(A)</sup> <br>| 58148 | 2712604 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 7125 | 2413166 |
| Crowdstrike Holdings, Inc., Class A <sup>(A)</sup> <br>| 5841 | 3171721 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 2054 | 1010404 |
| Intuit, Inc. | 3660 | 2443233 |
| Microsoft Corp. | 29101 | 15068789 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Large Growth**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Oracle Corp. | 17615 | $4625875 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 9976 | 1999889 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 10942 | 2409866 |
| PTC, Inc. <sup>(A)</sup> <br>| 7485 | 1486072 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 157504 | 6326936 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 3104 | 2853445 |
| Strategy, Inc., Class A <sup>(A)</sup> <br>| 32830 | 8848013 |
| Tyler Technologies, Inc. <sup>(A)</sup> <br>| 2667 | 1270186 |
|  |  | 78628446 |
| **Specialty Retail - 0.6%**  | **Specialty Retail - 0.6%**  | **Specialty Retail - 0.6%**  |
| Lowe's Cos., Inc. | 5985 | 1425208 |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 11726 | 1107403 |
|  |  | 2532611 |
| **Technology Hardware, Storage & Peripherals - 5.8%**  | **Technology Hardware, Storage & Peripherals - 5.8%**  | **Technology Hardware, Storage & Peripherals - 5.8%**  |
| Apple, Inc. | 63348 | 17127399 |
| IonQ, Inc. <sup>(A)</sup> <br>| 104932 | 6545658 |
|  |  | 23673057 |
| **Trading Companies & Distributors - 3.3%**  | **Trading Companies & Distributors - 3.3%**  | **Trading Companies & Distributors - 3.3%**  |
| Core & Main, Inc., Class A <sup>(A)</sup> <br>| 55475 | 2894685 |
| Ferguson Enterprises, Inc. | 6143 | 1526536 |
| FTAI Aviation Ltd. | 10139 | 1753033 |
| QXO, Inc. <sup>(A)</sup> <br>| 416261 | 7355332 |
|  |  | 13529586 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $201,841,559)**<br>|  | 391810792 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.8%**  | **REPURCHASE AGREEMENT - 3.8%**  | **REPURCHASE AGREEMENT - 3.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $15,706,237 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 $16,018,362.<br>| $15704274 | $15704274 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,704,274)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,704,274)** | 15704274 |
| &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $217,545,833)** | &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $217,545,833)** | 407515066 |
| &nbsp;&nbsp; **Total Options Purchased - 0.0% \*** <br>**(Cost $957,619)** | &nbsp;&nbsp; **Total Options Purchased - 0.0% \*** <br>**(Cost $957,619)** | 81008 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $218,503,452)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $218,503,452)** | 407596074 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (574929) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$407021145** |

---

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | **Premiums** <br>**Paid**<br>| **Value** |
| Put – USD vs. CNH | SCB | USD | 7.58 | 08/11/2026 | USD | 60453274 | &nbsp;&nbsp; $197798 | &nbsp;&nbsp; $63234 |
| Put – USD vs. CNH | GSI | USD | 7.71 | 05/13/2026 | USD | 43043185 | &nbsp;&nbsp; 179172 | &nbsp;&nbsp; 13301 |
| Put – USD vs. CNH | JPM | USD | 7.82 | 02/25/2026 | USD | 42095377 | &nbsp;&nbsp; 173812 | &nbsp;&nbsp; 2315 |
| Put – USD vs. CNH | SCB | USD | 7.90 | 04/01/2026 | USD | 28011641 | &nbsp;&nbsp; 136109 | &nbsp;&nbsp; 2101 |
| Put – USD vs. CNH | GSI | USD | 8.02 | 12/02/2025 | USD | 57111191 | &nbsp;&nbsp; 270728 | &nbsp;&nbsp; 57 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **$957619** | &nbsp;&nbsp; **$81008** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $391810792 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $391810792 |
| Repurchase Agreement |  | &nbsp;&nbsp; 15704274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15704274 |
| Over-the-Counter Foreign Exchange Options Purchased |  | &nbsp;&nbsp; 81008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81008 |
| **Total Investments** | **$391810792** | &nbsp;&nbsp; **$15785282** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$407596074** |

---

***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 Large Growth**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Rate disclosed reflects the yield at 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.* 

**CURRENCY ABBREVIATION(S):** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica Large Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $202,799,178) | $391891800 |
| Repurchase agreement, at value (cost $15,704,274) | 15704274 |
| Cash | 69973 |
| Foreign currency, at value (cost $2,018) | 2049 |
| Receivables and other assets: |  |
| Net income from securities lending | 863 |
| Shares of beneficial interest sold  | 10333 |
| Dividends  | 25173 |
| Interest | 654 |
| Total assets | 407705119 |
| **Liabilities:** |  |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| 190000 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 176329 |
| Investment management fees | 221091 |
| Distribution and service fees | 48165 |
| Transfer agent fees | 2124 |
| Trustee and CCO fees | 136 |
| Audit and tax fees  | 17699 |
| Custody fees | 5227 |
| Legal fees | 4581 |
| Printing and shareholder reports fees | 2486 |
| Registration fees | 535 |
| Other accrued expenses | 15601 |
| Total liabilities | 683974 |
| **Net assets**  | $407021145 |
| **Net assets consist of:** |  |
| Paid-in capital | $121215771 |
| Total distributable earnings (accumulated losses) | 285805374 |
| **Net assets** | $407021145 |
| **Net assets by class:** |  |
| Class I3 | $288841985 |
| Class R | 114480976 |
| Class R4 | 168688 |
| Class R6 | 3529496 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I3 | 16896031 |
| Class R | 7082671 |
| Class R4 | 10080 |
| Class R6 | 206667 |
| **Net asset value per share:** <sup>(B)</sup> <br>|  |
| Class I3 | $17.10 |
| Class R | 16.16 |
| Class R4 | 16.73 |
| Class R6 | 17.08 |

---

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

<sup>(A)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* <br> <sup>(B)</sup> *Net asset value per share for Class I3, R, R4 and R6 shares represents offering price.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Large Growth**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $1161407 |
| Interest income | 191930 |
| Net income from securities lending | 6252 |
| Withholding taxes on foreign income | (1575)<br>|
| Total investment income  | 1358014 |
| **Expenses:** |  |
| Investment management fees | 2481908 |
| Distribution and service fees: |  |
| Class R | 536849 |
| Class R4 | 927 |
| Transfer agent fees: |  |
| Class I3 | 20378 |
| Class R | 1697 |
| Class R4 | 28 |
| Class R6 | 179 |
| Trustee and CCO fees | 16902 |
| Audit and tax fees | 33318 |
| Custody fees | 37022 |
| Legal fees | 26601 |
| Printing and shareholder reports fees | 13837 |
| Registration fees | 51502 |
| Other | 83448 |
| Total expenses before waiver and/or reimbursement and recapture | 3304596 |
| Expenses waived and/or reimbursed: |  |
| Class R4 | (295)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 49 |
| Net expenses | 3304350 |
| **Net investment income (loss)** | (1946336)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 125678997 |
| Foreign currency transactions | (1079)<br>|
| Net realized gain (loss) | 125677918 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 30078738 |
| Translation of assets and liabilities denominated in foreign currencies | 31 |
| Net change in unrealized appreciation (depreciation) | 30078769 |
| Net realized and change in unrealized gain (loss) | 155756687 |
| **Net increase (decrease) in net assets resulting from operations** | $153810351 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Large Growth**

------

**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) | $(1946336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1729935)<br>|
| Net realized gain (loss) | 125677918 | &nbsp;&nbsp;&nbsp;&nbsp; 72133691 |
| Net change in unrealized appreciation (depreciation) | 30078769 | &nbsp;&nbsp;&nbsp;&nbsp; 113300369 |
| Net increase (decrease) in net assets resulting from operations | 153810351 | &nbsp;&nbsp;&nbsp;&nbsp; 183704125 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I3 | (47139165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | (19259782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | (23632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | (264496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (66687075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I3 | 3578683 | &nbsp;&nbsp;&nbsp;&nbsp; 977034 |
| Class R | 8965731 | &nbsp;&nbsp;&nbsp;&nbsp; 4298958 |
| Class R4 | 27776 | &nbsp;&nbsp;&nbsp;&nbsp; 162145 |
| Class R6 | 1281317 | &nbsp;&nbsp;&nbsp;&nbsp; 1167857 |
|  | 13853507 | &nbsp;&nbsp;&nbsp;&nbsp; 6605994 |
| Dividends and/or distributions reinvested: |  |  |
| Class I3 | 47139165 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 19259782 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 23632 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 264496 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 66687075 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed: |  |  |
| Class I3 | (162030689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91273667)<br>|
| Class R | (63282359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14260126)<br>|
| Class R4 | (2205210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4299625)<br>|
| Class R6 | (274867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1283014)<br>|
|  | (227793125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111116432)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (147252543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104510438)<br>|
| **Net increase (decrease) in net assets** | (60129267)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79193687 |
| **Net assets:** |  |  |
| Beginning of year | 467150412 | &nbsp;&nbsp;&nbsp;&nbsp; 387956725 |
| End of year | $407021145 | &nbsp;&nbsp;&nbsp;&nbsp; $467150412 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Large Growth**

------

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

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I3 | 255258 | &nbsp;&nbsp;&nbsp;&nbsp; 82826 |
| Class R | 605902 | &nbsp;&nbsp;&nbsp;&nbsp; 371514 |
| Class R4 | 1724 | &nbsp;&nbsp;&nbsp;&nbsp; 13295 |
| Class R6 | 114015 | &nbsp;&nbsp;&nbsp;&nbsp; 106828 |
|  | 976899 | &nbsp;&nbsp;&nbsp;&nbsp; 574463 |
| Shares reinvested: |  |  |
| Class I3 | 3401094 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 1463509 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 1739 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 19097 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 4885439 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed: |  |  |
| Class I3 | (10154088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7124204)<br>|
| Class R | (4190940)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1174352)<br>|
| Class R4 | (133229)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (336596)<br>|
| Class R6 | (19794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100694)<br>|
|  | (14498051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8735846)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I3 | (6497736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7041378)<br>|
| Class R | (2121529)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (802838)<br>|
| Class R4 | (129766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (323301)<br>|
| Class R6 | 113318 | &nbsp;&nbsp;&nbsp;&nbsp; 6134 |
|  | (8635713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8161383)<br>|

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Large Growth**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **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** | $14.40 | $9.55 | $9.03 | $20.56 | $17.03 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.05)<br>| (0.03)<br>| (0.02)<br>| (0.04)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 5.61 | 4.88 | 0.66 | (7.68)<br>| 6.42 |
| Total investment operations | 5.56 | 4.85 | 0.64 | (7.72)<br>| 6.35 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>|
| **Net asset value, end of year** | $17.10 | $14.40 | $9.55 | $9.03 | $20.56 |
| **Total return** | 43.26<br> %<br>| 50.79<br> %<br>| 7.21<br> %<br>| (45.20)%<br>| 39.76<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $288842 | $336765 | $290665 | $303089 | $971642 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.71<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | (0.37)%<br>| (0.25)%<br>| (0.16)%<br>| (0.32)%<br>| (0.36)%<br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

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

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

&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** | $13.80 | $9.20 | $8.75 | $20.13 | $16.79 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.12)<br>| (0.09)<br>| (0.06)<br>| (0.09)<br>| (0.16)<br>|
| Net realized and unrealized gain (loss) | 5.34 | 4.69 | 0.63 | (7.48)<br>| 6.32 |
| Total investment operations | 5.22 | 4.60 | 0.57 | (7.57)<br>| 6.16 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>|
| **Net asset value, end of year** | $16.16 | $13.80 | $9.20 | $8.75 | $20.13 |
| **Total return** | 42.56<br> %<br>| 50.00<br> %<br>| 6.63<br> %<br>| (45.47)%<br>| 39.11<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $114481 | $127060 | $92098 | $92615 | $200390 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.22<br> %<br>| 1.20<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.22<br> %<br>| 1.20<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>|
| Net investment income (loss) to average net assets | (0.87)%<br>| (0.75)%<br>| (0.65)%<br>| (0.81)%<br>| (0.86)%<br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

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

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

&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 Large Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $14.17 | $9.42 | $8.92 | $20.40 | $16.94 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.07)<br>| (0.05)<br>| (0.03)<br>| (0.06)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 5.49 | 4.80 | 0.65 | (7.61)<br>| 6.39 |
| Total investment operations | 5.42 | 4.75 | 0.62 | (7.67)<br>| 6.28 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>| (2.82)<br>|
| **Net asset value, end of year** | $16.73 | $14.17 | $9.42 | $8.92 | $20.40 |
| **Total return** | 42.92<br> %<br>| 50.42<br> %<br>| 7.07<br> %<br>| (45.34)%<br>| 39.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $169 | $1982 | $4362 | $16757 | $64361 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.98<br> %<br>| 0.96<br> %<br>| 0.97<br> %<br>| 0.95<br> %<br>| 0.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.91 % <sup>(B)</sup><br>| 0.90<br> %<br>| 0.91 %<sup>(B)</sup><br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | (0.43)%<br>| (0.42)%<br>| (0.33)%<br>| (0.53)%<br>| (0.58)%<br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<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> *Includes interest expense outside the operating expense limit.*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $14.38 | $9.55 | $9.02 | $20.55 | $17.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.06)<br>| (0.03)<br>| (0.01)<br>| (0.03)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 5.62 | 4.86 | 0.66 | (7.69)<br>| 2.67 |
| Total investment operations | 5.56 | 4.83 | 0.65 | (7.72)<br>| 2.63 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (2.86)<br>|  | (0.12)<br>| (3.81)<br>|  |
| **Net asset value, end of year** | $17.08 | $14.38 | $9.55 | $9.02 | $20.55 |
| **Total return** | 43.31<br> %<br>| 50.58<br> %<br>| 7.22<br> %<br>| (45.25)%<br>| 14.73 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $3529 | $1343 | $832 | $20288 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.71 %<sup>(E)</sup><br>| 0.70<br> %<br>| 0.69<br> %<br>| 0.69 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.39)%<br>| (0.25)%<br>| (0.08)%<br>| (0.31)%<br>| (0.45 )%<sup>(D)</sup><br>|
| Portfolio turnover rate | 56<br> %<br>| 32<br> %<br>| 36<br> %<br>| 60<br> %<br>| 48<br> %<br>|

---

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

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Large Growth**

------

**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 Large Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Large Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $840.

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

**3. INVESTMENT VALUATION**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Large Growth**

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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)**

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at 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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the

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**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;

**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.

**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 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Large Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Fund is subject to equity risk, credit risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund may enter into option contracts to manage exposure to various market fluctuations. The Fund may purchase or write call and put options on securities and derivative instruments in which the Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

*Options on foreign currency:* The Fund may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Fund the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Fund pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Open option contracts at October 31, 2025, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Large Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the location and the 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** |
| Purchased options and swaptions: <br>Investments, at value <sup>(A)</sup> <br>| $— | $81008 | $— | $— | $— | $81008 |
| **Total** | **$—** | **$81008** | **$—** | **$—** | **$—** | **$81008** |

---

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

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of 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** |
| Purchased options and swaptions <sup>(A)</sup> <br>| $— | $(939222)<br>| $— | $— | $— | $(939222)<br>|
| **Total** | **$—** | **$(939222)**<br>| **$—** | **$—** | **$—** | **$(939222)**<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions <sup>(B)</sup> <br>| $— | $(333721)<br>| $— | $— | $— | $(333721)<br>|
| **Total** | **$—** | **$(333721)**<br>| **$—** | **$—** | **$—** | **$(333721)**<br>|

---

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

<sup>(A)</sup> *Included within Net realized gain (loss) on Investments in the Statement of Operations.*

<sup>(B)</sup> *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.*

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Options:** |  |
| Average value of option contracts purchased | $353424 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC

**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;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of October 31, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Goldman Sachs International | $13358 | $— | $(13358)<br>| $— | $— | $— | $— | $— |
| JPMorgan Chase Bank, N.A. | 2315 |  | (2315)<br>|  |  |  |  |  |
| Standard Chartered Bank | 65335 |  | (65335)<br>|  |  |  |  |  |
| **Total** | **$81008** | **$—** | **$(81008)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

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

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**6. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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.

**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 FACTORS (continued)**

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Small and medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Large Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

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** |
| $387728343 | 95.26<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.650<br> % <br>|
| Over $1 billion up to $1.5 billion | 0.635 |
| Over $1.5 billion up to $2 billion | 0.615 |
| Over $2 billion up to $3 billion | 0.605 |
| Over $3 billion up to $4 billion | 0.590 |
| Over $4 billion up to $5 billion | 0.575 |
| Over $5 billion up to $7 billion | 0.570 |
| Over $7 billion | 0.550 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I3, Class R6 | 0.74<br> % <br>| March 1, 2026 |
| Class R | 1.25 | March 1, 2026 |
| Class R4 | 0.90 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 R4 | $7914 | $2600 | $295 | $10809 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Large Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I3 and Class R6.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the 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** |
| $20589 | &nbsp;&nbsp; $1829 |

---

**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.

**Cross-trades:** The Fund is authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of the Fund participating in the transaction. For the year ended October 31, 2025, the Fund engaged in the following cross-trade transactions, which resulted in net realized gains/(losses) as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $488830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2586978)<br>|

---

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $206669608 | &nbsp;&nbsp; $2874044 | &nbsp;&nbsp; $437663984 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and passive foreign investment companies. 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 basis adjustments related to a prior year merger and a portion of the payments made to

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Large Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

redeeming shareholders as a distribution for income tax purposes. 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; $18822173 | &nbsp;&nbsp;&nbsp;&nbsp; $(18822173)<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>|
| $220132995 | &nbsp;&nbsp; $190996864 | &nbsp;&nbsp; $(3533785)<br>| &nbsp;&nbsp; $187463079 |

---

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>|
|  $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $66687075 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&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>|
| $8893208 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91933603 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2484547)<br>| &nbsp;&nbsp; $187463110 |

---

**10. 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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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Large Growth

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Large Growth (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. ![](g67628img1d7943223.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 22**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made a long-term capital gain designation of $66,687,075 for the year ended October 31, 2025.

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 23**

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**Transamerica Large Growth** 

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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 24**

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**Transamerica Large Growth** 

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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 25**

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**Transamerica Large Growth** 

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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 26**

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**Transamerica Large Growth** 

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

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – 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 Large Growth (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreements (each a "Sub-Advisory Agreement," collectively the "Sub-Advisory Agreements" and together with the Management Agreement, the "Agreements") for the Fund between TAM and each of Morgan Stanley Investment Management, Inc. and Wellington Management Company LLP (each a "Sub-Adviser" and collectively the "Sub-Advisers").

Following its review and consideration, the Board determined that the terms of the Management Agreement and each 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 each 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 each Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and each 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 each 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 any 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 each 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 each Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each 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 each 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Large Growth** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)**

**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 and each 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 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).

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-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class R 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- and 5-year periods. The Board noted that Morgan Stanley Investment Management Inc. had commenced sub-advising a sleeve of the Fund on October 18, 2019 pursuant to its current investment objective and investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 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 Partners Institutional Large Growth, effective as of that date in place of its own historical performance record.

**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 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 also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fees 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 medians for its peer group and 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 in line with 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 and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Large Growth** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)**

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-Advisers, the Board noted that the sub-advisory fees are the product of arm's-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are 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 a 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 each 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 each 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 fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers 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 and that TAM believes the use of soft dollars by each Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that Wellington Management Company LLP participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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-Advisers. 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 each 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 29**

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![](g67628imgd20e94f55.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

4886784 TA LRG GROWTH 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img9aee4cbe6.gif)

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![](g67628img9b46f3ed1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Large Value Opportunities**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgc8b4b8d72.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_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_SOI-RunningFooter-149_1) | 2 |
| [Statement of Assets and Liabilities](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_FS-RunningFooter-149_1) | 6 |
| [Statement of Operations](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_FS-RunningFooter-149_2) | 7 |
| [Statement of Changes in Net Assets](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_FS-RunningFooter-149_3) | 8 |
| [Financial Highlights](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_FIHI-RunningFooter-149_1) | 9 |
| [Notes to Financial Statements](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_NTF-RunningFooter-149_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_AUD-RunningFooter-149_1)** | 20 |
| **[Supplemental Information](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_STI-RunningFooter-149_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_DWA-RunningFooter-149_1)**<br> **[Companies](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_DWA-RunningFooter-149_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_PD-RunningFooter-149_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_REMU-RunningFooter-149_1)**<br> **[Companies](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_REMU-RunningFooter-149_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_bf7edb17-7795-4ff5-8a1e-93d2ce2b26d3_AIAC-RunningFooter-149_1)** | 25 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.4%**  | **COMMON STOCKS - 98.4%**  | **COMMON STOCKS - 98.4%**  |
| **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  |
| General Dynamics Corp. | 1974 | $680833 |
| HEICO Corp. | 600 | 190662 |
|  |  | 871495 |
| **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  |
| United Parcel Service, Inc., Class B | 4451 | 429165 |
| **Automobiles - 1.0%**  | **Automobiles - 1.0%**  | **Automobiles - 1.0%**  |
| Ford Motor Co. | 174139 | 2286445 |
| **Banks - 8.8%**  | **Banks - 8.8%**  | **Banks - 8.8%**  |
| Bank of America Corp. | 17537 | 937353 |
| Citigroup, Inc. | 23930 | 2422434 |
| Citizens Financial Group, Inc. | 2777 | 141266 |
| East West Bancorp, Inc. | 9381 | 953110 |
| Huntington Bancshares, Inc. | 25394 | 392083 |
| JPMorgan Chase & Co. | 31870 | 9915394 |
| PNC Financial Services Group, Inc. | 15227 | 2779689 |
| Regions Financial Corp. | 22157 | 536199 |
| Truist Financial Corp. | 29365 | 1310560 |
| U.S. Bancorp | 33266 | 1552857 |
|  |  | 20940945 |
| **Beverages - 0.8%**  | **Beverages - 0.8%**  | **Beverages - 0.8%**  |
| Coca-Cola Co. | 3905 | 269055 |
| PepsiCo, Inc. | 11902 | 1738763 |
|  |  | 2007818 |
| **Biotechnology - 2.3%**  | **Biotechnology - 2.3%**  | **Biotechnology - 2.3%**  |
| AbbVie, Inc. | 5540 | 1207942 |
| Amgen, Inc. | 8589 | 2563215 |
| Regeneron Pharmaceuticals, Inc. | 2736 | 1783325 |
|  |  | 5554482 |
| **Building Products - 1.2%**  | **Building Products - 1.2%**  | **Building Products - 1.2%**  |
| A.O. Smith Corp. | 1937 | 127823 |
| Johnson Controls International PLC | 11512 | 1316858 |
| Trane Technologies PLC | 3125 | 1402031 |
|  |  | 2846712 |
| **Capital Markets - 4.5%**  | **Capital Markets - 4.5%**  | **Capital Markets - 4.5%**  |
| Ameriprise Financial, Inc. | 1453 | 657875 |
| Charles Schwab Corp. | 22440 | 2121029 |
| Goldman Sachs Group, Inc. | 1666 | 1315090 |
| Interactive Brokers Group, Inc., Class A | 17921 | 1260922 |
| Intercontinental Exchange, Inc. | 4184 | 612077 |
| Moody's Corp. | 1552 | 745426 |
| Morningstar, Inc. | 1966 | 417382 |
| Nasdaq, Inc. | 7298 | 623906 |
| SEI Investments Co. | 25192 | 2030727 |
| Tradeweb Markets, Inc., Class A | 8041 | 847441 |
|  |  | 10631875 |
| **Chemicals - 2.4%**  | **Chemicals - 2.4%**  | **Chemicals - 2.4%**  |
| CF Industries Holdings, Inc. | 4883 | 406705 |
| Corteva, Inc. | 21612 | 1327841 |
| Ecolab, Inc. | 2327 | 596643 |
| Linde PLC | 6646 | 2780022 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| PPG Industries, Inc. | 5114 | $499894 |
| Solstice Advanced Materials, Inc. <sup>(A)</sup> <br>| 4119 | 185643 |
|  |  | 5796748 |
| **Commercial Services & Supplies - 0.0% \*** | **Commercial Services & Supplies - 0.0% \*** | **Commercial Services & Supplies - 0.0% \*** |
| Cintas Corp. | 527 | 96583 |
| **Communications Equipment - 2.5%**  | **Communications Equipment - 2.5%**  | **Communications Equipment - 2.5%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 6057 | 955128 |
| Cisco Systems, Inc. | 39571 | 2893036 |
| F5, Inc. <sup>(A)</sup> <br>| 6192 | 1566885 |
| Motorola Solutions, Inc. | 1177 | 478698 |
|  |  | 5893747 |
| **Consumer Finance - 1.6%**  | **Consumer Finance - 1.6%**  | **Consumer Finance - 1.6%**  |
| Capital One Financial Corp. | 15335 | 3373547 |
| Synchrony Financial | 4818 | 358363 |
|  |  | 3731910 |
| **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  |
| Costco Wholesale Corp. | 1215 | 1107412 |
| Dollar General Corp. | 1336 | 131810 |
| Sprouts Farmers Market, Inc. <sup>(A)</sup> <br>| 364 | 28741 |
| U.S. Foods Holding Corp. <sup>(A)</sup> <br>| 388 | 28176 |
| Walmart, Inc. | 2716 | 274805 |
|  |  | 1570944 |
| **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  |
| Crown Holdings, Inc. | 11592 | 1126511 |
| **Diversified Telecommunication Services - 1.0%**  | **Diversified Telecommunication Services - 1.0%**  | **Diversified Telecommunication Services - 1.0%**  |
| Verizon Communications, Inc. | 61833 | 2457243 |
| **Electric Utilities - 3.2%**  | **Electric Utilities - 3.2%**  | **Electric Utilities - 3.2%**  |
| Duke Energy Corp. | 10066 | 1251204 |
| Edison International | 23476 | 1300101 |
| Exelon Corp. | 35223 | 1624485 |
| FirstEnergy Corp. | 16363 | 749916 |
| OGE Energy Corp. | 21983 | 970329 |
| PG&E Corp. | 101706 | 1623228 |
|  |  | 7519263 |
| **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  |
| Jabil, Inc. | 452 | 99842 |
| TE Connectivity PLC | 5896 | 1456371 |
|  |  | 1556213 |
| **Energy Equipment & Services - 0.7%**  | **Energy Equipment & Services - 0.7%**  | **Energy Equipment & Services - 0.7%**  |
| Baker Hughes Co. | 32968 | 1595981 |
| **Entertainment - 1.0%**  | **Entertainment - 1.0%**  | **Entertainment - 1.0%**  |
| Electronic Arts, Inc. | 2267 | 453536 |
| Netflix, Inc. <sup>(A)</sup> <br>| 416 | 465446 |
| Walt Disney Co. | 12385 | 1394799 |
|  |  | 2313781 |
| **Financial Services - 4.5%**  | **Financial Services - 4.5%**  | **Financial Services - 4.5%**  |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 16821 | 8032700 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Mastercard, Inc., Class A | 4054 | $2237768 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 13613 | 491974 |
|  |  | 10762442 |
| **Gas Utilities - 1.4%**  | **Gas Utilities - 1.4%**  | **Gas Utilities - 1.4%**  |
| National Fuel Gas Co. | 18567 | 1465122 |
| UGI Corp. | 54396 | 1818458 |
|  |  | 3283580 |
| **Ground Transportation - 1.4%**  | **Ground Transportation - 1.4%**  | **Ground Transportation - 1.4%**  |
| Union Pacific Corp. | 15681 | 3455622 |
| **Health Care Equipment & Supplies - 2.3%**  | **Health Care Equipment & Supplies - 2.3%**  | **Health Care Equipment & Supplies - 2.3%**  |
| Abbott Laboratories | 5533 | 683990 |
| Becton Dickinson & Co. | 6571 | 1174303 |
| Dentsply Sirona, Inc. | 37622 | 474413 |
| ResMed, Inc. | 7311 | 1804940 |
| STERIS PLC | 6034 | 1422214 |
|  |  | 5559860 |
| **Health Care Providers & Services - 3.0%**  | **Health Care Providers & Services - 3.0%**  | **Health Care Providers & Services - 3.0%**  |
| CVS Health Corp. | 13163 | 1028688 |
| DaVita, Inc. <sup>(A)</sup> <br>| 3113 | 370509 |
| Encompass Health Corp. | 664 | 75596 |
| HCA Healthcare, Inc. | 1945 | 894078 |
| Humana, Inc. | 2182 | 607011 |
| McKesson Corp. | 1528 | 1239728 |
| Tenet Healthcare Corp. <sup>(A)</sup> <br>| 3314 | 684308 |
| UnitedHealth Group, Inc. | 6727 | 2297674 |
|  |  | 7197592 |
| **Hotel & Resort REITs - 0.1%**  | **Hotel & Resort REITs - 0.1%**  | **Hotel & Resort REITs - 0.1%**  |
| Host Hotels & Resorts, Inc. | 16661 | 266909 |
| **Hotels, Restaurants & Leisure - 1.8%**  | **Hotels, Restaurants & Leisure - 1.8%**  | **Hotels, Restaurants & Leisure - 1.8%**  |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 11990 | 1517215 |
| Booking Holdings, Inc. | 382 | 1939697 |
| Carnival Corp. <sup>(A)</sup> <br>| 24612 | 709564 |
| Domino's Pizza, Inc. | 336 | 133882 |
|  |  | 4300358 |
| **Household Durables - 0.6%**  | **Household Durables - 0.6%**  | **Household Durables - 0.6%**  |
| NVR, Inc. <sup>(A)</sup> <br>| 193 | 1391688 |
| **Household Products - 3.7%**  | **Household Products - 3.7%**  | **Household Products - 3.7%**  |
| Clorox Co. | 5035 | 566236 |
| Colgate-Palmolive Co. | 28354 | 2184676 |
| Kimberly-Clark Corp. | 18129 | 2170222 |
| Procter & Gamble Co. | 25919 | 3897440 |
|  |  | 8818574 |
| **Industrial Conglomerates - 1.9%**  | **Industrial Conglomerates - 1.9%**  | **Industrial Conglomerates - 1.9%**  |
| 3M Co. | 6711 | 1117381 |
| Honeywell International, Inc. | 16478 | 3317516 |
|  |  | 4434897 |
| **Industrial REITs - 1.1%**  | **Industrial REITs - 1.1%**  | **Industrial REITs - 1.1%**  |
| Prologis, Inc. | 20248 | 2512574 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance - 2.9%**  | **Insurance - 2.9%**  | **Insurance - 2.9%**  |
| Allstate Corp. | 13741 | $2631676 |
| Cincinnati Financial Corp. | 5052 | 780989 |
| Hartford Insurance Group, Inc. | 7815 | 970467 |
| Progressive Corp. | 1 | 206 |
| Travelers Cos., Inc. | 6466 | 1736897 |
| Unum Group | 10660 | 782657 |
|  |  | 6902892 |
| **Interactive Media & Services - 6.6%**  | **Interactive Media & Services - 6.6%**  | **Interactive Media & Services - 6.6%**  |
| Alphabet, Inc., Class A | 3930 | 1105077 |
| Alphabet, Inc., Class C | 2875 | 810233 |
| Meta Platforms, Inc., Class A | 21381 | 13862371 |
|  |  | 15777681 |
| **IT Services - 0.8%**  | **IT Services - 0.8%**  | **IT Services - 0.8%**  |
| Accenture PLC, Class A | 1459 | 364896 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 3837 | 279641 |
| International Business Machines Corp. | 3928 | 1207506 |
|  |  | 1852043 |
| **Life Sciences Tools & Services - 0.1%**  | **Life Sciences Tools & Services - 0.1%**  | **Life Sciences Tools & Services - 0.1%**  |
| Avantor, Inc. <sup>(A)</sup> <br>| 27135 | 320736 |
| **Machinery - 3.1%**  | **Machinery - 3.1%**  | **Machinery - 3.1%**  |
| Deere & Co. | 3314 | 1529842 |
| Illinois Tool Works, Inc. | 12053 | 2939967 |
| Otis Worldwide Corp. | 2917 | 270581 |
| PACCAR, Inc. | 27842 | 2739653 |
|  |  | 7480043 |
| **Media - 0.7%**  | **Media - 0.7%**  | **Media - 0.7%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 3877 | 906598 |
| Fox Corp., Class B | 14420 | 842272 |
|  |  | 1748870 |
| **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  |
| Freeport-McMoRan, Inc. | 7880 | 328596 |
| Newmont Corp. | 2386 | 193194 |
| Reliance, Inc. | 3660 | 1033694 |
|  |  | 1555484 |
| **Office REITs - 0.5%**  | **Office REITs - 0.5%**  | **Office REITs - 0.5%**  |
| Vornado Realty Trust | 29881 | 1133685 |
| **Oil, Gas & Consumable Fuels - 5.8%**  | **Oil, Gas & Consumable Fuels - 5.8%**  | **Oil, Gas & Consumable Fuels - 5.8%**  |
| Cheniere Energy, Inc. | 6780 | 1437360 |
| Chevron Corp. | 15769 | 2487087 |
| ConocoPhillips | 36126 | 3210156 |
| Exxon Mobil Corp. | 59185 | 6768397 |
|  |  | 13903000 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| United Airlines Holdings, Inc. <sup>(A)</sup> <br>| 6860 | 645114 |
| **Pharmaceuticals - 4.0%**  | **Pharmaceuticals - 4.0%**  | **Pharmaceuticals - 4.0%**  |
| Bristol-Myers Squibb Co. | 62956 | 2900383 |
| Eli Lilly & Co. | 618 | 533247 |
| Johnson & Johnson | 11717 | 2212990 |

---

***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 Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Merck & Co., Inc. | 39568 | $3402057 |
| Zoetis, Inc. | 2988 | 430541 |
|  |  | 9479218 |
| **Professional Services - 1.5%**  | **Professional Services - 1.5%**  | **Professional Services - 1.5%**  |
| Automatic Data Processing, Inc. | 5195 | 1352259 |
| Booz Allen Hamilton Holding Corp. | 2452 | 213716 |
| Broadridge Financial Solutions, Inc., ADR | 6186 | 1363394 |
| Genpact Ltd. | 7782 | 296883 |
| Leidos Holdings, Inc. | 2106 | 401130 |
|  |  | 3627382 |
| **Retail REITs - 0.4%**  | **Retail REITs - 0.4%**  | **Retail REITs - 0.4%**  |
| Kimco Realty Corp. | 41336 | 854002 |
| **Semiconductors & Semiconductor Equipment - 4.0%**  | **Semiconductors & Semiconductor Equipment - 4.0%**  | **Semiconductors & Semiconductor Equipment - 4.0%**  |
| Intel Corp. <sup>(A)</sup> <br>| 16318 | 652557 |
| Lam Research Corp. | 17262 | 2718074 |
| Micron Technology, Inc. | 136 | 30433 |
| NVIDIA Corp. | 12434 | 2517761 |
| QUALCOMM, Inc. | 20574 | 3721836 |
|  |  | 9640661 |
| **Software - 2.7%**  | **Software - 2.7%**  | **Software - 2.7%**  |
| Adobe, Inc. <sup>(A)</sup> <br>| 1858 | 632296 |
| Gen Digital, Inc. | 16906 | 445642 |
| Intuit, Inc. | 2047 | 1366475 |
| Oracle Corp. | 9573 | 2513966 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 841 | 168595 |
| RingCentral, Inc., Class A <sup>(A)</sup> <br>| 2591 | 78041 |
| Salesforce, Inc. | 4809 | 1252312 |
| Zoom Communications, Inc., Class A <sup>(A)</sup> <br>| 505 | 44051 |
|  |  | 6501378 |
| **Specialized REITs - 1.1%**  | **Specialized REITs - 1.1%**  | **Specialized REITs - 1.1%**  |
| VICI Properties, Inc. | 83990 | 2518860 |
| **Specialty Retail - 3.5%**  | **Specialty Retail - 3.5%**  | **Specialty Retail - 3.5%**  |
| Home Depot, Inc. | 14605 | 5543912 |
| Lowe's Cos., Inc. | 11703 | 2786835 |
|  |  | 8330747 |
| **Technology Hardware, Storage & Peripherals - 1.8%**  | **Technology Hardware, Storage & Peripherals - 1.8%**  | **Technology Hardware, Storage & Peripherals - 1.8%**  |
| Apple, Inc. | 9455 | 2556348 |
| Seagate Technology Holdings PLC | 5743 | 1469519 |
| Western Digital Corp. | 1848 | 277588 |
|  |  | 4303455 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  | **Textiles, Apparel & Luxury Goods - 0.4%**  |
| NIKE, Inc., Class B | 2953 | $190734 |
| Ralph Lauren Corp. | 2109 | 674163 |
|  |  | 864897 |
| **Tobacco - 0.7%**  | **Tobacco - 0.7%**  | **Tobacco - 0.7%**  |
| Altria Group, Inc. | 25157 | 1418351 |
| Philip Morris International, Inc. | 1984 | 286351 |
|  |  | 1704702 |
| **Trading Companies & Distributors - 0.3%**  | **Trading Companies & Distributors - 0.3%**  | **Trading Companies & Distributors - 0.3%**  |
| Ferguson Enterprises, Inc. | 3252 | 808122 |
| **Wireless Telecommunication Services - 1.3%**  | **Wireless Telecommunication Services - 1.3%**  | **Wireless Telecommunication Services - 1.3%**  |
| T-Mobile U.S., Inc. | 14609 | 3068620 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $209,289,630)**<br>|  | 234233549 |
| **EXCHANGE-TRADED FUND - 1.3%**  | **EXCHANGE-TRADED FUND - 1.3%**  | **EXCHANGE-TRADED FUND - 1.3%**  |
| **U.S. Equity Fund - 1.3%**  | **U.S. Equity Fund - 1.3%**  | **U.S. Equity Fund - 1.3%**  |
| iShares Russell 1000 Value ETF <sup>(B)(C)</sup> <br>| 14297 | 2924738 |
| &nbsp;&nbsp; **Total Exchange-Traded Fund** <br>**(Cost $2,811,805)**<br>|  | 2924738 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(D)</sup>, dated 10/31/2025, to be <br> repurchased at $812,737 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 $829,039.<br>| $812635 | 812635 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $812,635)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $812,635)** | 812635 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $212,914,070)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $212,914,070)** | 237970922 |
| **Net Other Assets (Liabilities) - 0.0%\*** | **Net Other Assets (Liabilities) - 0.0%\*** | 12616 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$237983538** |

---

***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 Large Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $234233549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234233549 |
| Exchange-Traded Fund | 2924738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2924738 |
| Repurchase Agreement |  | &nbsp;&nbsp; 812635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 812635 |
| **Total Investments** | **$237158287** | &nbsp;&nbsp; **$812635** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$237970922** |

---

**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> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $2,384,059, collateralized by non-cash collateral, such as U.S.* *government securities of $2,432,773. The amount on loan indicated may not correspond with the securities on loan identified because a security with* *pending sales are in the process of recall from the brokers.* 

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

<sup>(E)</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.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Large Value Opportunities**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $212,101,435) (including securities loaned of $2,384,059) | $237158287 |
| Repurchase agreement, at value (cost $812,635) | 812635 |
| Receivables and other assets: |  |
| Net income from securities lending | 350 |
| Shares of beneficial interest sold  | 4904 |
| Dividends  | 217749 |
| Interest | 34 |
| Total assets | 238193959 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 61313 |
| Investment management fees | 92543 |
| Distribution and service fees | 20950 |
| Transfer agent fees | 1380 |
| Trustee and CCO fees | 84 |
| Audit and tax fees  | 15121 |
| Custody fees | 3179 |
| Legal fees | 3219 |
| Printing and shareholder reports fees | 1801 |
| Registration fees | 388 |
| Other accrued expenses | 10443 |
| Total liabilities | 210421 |
| **Net assets**  | $237983538 |
| **Net assets consist of:** |  |
| Paid-in capital | $185681465 |
| Total distributable earnings (accumulated losses) | 52302073 |
| **Net assets** | $237983538 |
| **Net assets by class:** |  |
| Class I3 | $185132020 |
| Class R | 44104310 |
| Class R4 | 8747208 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I3 | 18884229 |
| Class R | 4486344 |
| Class R4 | 889968 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I3 | $9.80 |
| Class R | 9.83 |
| Class R4 | 9.83 |

---

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

<sup>(A)</sup> *Net asset value per share for Class I3, R and R4 shares represents offering price.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Large Value Opportunities**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $5559575 |
| Interest income | 11476 |
| Net income from securities lending | 3419 |
| Total investment income  | 5574470 |
| **Expenses:** |  |
| Investment management fees | 1154622 |
| Distribution and service fees: |  |
| Class R | 241603 |
| Class R4 | 22494 |
| Transfer agent fees: |  |
| Class I3 | 14968 |
| Class R | 782 |
| Class R4 | 675 |
| Trustee and CCO fees | 11061 |
| Audit and tax fees | 27455 |
| Custody fees | 20024 |
| Legal fees | 19036 |
| Printing and shareholder reports fees | 8644 |
| Registration fees | 36947 |
| Other | 31564 |
| Total expenses before waiver and/or reimbursement and recapture | 1589875 |
| Expenses waived and/or reimbursed: |  |
| Class R | (6221)<br>|
| Class R4 | (1802)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R | 1146 |
| Class R4 | 217 |
| Net expenses | 1583215 |
| **Net investment income (loss)** | 3991255 |
| **Net realized gain (loss) on:** |  |
| Investments | 33901050 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (20894545)<br>|
| Net realized and change in unrealized gain (loss) | 13006505 |
| **Net increase (decrease) in net assets resulting from operations** | $16997760 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Large Value Opportunities**

------

**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) | $3991255 | &nbsp;&nbsp;&nbsp;&nbsp; $5010682 |
| Net realized gain (loss) | 33901050 | &nbsp;&nbsp;&nbsp;&nbsp; 49398373 |
| Net change in unrealized appreciation (depreciation) | (20894545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34165595 |
| Net increase (decrease) in net assets resulting from operations | 16997760 | &nbsp;&nbsp;&nbsp;&nbsp; 88574650 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I3 | (37787622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4524722)<br>|
| Class R | (9002925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (806320)<br>|
| Class R4 | (1764870)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (150439)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (48555417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5481481)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I3 | 4558710 | &nbsp;&nbsp;&nbsp;&nbsp; 1524241 |
| Class R | 599947 | &nbsp;&nbsp;&nbsp;&nbsp; 1057312 |
| Class R4 | 1856858 | &nbsp;&nbsp;&nbsp;&nbsp; 2236607 |
|  | 7015515 | &nbsp;&nbsp;&nbsp;&nbsp; 4818160 |
| Dividends and/or distributions reinvested: |  |  |
| Class I3 | 37787622 | &nbsp;&nbsp;&nbsp;&nbsp; 4524722 |
| Class R | 9002925 | &nbsp;&nbsp;&nbsp;&nbsp; 806320 |
| Class R4 | 1764870 | &nbsp;&nbsp;&nbsp;&nbsp; 150439 |
|  | 48555417 | &nbsp;&nbsp;&nbsp;&nbsp; 5481481 |
| Cost of shares redeemed: |  |  |
| Class I3 | (96267979)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32142284)<br>|
| Class R | (24302438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7996853)<br>|
| Class R4 | (3745612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1673351)<br>|
|  | (124316029)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41812488)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (68745097)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31512847)<br>|
| **Net increase (decrease) in net assets** | (100302754)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51580322 |
| **Net assets:** |  |  |
| Beginning of year | 338286292 | &nbsp;&nbsp;&nbsp;&nbsp; 286705970 |
| End of year | $237983538 | &nbsp;&nbsp;&nbsp;&nbsp; $338286292 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I3 | 459094 | &nbsp;&nbsp;&nbsp;&nbsp; 146987 |
| Class R | 61437 | &nbsp;&nbsp;&nbsp;&nbsp; 102705 |
| Class R4 | 194457 | &nbsp;&nbsp;&nbsp;&nbsp; 230998 |
|  | 714988 | &nbsp;&nbsp;&nbsp;&nbsp; 480690 |
| Shares reinvested: |  |  |
| Class I3 | 4053502 | &nbsp;&nbsp;&nbsp;&nbsp; 434406 |
| Class R | 963034 | &nbsp;&nbsp;&nbsp;&nbsp; 77538 |
| Class R4 | 188755 | &nbsp;&nbsp;&nbsp;&nbsp; 14435 |
|  | 5205291 | &nbsp;&nbsp;&nbsp;&nbsp; 526379 |
| Shares redeemed: |  |  |
| Class I3 | (8774226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3091092)<br>|
| Class R | (2237904)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (773244)<br>|
| Class R4 | (374144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (159098)<br>|
|  | (11386274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4023434)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I3 | (4261630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2509699)<br>|
| Class R | (1213433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (593001)<br>|
| Class R4 | 9068 | &nbsp;&nbsp;&nbsp;&nbsp; 86335 |
|  | (5465995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3016365)<br>|

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Large Value Opportunities**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **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** | $11.38 | $8.75 | $9.59 | $11.49 | $8.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.17 | 0.19 | 0.19 | 0.21 |
| Net realized and unrealized gain (loss) | 0.49 | 2.65 | (0.24)<br>| (0.28)<br>| 3.33 |
| Total investment operations | 0.65 | 2.82 | (0.05)<br>| (0.09)<br>| 3.54 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.19)<br>| (0.18)<br>| (0.20)<br>| (0.21)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  |
| Total dividends and/or distributions to shareholders | (2.23)<br>| (0.19)<br>| (0.79)<br>| (1.81)<br>| (0.21)<br>|
| **Net asset value, end of year** | $9.80 | $11.38 | $8.75 | $9.59 | $11.49 |
| **Total return** | 6.93<br> %<br>| 32.39<br> %<br>| (0.72)%<br>| (1.20)%<br>| 43.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $185132 | $263302 | $224564 | $259718 | $313063 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.52<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.52<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.49 %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 1.65<br> %<br>| 1.65<br> %<br>| 2.07<br> %<br>| 1.87<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 123<br> %<br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>|

---

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

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

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

<sup>(C)</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 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** | $11.39 | $8.77 | $9.61 | $11.50 | $8.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.12 | 0.12 | 0.15 | 0.14 | 0.16 |
| Net realized and unrealized gain (loss) | 0.49 | 2.63 | (0.24)<br>| (0.27)<br>| 3.33 |
| Total investment operations | 0.61 | 2.75 | (0.09)<br>| (0.13)<br>| 3.49 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.13)<br>| (0.14)<br>| (0.15)<br>| (0.16)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  |
| Total dividends and/or distributions to shareholders | (2.17)<br>| (0.13)<br>| (0.75)<br>| (1.76)<br>| (0.16)<br>|
| **Net asset value, end of year** | $9.83 | $11.39 | $8.77 | $9.61 | $11.50 |
| **Total return** | 6.52<br> %<br>| 31.56<br> %<br>| (1.22)%<br>| (1.63)%<br>| 42.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $44105 | $64945 | $55174 | $61830 | $70159 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.98<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00 %<sup>(C)</sup><br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 1.17<br> %<br>| 1.15<br> %<br>| 1.57<br> %<br>| 1.37<br> %<br>| 1.53<br> %<br>|
| Portfolio turnover rate | 123<br> %<br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>|

---

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

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

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

<sup>(C)</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 Large Value Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $11.40 | $8.77 | $9.61 | $11.51 | $8.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.14 | 0.17 | 0.16 | 0.19 |
| Net realized and unrealized gain (loss) | 0.49 | 2.65 | (0.24)<br>| (0.28)<br>| 3.34 |
| Total investment operations | 0.63 | 2.79 | (0.07)<br>| (0.12)<br>| 3.53 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.16)<br>| (0.16)<br>| (0.17)<br>| (0.19)<br>|
| Net realized gains | (2.05)<br>|  | (0.61)<br>| (1.61)<br>|  |
| Total dividends and/or distributions to shareholders | (2.20)<br>| (0.16)<br>| (0.77)<br>| (1.78)<br>| (0.19)<br>|
| **Net asset value, end of year** | $9.83 | $11.40 | $8.77 | $9.61 | $11.51 |
| **Total return** | 6.74<br> %<br>| 32.01<br> %<br>| (0.97)%<br>| (1.46)%<br>| 43.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $8747 | $10039 | $6968 | $9087 | $10065 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75 % <sup>(C)</sup><br>| 0.75 %<sup>(C)</sup><br>| 0.75 %<sup>(C)</sup><br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 1.40<br> %<br>| 1.39<br> %<br>| 1.82<br> %<br>| 1.61<br> %<br>| 1.83<br> %<br>|
| Portfolio turnover rate | 123<br> %<br>| 114<br> %<br>| 111<br> %<br>| 119<br> %<br>| 117<br> %<br>|

---

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Large Value Opportunities**

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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 Large Value Opportunities (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class I3, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Large Value Opportunities**

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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**

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $4,705.

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

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 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 FACTORS**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK FACTORS (continued)**

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Large Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK FACTORS (continued)**

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $234175801 | 98.40<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.45<br> % <br>|
| Over $250 million up to $750 million | 0.44 |
| Over $750 million | 0.43 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I3 | 0.65<br> % <br>| March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Class R4 | 0.75 | March 1, 2026 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 | $— | $— | $5075 | $5075 |
| Class R4 | 686 | 590 | 1802 | 3078 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I3.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the 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** |
| $15667 | &nbsp;&nbsp; $1256 |

---

**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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $316673514 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $429219809 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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. The primary permanent differences are due to basis adjustments related to a prior year merger and a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. 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; $5989212 | &nbsp;&nbsp;&nbsp;&nbsp; $(5989212)<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>|
| $213853875 | &nbsp;&nbsp; $30359271 | &nbsp;&nbsp; $(6242224)<br>| &nbsp;&nbsp; $24117047 |

---

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>|
| $23604736 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $24950681 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5481481 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Large Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**9. 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>|
| $11306415 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17112301 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(233690)<br>| &nbsp;&nbsp; $24117047 |

---

**10. 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 19**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Large Value Opportunities

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Large Value Opportunities (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. ![](g67628img13d55c333.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 20**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $5,053,845 of qualified dividend income.

For corporate shareholders, 26% 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 $24,950,681 for the year ended October 31, 2025.

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 21**

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**Transamerica Large Value Opportunities** 

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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 22**

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**Transamerica Large Value Opportunities** 

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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 23**

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**Transamerica Large Value Opportunities** 

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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 24**

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**Transamerica Large Value Opportunities** 

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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 Large Value Opportunities (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 PineBridge Investments LLC (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 25**

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**Transamerica Large Value Opportunities** 

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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 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).

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- and 3-year periods and in line with the median for the past 5-year period. The Board also noted that the performance of Class R Shares of the Fund was above the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on September 1, 2018 pursuant to its current investment objective and investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on May 5, 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 Partners Institutional Large Value, effective as of that date in place of its own historical performance record.

**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 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 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 below the medians for its peer group and 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 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Large Value Opportunities** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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 27**

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In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886784 TA LRG VAL OPS 10/25© 2025 Transamerica Corporation. All Rights Reserved.

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Long Credit**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgba40b2162.gif)

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**Table of Contents**

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

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_SOI-RunningFooter-546_1) | 2 |
| [Statement of Assets and Liabilities](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_FS-RunningFooter-546_1) | 10 |
| [Statement of Operations](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_FS-RunningFooter-546_2) | 11 |
| [Statement of Changes in Net Assets](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_FS-RunningFooter-546_3) | 12 |
| [Financial Highlights](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_FIHI-RunningFooter-546_1) | 13 |
| [Notes to Financial Statements](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_NTF-RunningFooter-546_1) | 15 |
| **[Report of Independent Registered Public Accounting Firm](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_AUD-RunningFooter-546_1)** | 26 |
| **[Supplemental Information](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_STI-RunningFooter-546_1)** | 27 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_DWA-RunningFooter-546_1)**<br> **[Companies](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_DWA-RunningFooter-546_1)**<br>| 28 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_PD-RunningFooter-546_1)** | 29 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_REMU-RunningFooter-546_1)**<br> **[Companies](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_REMU-RunningFooter-546_1)**<br>| 30 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_a0a49f00-37b4-493a-ae26-5a46161d43f1_AIAC-RunningFooter-546_1)** | 31 |

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

**Transamerica Funds**

**Annual Financial Statements 2025**

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Long Credit**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 89.3%**  | **CORPORATE DEBT SECURITIES - 89.3%**  | **CORPORATE DEBT SECURITIES - 89.3%**  |
| **Aerospace & Defense - 2.8%**  | **Aerospace & Defense - 2.8%**  | **Aerospace & Defense - 2.8%**  |
| BAE Systems PLC |  |  |
| 5.50%, 03/26/2054 <sup>(A)</sup> <br>| $880000 | $894386 |
| Boeing Co. |  |  |
| 3.83%, 03/01/2059 | 2486000 | 1750647 |
| 5.81%, 05/01/2050 | 1136000 | 1128283 |
| 5.93%, 05/01/2060 | 2115000 | 2102417 |
| 6.86%, 05/01/2054 | 3502000 | 3986001 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 1552000 | 1349554 |
| 4.50%, 03/11/2044 | 1240000 | 1131096 |
| RTX Corp. |  |  |
| 4.15%, 05/15/2045 | 2263000 | 1920047 |
| 4.63%, 11/16/2048 | 3493000 | 3095424 |
|  |  | 17357855 |
| **Automobile Components - 0.5%**  | **Automobile Components - 0.5%**  | **Automobile Components - 0.5%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 4.15%, 05/01/2052 | 1927000 | 1497514 |
| Lear Corp. |  |  |
| 3.55%, 01/15/2052 | 2327000 | 1589491 |
|  |  | 3087005 |
| **Automobiles - 0.7%**  | **Automobiles - 0.7%**  | **Automobiles - 0.7%**  |
| Ford Motor Co. |  |  |
| 4.75%, 01/15/2043 | 1246000 | 1002706 |
| General Motors Co. |  |  |
| 6.25%, 10/02/2043 | 3202000 | 3271605 |
|  |  | 4274311 |
| **Banks - 8.3%**  | **Banks - 8.3%**  | **Banks - 8.3%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2041, <br>3.31% <sup>(B)</sup>, 04/22/2042<br>| 1509000 | 1201154 |
| &nbsp;&nbsp; Fixed until 03/20/2050, <br>4.08% <sup>(B)</sup>, 03/20/2051<br>| 3502000 | 2860961 |
| &nbsp;&nbsp; Fixed until 04/25/2033, <br>5.29% <sup>(B)</sup>, 04/25/2034<br>| 3516000 | 3637947 |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(B)</sup>, 05/09/2036<br>| 2027000 | 2120619 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 431000 | 450382 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/11/2045, <br>5.86% <sup>(B)</sup>, 08/11/2046<br>| 2372000 | 2456971 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2038, <br>3.88% <sup>(B)</sup>, 01/24/2039<br>| 4575000 | 4043579 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(B)</sup>, 10/21/2036<br>| 1893000 | 1883755 |
| &nbsp;&nbsp; Fixed until 07/23/2034, <br>5.33% <sup>(B)</sup>, 07/23/2035<br>| 3036000 | 3126601 |
| &nbsp;&nbsp; Fixed until 01/28/2055, <br>5.73% <sup>(B)</sup>, 01/28/2056<br>| 1489000 | 1541486 |
| Intesa Sanpaolo SpA |  |  |
| 7.80%, 11/28/2053 <sup>(A)</sup> <br>| 1861000 | 2303325 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/22/2040, <br>3.11% <sup>(B)</sup>, 04/22/2041<br>| $8200000 | $6483105 |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.81% <sup>(B)</sup>, 10/22/2036<br>| 677000 | 674840 |
| &nbsp;&nbsp; Fixed until 06/01/2033, <br>5.35% <sup>(B)</sup>, 06/01/2034<br>| 2327000 | 2429105 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(B)</sup>, 07/23/2036<br>| 1216000 | 1260828 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 07/22/2037, <br>3.97% <sup>(B)</sup>, 07/22/2038<br>| 2206000 | 1986801 |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(B)</sup>, 10/22/2036<br>| 563000 | 559904 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 1266000 | 1301986 |
| &nbsp;&nbsp; Fixed until 11/19/2054, <br>5.52% <sup>(B)</sup>, 11/19/2055<br>| 777000 | 785711 |
| &nbsp;&nbsp; Fixed until 01/18/2035, <br>5.59% <sup>(B)</sup>, 01/18/2036<br>| 2771000 | 2902032 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(B)</sup>, 03/01/2035<br>| 843000 | 892148 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 03/23/2036, <br>5.01% <sup>(B)</sup>, 03/23/2037 <sup>(A)</sup> <br>| 1319000 | 1312809 |
| Wells Fargo & Co. |  |  |
| 4.75%, 12/07/2046 | 5403000 | 4798083 |
|  |  | 51014132 |
| **Beverages - 1.7%**  | **Beverages - 1.7%**  | **Beverages - 1.7%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 9483000 | 8319295 |
| Constellation Brands, Inc. |  |  |
| 5.25%, 11/15/2048 | 945000 | 885655 |
| Pernod Ricard SA |  |  |
| 5.50%, 01/15/2042 <sup>(A)</sup> <br>| 1427000 | 1410168 |
|  |  | 10615118 |
| **Biotechnology - 2.2%**  | **Biotechnology - 2.2%**  | **Biotechnology - 2.2%**  |
| Amgen, Inc. |  |  |
| 4.20%, 02/22/2052 | 1797000 | 1446661 |
| 5.75%, 03/02/2063 | 2677000 | 2673766 |
| CSL Finance PLC |  |  |
| 4.95%, 04/27/2062 <sup>(A)</sup> <br>| 3874000 | 3442036 |
| Gilead Sciences, Inc. |  |  |
| 5.50%, 11/15/2054 | 2785000 | 2809173 |
| 5.55%, 10/15/2053 | 1439000 | 1457487 |
| Royalty Pharma PLC |  |  |
| 5.90%, 09/02/2054 | 1446000 | 1454318 |
|  |  | 13283441 |
| **Building Products - 2.1%**  | **Building Products - 2.1%**  | **Building Products - 2.1%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(A)</sup> <br>| 3770000 | 3356111 |
| Carlisle Cos., Inc. |  |  |
| 5.55%, 09/15/2040 | 2529000 | 2569271 |
| Carrier Global Corp. |  |  |
| 6.20%, 03/15/2054 | 1607000 | 1772336 |

---

***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 Long Credit**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| CRH America Finance, Inc. |  |  |
| 5.88%, 01/09/2055 | $1704000 | $1785759 |
| GCC SAB de CV |  |  |
| 3.61%, 04/20/2032 <sup>(A)</sup> <br>| 471000 | 434124 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 1555000 | 1292837 |
| Vulcan Materials Co. |  |  |
| 5.70%, 12/01/2054 | 1545000 | 1580820 |
|  |  | 12791258 |
| **Chemicals - 1.7%**  | **Chemicals - 1.7%**  | **Chemicals - 1.7%**  |
| LYB International Finance BV |  |  |
| 4.88%, 03/15/2044 | 1472000 | 1253551 |
| Nutrien Ltd. |  |  |
| 5.00%, 04/01/2049 | 3851000 | 3531375 |
| OCP SA |  |  |
| 6.88%, 04/25/2044 <sup>(C)</sup> <br>| 471000 | 495980 |
| Orbia Advance Corp. SAB de CV |  |  |
| 5.88%, 09/17/2044 <sup>(C)</sup> <br>| 3540000 | 2802427 |
| Westlake Corp. |  |  |
| 4.38%, 11/15/2047 | 3152000 | 2512252 |
|  |  | 10595585 |
| **Commercial Services & Supplies - 3.0%**  | **Commercial Services & Supplies - 3.0%**  | **Commercial Services & Supplies - 3.0%**  |
| Ashtead Capital, Inc. |  |  |
| 5.80%, 04/15/2034 <sup>(A)</sup> <br>| 1409000 | 1475327 |
| Equifax, Inc. |  |  |
| 7.00%, 07/01/2037 | 3657000 | 4141596 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 2047000 | 1827342 |
| 6.50%, 05/06/2034 | 642000 | 689029 |
| Moody's Corp. |  |  |
| 3.25%, 05/20/2050 | 3320000 | 2301573 |
| Siemens Funding BV |  |  |
| 5.90%, 05/28/2065 <sup>(A)</sup> <br>| 2816000 | 3036235 |
| TR Finance LLC |  |  |
| 5.85%, 04/15/2040 | 1288000 | 1344363 |
| Waste Management, Inc. |  |  |
| 5.35%, 10/15/2054 | 3457000 | 3407222 |
|  |  | 18222687 |
| **Communications Equipment - 4.9%**  | **Communications Equipment - 4.9%**  | **Communications Equipment - 4.9%**  |
| AT&T, Inc. |  |  |
| 3.50%, 09/15/2053 | 6382000 | 4367086 |
| 3.55%, 09/15/2055 | 8254000 | 5660011 |
| 3.80%, 12/01/2057 | 1265000 | 893089 |
| Corning, Inc. |  |  |
| 4.38%, 11/15/2057 | 2188000 | 1811852 |
| Nokia OYJ |  |  |
| 6.63%, 05/15/2039 | 1380000 | 1492814 |
| PLDT, Inc. |  |  |
| 3.45%, 06/23/2050 <sup>(C)</sup> <br>| 412000 | 296838 |
| Telefonica Emisiones SA |  |  |
| 5.52%, 03/01/2049 | 1561000 | 1451510 |
| T-Mobile USA, Inc. |  |  |
| 3.30%, 02/15/2051 | 754000 | 510141 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |
| T-Mobile USA, Inc. (continued) |  |  |
| 4.50%, 04/15/2050 | $2606000 | $2178776 |
| 5.65%, 01/15/2053 | 2801000 | 2755055 |
| Verizon Communications, Inc. |  |  |
| 2.99%, 10/30/2056 | 1453000 | 882715 |
| 3.70%, 03/22/2061 | 7466000 | 5201820 |
| Vodafone Group PLC |  |  |
| 5.75%, 06/28/2054 | 2216000 | 2174660 |
|  |  | 29676367 |
| **Consumer Staples Distribution & Retail - 2.6%**  | **Consumer Staples Distribution & Retail - 2.6%**  | **Consumer Staples Distribution & Retail - 2.6%**  |
| 7-Eleven, Inc. |  |  |
| 2.50%, 02/10/2041 <sup>(A)</sup> <br>| 3752000 | 2616624 |
| Alimentation Couche-Tard, Inc. |  |  |
| 5.62%, 02/12/2054 <sup>(A)</sup> <br>| 2296000 | 2297089 |
| Home Depot, Inc. |  |  |
| 4.25%, 04/01/2046 | 4823000 | 4151427 |
| Lowe's Cos., Inc. |  |  |
| 3.00%, 10/15/2050 | 2444000 | 1585569 |
| 4.25%, 04/01/2052 | 2327000 | 1863560 |
| McDonald's Corp. |  |  |
| 3.63%, 09/01/2049 | 2092000 | 1563187 |
| Starbucks Corp. |  |  |
| 4.50%, 11/15/2048 | 2182000 | 1860515 |
|  |  | 15937971 |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| Smurfit Kappa Treasury ULC |  |  |
| 5.78%, 04/03/2054 <sup>(D)</sup> <br>| 2387000 | 2429975 |
| **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  |
| VICI Properties LP |  |  |
| 6.13%, 04/01/2054 | 2469000 | 2491006 |
| **Electric Utilities - 11.1%**  | **Electric Utilities - 11.1%**  | **Electric Utilities - 11.1%**  |
| Appalachian Power Co. |  |  |
| 4.45%, 06/01/2045 | 3258000 | 2773591 |
| Arizona Public Service Co. |  |  |
| 5.90%, 08/15/2055 | 1768000 | 1821962 |
| Berkshire Hathaway Energy Co. |  |  |
| 4.50%, 02/01/2045 | 2330000 | 2067515 |
| Black Hills Corp. |  |  |
| 4.20%, 09/15/2046 | 4832000 | 3909569 |
| Comision Federal de Electricidad |  |  |
| 4.68%, 02/09/2051 <sup>(C)</sup> <br>| 295000 | 224020 |
| 6.26%, 02/15/2052 <sup>(C)</sup><sup>(D)</sup> <br>| 1100000 | 1038171 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 4.00%, 11/15/2057 | 6514000 | 4999330 |
| DTE Electric Co. |  |  |
| 4.05%, 05/15/2048 | 2388000 | 1977127 |
| Duke Energy Corp. |  |  |
| 5.70%, 09/15/2055 | 2034000 | 2029234 |
| Duke Energy Progress LLC |  |  |
| 5.55%, 03/15/2055 | 4940000 | 4982436 |
| Electricite de France SA |  |  |
| 5.00%, 09/21/2048 <sup>(A)</sup> <br>| 1974000 | 1759974 |

---

***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 Long Credit**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| ENEL Finance International NV |  |  |
| 5.75%, 09/30/2055 <sup>(A)</sup> <br>| $2531000 | $2498832 |
| Entergy Arkansas LLC |  |  |
| 4.20%, 04/01/2049 | 3851000 | 3162091 |
| Evergy Metro, Inc. |  |  |
| 4.20%, 03/15/2048 | 3258000 | 2718382 |
| FirstEnergy Corp. |  |  |
| 4.85%, 07/15/2047 | 3411000 | 3030524 |
| Interstate Power & Light Co. |  |  |
| 5.60%, 10/01/2055 | 1742000 | 1713699 |
| Louisville Gas & Electric Co. |  |  |
| 5.85%, 08/15/2055 | 2361000 | 2432026 |
| Northern States Power Co. |  |  |
| 4.00%, 08/15/2045 | 2634000 | 2192061 |
| Pacific Gas & Electric Co. |  |  |
| 3.50%, 08/01/2050 | 1955000 | 1335931 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| 5.10%, 06/01/2054 | 57000 | 54496 |
| Potomac Electric Power Co. |  |  |
| 7.90%, 12/15/2038 | 3850000 | 4933114 |
| Public Service Electric & Gas Co. |  |  |
| 4.05%, 05/01/2048 | 3258000 | 2680501 |
| Southern Co. |  |  |
| 4.40%, 07/01/2046 | 2870000 | 2459014 |
| Texas Electric Market Stabilization Funding <br> N LLC |  |  |
| 5.17%, 02/01/2052 <sup>(A)</sup> <br>| 1357000 | 1318993 |
| Union Electric Co. |  |  |
| 3.90%, 09/15/2042 | 4379000 | 3669053 |
| Virginia Electric & Power Co. |  |  |
| 8.88%, 11/15/2038 | 4425000 | 5961700 |
|  |  | 67743346 |
| **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  |
| Emerson Electric Co. |  |  |
| 2.75%, 10/15/2050 | 2329000 | 1518496 |
| **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  | **Electronic Equipment, Instruments & Components - 0.2%**  |
| Amphenol Corp. |  |  |
| 5.30%, 11/15/2055 <sup>(E)</sup> <br>| 1500000 | 1459694 |
| **Energy Equipment & Services - 0.3%**  | **Energy Equipment & Services - 0.3%**  | **Energy Equipment & Services - 0.3%**  |
| Halliburton Co. |  |  |
| 5.00%, 11/15/2045 | 1975000 | 1796629 |
| **Financial Services - 0.7%**  | **Financial Services - 0.7%**  | **Financial Services - 0.7%**  |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(B)</sup>, 09/11/2036<br>| 1854000 | 1841697 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 455000 | 474183 |
| FMR LLC |  |  |
| 6.50%, 12/14/2040 <sup>(A)</sup> <br>| 1718000 | 1936245 |
|  |  | 4252125 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products - 4.5%**  | **Food Products - 4.5%**  | **Food Products - 4.5%**  |
| BAT Capital Corp. |  |  |
| 6.25%, 08/15/2055 | $2788000 | $2907518 |
| 7.08%, 08/02/2053 | 2435000 | 2783416 |
| Cargill, Inc. |  |  |
| 6.63%, 09/15/2037 <sup>(A)</sup> <br>| 2276000 | 2491432 |
| Imperial Brands Finance PLC |  |  |
| 6.38%, 07/01/2055 <sup>(A)</sup> <br>| 2893000 | 3005728 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 596000 | 648179 |
| JBS USA Holding LUX SARL/JBS USA <br> Food Co./JBS LUX Co. SARL |  |  |
| 4.38%, 02/02/2052 | 3900000 | 3072966 |
| 6.50%, 12/01/2052 | 852000 | 883788 |
| Kroger Co. |  |  |
| 5.50%, 09/15/2054 | 3599000 | 3499458 |
| Mars, Inc. |  |  |
| 5.70%, 05/01/2055 <sup>(A)</sup> <br>| 1629000 | 1657506 |
| Philip Morris International, Inc. |  |  |
| 4.25%, 11/10/2044 | 3366000 | 2889536 |
| Sysco Corp. |  |  |
| 3.30%, 02/15/2050 | 2188000 | 1531183 |
| Tyson Foods, Inc. |  |  |
| 5.10%, 09/28/2048 | 2520000 | 2327417 |
|  |  | 27698127 |
| **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  |
| NiSource, Inc. |  |  |
| 5.85%, 04/01/2055 | 2330000 | 2377462 |
| **Health Care Equipment & Supplies - 1.6%**  | **Health Care Equipment & Supplies - 1.6%**  | **Health Care Equipment & Supplies - 1.6%**  |
| Alcon Finance Corp. |  |  |
| 3.80%, 09/23/2049 <sup>(A)</sup> <br>| 2856000 | 2207487 |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 1540000 | 1583857 |
| Danaher Corp. |  |  |
| 2.60%, 10/01/2050 | 1164000 | 726376 |
| Koninklijke Philips NV |  |  |
| 6.88%, 03/11/2038 | 1010000 | 1142447 |
| Stryker Corp. |  |  |
| 4.63%, 03/15/2046 | 2617000 | 2375184 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.45%, 08/15/2045 | 1704000 | 1497120 |
|  |  | 9532471 |
| **Health Care Providers & Services - 4.0%**  | **Health Care Providers & Services - 4.0%**  | **Health Care Providers & Services - 4.0%**  |
| Cigna Group |  |  |
| 3.40%, 03/15/2051 | 3021000 | 2111313 |
| 3.88%, 10/15/2047 | 3793000 | 2961049 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 3075000 | 3058924 |
| HCA, Inc. |  |  |
| 4.63%, 03/15/2052 | 3275000 | 2717935 |
| 6.10%, 04/01/2064 | 2461000 | 2487732 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 1086000 | 1072826 |
| Humana, Inc. |  |  |
| 6.00%, 05/01/2055 | 1173000 | 1163285 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Quest Diagnostics, Inc. |  |  |
| 4.70%, 03/30/2045 | $1647000 | $1502237 |
| UnitedHealth Group, Inc. |  |  |
| 5.20%, 04/15/2063 | 4954000 | 4535877 |
| 5.38%, 04/15/2054 | 3064000 | 2947961 |
|  |  | 24559139 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| Alexandria Real Estate Equities, Inc. |  |  |
| 5.15%, 04/15/2053 | 2278000 | 2018926 |
| **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 952000 | 958452 |
| **Insurance - 4.6%**  | **Insurance - 4.6%**  | **Insurance - 4.6%**  |
| 200 Park Funding Trust |  |  |
| 5.74%, 02/15/2055 <sup>(A)</sup> <br>| 1769000 | 1789340 |
| Alleghany Corp. |  |  |
| 3.25%, 08/15/2051 | 1691000 | 1176448 |
| 4.90%, 09/15/2044 | 1748000 | 1632937 |
| Allstate Corp. |  |  |
| 3.85%, 08/10/2049 | 2233000 | 1749626 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 430000 | 447279 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/2054 | 3032000 | 3062054 |
| Athene Holding Ltd. |  |  |
| 6.63%, 05/19/2055 | 3638000 | 3808421 |
| Belrose Funding Trust II |  |  |
| 6.79%, 05/15/2055 <sup>(A)</sup> <br>| 1517000 | 1616049 |
| Brown & Brown, Inc. |  |  |
| 6.25%, 06/23/2055 | 2962000 | 3114997 |
| Equitable Holdings, Inc. |  |  |
| 5.00%, 04/20/2048 | 1424000 | 1308354 |
| Omnis Funding Trust |  |  |
| 6.72%, 05/15/2055 <sup>(A)</sup> <br>| 1734000 | 1849405 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 421000 | 440921 |
| Swiss RE Subordinated Finance PLC |  |  |
| &nbsp;&nbsp; Fixed until 01/01/2045, <br>6.19% <sup>(B)</sup>, 04/01/2046 <sup>(A)</sup> <br>| 3000000 | 3138836 |
| Willis North America, Inc. |  |  |
| 5.90%, 03/05/2054 | 2820000 | 2857873 |
|  |  | 27992540 |
| **Internet & Catalog Retail - 2.2%**  | **Internet & Catalog Retail - 2.2%**  | **Internet & Catalog Retail - 2.2%**  |
| Alibaba Group Holding Ltd. |  |  |
| 2.70%, 02/09/2041 <sup>(D)</sup> <br>| 200000 | 151848 |
| 4.20%, 12/06/2047 | 1221000 | 1064036 |
| Alphabet, Inc. |  |  |
| 5.30%, 05/15/2065 | 1555000 | 1527923 |
| Amazon.com, Inc. |  |  |
| 4.05%, 08/22/2047 | 1377000 | 1162084 |
| AppLovin Corp. |  |  |
| 5.95%, 12/01/2054 | 1546000 | 1548982 |
| JD.com, Inc. |  |  |
| 4.13%, 01/14/2050 <sup>(D)</sup> <br>| 935000 | 802062 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** | **Internet & Catalog Retail (continued)** |
| Meta Platforms, Inc. |  |  |
| 5.63%, 11/15/2055 <sup>(E)</sup> <br>| $2228000 | $2211241 |
| 5.75%, 11/15/2065 <sup>(E)</sup> <br>| 992000 | 983694 |
| Prosus NV |  |  |
| 4.03%, 08/03/2050 <sup>(C)</sup> <br>| 1177000 | 840508 |
| Uber Technologies, Inc. |  |  |
| 5.35%, 09/15/2054 | 3083000 | 2982591 |
|  |  | 13274969 |
| **IT Services - 0.4%**  | **IT Services - 0.4%**  | **IT Services - 0.4%**  |
| Apple, Inc. |  |  |
| 3.45%, 02/09/2045 | 1106000 | 874267 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.60%, 10/15/2054 | 1425000 | 1346901 |
|  |  | 2221168 |
| **Machinery - 0.3%**  | **Machinery - 0.3%**  | **Machinery - 0.3%**  |
| Ingersoll Rand, Inc. |  |  |
| 5.70%, 06/15/2054 | 1533000 | 1561325 |
| **Media - 2.4%**  | **Media - 2.4%**  | **Media - 2.4%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.48%, 10/23/2045 | 7651000 | 7391252 |
| Comcast Corp. |  |  |
| 2.89%, 11/01/2051 | 1827000 | 1107159 |
| 2.94%, 11/01/2056 | 1216000 | 704598 |
| 4.00%, 11/01/2049 | 3572000 | 2701028 |
| Fox Corp. |  |  |
| 5.58%, 01/25/2049 | 2920000 | 2834684 |
|  |  | 14738721 |
| **Metals & Mining - 1.6%**  | **Metals & Mining - 1.6%**  | **Metals & Mining - 1.6%**  |
| Freeport-McMoRan, Inc. |  |  |
| 5.45%, 03/15/2043 | 1717000 | 1665677 |
| Glencore Finance Canada Ltd. |  |  |
| 6.90%, 11/15/2037 <sup>(A)</sup> <br>| 1240000 | 1400842 |
| Nucor Corp. |  |  |
| 2.98%, 12/15/2055 | 1743000 | 1104527 |
| Rio Tinto Finance USA PLC |  |  |
| 5.88%, 03/14/2065 | 2465000 | 2579844 |
| Steel Dynamics, Inc. |  |  |
| 5.75%, 05/15/2055 | 2734000 | 2793824 |
|  |  | 9544714 |
| **Oil, Gas & Consumable Fuels - 9.2%**  | **Oil, Gas & Consumable Fuels - 9.2%**  | **Oil, Gas & Consumable Fuels - 9.2%**  |
| Abu Dhabi Crude Oil Pipeline LLC |  |  |
| 4.60%, 11/02/2047 <sup>(C)</sup> <br>| 1297000 | 1220287 |
| BP Capital Markets America, Inc. |  |  |
| 2.94%, 06/04/2051 | 4071000 | 2645381 |
| Cameron LNG LLC |  |  |
| 3.70%, 01/15/2039 <sup>(A)</sup> <br>| 1681000 | 1443245 |
| Devon Energy Corp. |  |  |
| 5.00%, 06/15/2045 | 1747000 | 1510393 |
| Diamondback Energy, Inc. |  |  |
| 4.40%, 03/24/2051 | 1565000 | 1274027 |
| 5.75%, 04/18/2054 | 1675000 | 1614125 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Energy Transfer LP |  |  |
| 5.00%, 05/15/2050 | $1630000 | $1382309 |
| 7.50%, 07/01/2038 | 4309000 | 4994046 |
| Enterprise Products Operating LLC |  |  |
| 4.90%, 05/15/2046 | 3488000 | 3207585 |
| Greensaif Pipelines Bidco SARL |  |  |
| 6.10%, 08/23/2042 <sup>(A)</sup> <br>| 1542000 | 1636929 |
| Hess Corp. |  |  |
| 5.60%, 02/15/2041 | 1767000 | 1848628 |
| KazMunayGas National Co. JSC |  |  |
| 6.38%, 10/24/2048 <sup>(C)</sup> <br>| 1750000 | 1766282 |
| Kinder Morgan Energy Partners LP |  |  |
| 6.55%, 09/15/2040 | 4309000 | 4697129 |
| MPLX LP |  |  |
| 5.50%, 02/15/2049 | 1397000 | 1298196 |
| Occidental Petroleum Corp. |  |  |
| 6.60%, 03/15/2046 | 2492000 | 2607649 |
| ONEOK Partners LP |  |  |
| 6.20%, 09/15/2043 | 2079000 | 2119019 |
| ONEOK, Inc. |  |  |
| 4.25%, 09/15/2046 | 1983000 | 1555585 |
| 5.20%, 07/15/2048 | 1747000 | 1557598 |
| Pertamina Persero PT |  |  |
| 6.45%, 05/30/2044 <sup>(A)</sup> <br>| 1429000 | 1544720 |
| Petroleos del Peru SA |  |  |
| 5.63%, 06/19/2047 <sup>(C)</sup> <br>| 1968000 | 1416960 |
| Petroleos Mexicanos |  |  |
| 6.95%, 01/28/2060 | 1459000 | 1201487 |
| 7.69%, 01/23/2050 | 2185000 | 1981359 |
| Petronas Capital Ltd. |  |  |
| 4.55%, 04/21/2050 <sup>(A)</sup> <br>| 917000 | 818092 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 4450000 | 3537271 |
| Spectra Energy Partners LP |  |  |
| 4.50%, 03/15/2045 | 3258000 | 2822838 |
| Western Midstream Operating LP |  |  |
| 5.30%, 03/01/2048 | 2327000 | 2007413 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 2870000 | 2782343 |
|  |  | 56490896 |
| **Pharmaceuticals - 5.7%**  | **Pharmaceuticals - 5.7%**  | **Pharmaceuticals - 5.7%**  |
| AbbVie, Inc. |  |  |
| 4.70%, 05/14/2045 | 2768000 | 2548983 |
| 5.40%, 03/15/2054 | 2938000 | 2922574 |
| Bayer U.S. Finance II LLC |  |  |
| 4.70%, 07/15/2064 <sup>(A)</sup> <br>| 2517000 | 1922974 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1729000 | 1716372 |
| Cardinal Health, Inc. |  |  |
| 5.75%, 11/15/2054 | 2903000 | 2948787 |
| CVS Health Corp. |  |  |
| 5.30%, 12/05/2043 | 3967000 | 3744340 |
| 5.88%, 06/01/2053 | 2702000 | 2653714 |
| 6.05%, 06/01/2054 | 1167000 | 1177463 |
| &nbsp;&nbsp; Fixed until 09/10/2034, <br>6.75% <sup>(B)</sup>, 12/10/2054<br>| 712000 | 739930 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Eli Lilly & Co. |  |  |
| 5.10%, 02/09/2064 | $1822000 | $1722546 |
| Johnson & Johnson |  |  |
| 3.75%, 03/03/2047 | 1555000 | 1275400 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 1230000 | 1157575 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.34%, 05/19/2063 | 2057000 | 1951579 |
| Pfizer, Inc. |  |  |
| 4.20%, 09/15/2048 | 4347000 | 3666342 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| 3.18%, 07/09/2050 | 2080000 | 1415734 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.90%, 07/07/2055 | 1850000 | 1914469 |
| Viatris, Inc. |  |  |
| 4.00%, 06/22/2050 | 1671000 | 1125513 |
|  |  | 34604295 |
| **Residential REITs - 0.4%**  | **Residential REITs - 0.4%**  | **Residential REITs - 0.4%**  |
| American Homes 4 Rent LP |  |  |
| 4.30%, 04/15/2052 | 2886000 | 2320580 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| Kimco Realty OP LLC |  |  |
| 3.70%, 10/01/2049 | 1139000 | 860954 |
| Simon Property Group LP |  |  |
| 5.85%, 03/08/2053 | 664000 | 685323 |
|  |  | 1546277 |
| **Semiconductors & Semiconductor Equipment - 3.6%**  | **Semiconductors & Semiconductor Equipment - 3.6%**  | **Semiconductors & Semiconductor Equipment - 3.6%**  |
| Advanced Micro Devices, Inc. |  |  |
| 4.39%, 06/01/2052 | 1382000 | 1190415 |
| Broadcom, Inc. |  |  |
| 3.50%, 02/15/2041 | 1946000 | 1608966 |
| 3.75%, 02/15/2051 | 2268000 | 1769078 |
| Foundry JV Holdco LLC |  |  |
| 6.30%, 01/25/2039 <sup>(A)</sup> <br>| 2797000 | 2974897 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 1322000 | 1191222 |
| 5.60%, 02/21/2054 | 1969000 | 1882896 |
| 5.90%, 02/10/2063 | 1747000 | 1706402 |
| KLA Corp. |  |  |
| 5.00%, 03/15/2049 | 1465000 | 1383244 |
| Micron Technology, Inc. |  |  |
| 6.05%, 11/01/2035 | 1555000 | 1665991 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 05/11/2041 - 11/30/2051 | 3135000 | 2153858 |
| QUALCOMM, Inc. |  |  |
| 4.30%, 05/20/2047 | 1722000 | 1476991 |
| Texas Instruments, Inc. |  |  |
| 4.15%, 05/15/2048 | 1478000 | 1235029 |
| 5.05%, 05/18/2063 | 1805000 | 1657143 |
|  |  | 21896132 |
| **Software - 2.4%**  | **Software - 2.4%**  | **Software - 2.4%**  |
| Fiserv, Inc. |  |  |
| 4.40%, 07/01/2049 | 1792000 | 1435940 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | $1653000 | $1660175 |
| Microsoft Corp. |  |  |
| 2.92%, 03/17/2052 | 568000 | 383057 |
| Oracle Corp. |  |  |
| 5.50%, 09/27/2064 | 1480000 | 1290451 |
| 5.95%, 09/26/2055 | 1459000 | 1383270 |
| 6.90%, 11/09/2052 | 6132000 | 6538318 |
| Synopsys, Inc. |  |  |
| 5.70%, 04/01/2055 | 1787000 | 1805334 |
|  |  | 14496545 |
| **Transportation Infrastructure - 1.5%**  | **Transportation Infrastructure - 1.5%**  | **Transportation Infrastructure - 1.5%**  |
| Burlington Northern Santa Fe LLC |  |  |
| 2.88%, 06/15/2052 | 557000 | 358219 |
| 4.70%, 09/01/2045 | 4309000 | 3955553 |
| 5.20%, 04/15/2054 | 590000 | 564715 |
| Norfolk Southern Corp. |  |  |
| 4.65%, 01/15/2046 | 2272000 | 2048503 |
| Union Pacific Corp. |  |  |
| 5.60%, 12/01/2054 | 864000 | 875285 |
| United Parcel Service, Inc. |  |  |
| 6.05%, 05/14/2065 | 1499000 | 1573054 |
|  |  | 9375329 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $533,605,624)**<br>|  | 545755069 |
| **U.S. GOVERNMENT OBLIGATIONS - 4.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 4.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 4.4%**  |
| **U.S. Treasury - 3.7%**  | **U.S. Treasury - 3.7%**  | **U.S. Treasury - 3.7%**  |
| U.S. Treasury Bonds |  |  |
| 1.13%, 05/15/2040 | 6855000 | 4409157 |
| 1.25%, 05/15/2050 | 1315000 | 653391 |
| 1.88%, 11/15/2051 | 2067000 | 1183115 |
| 4.13%, 08/15/2053 | 448000 | 408800 |
| 4.50%, 02/15/2044 - 11/15/2054 | 4343000 | 4279103 |
| 4.75%, 02/15/2045 | 1342000 | 1360662 |
| 4.88%, 08/15/2045 | 2470000 | 2544100 |
| 5.00%, 05/15/2045 | 2054500 | 2150163 |
| U.S. Treasury Notes |  |  |
| 4.25%, 08/15/2035 | 5404000 | 5471550 |
|  |  | 22460041 |
| **U.S. Treasury Inflation-Protected Securities - 0.7%**  | **U.S. Treasury Inflation-Protected Securities - 0.7%**  | **U.S. Treasury Inflation-Protected Securities - 0.7%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 5817352 | 4715230 |
|  |  | 4715230 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $26,767,592)**<br>|  | 27175271 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 2.6%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 2.6%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 2.6%**  |
| **Chile - 0.4%**  | **Chile - 0.4%**  | **Chile - 0.4%**  |
| Chile Government International Bonds |  |  |
| 4.00%, 01/31/2052 | 2609000 | 2095027 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  |
| Ivory Coast Government International Bonds |  |  |
| 8.25%, 01/30/2037 <sup>(A)</sup> <br>| $1041000 | $1105648 |
| **Guatemala - 0.2%**  | **Guatemala - 0.2%**  | **Guatemala - 0.2%**  |
| Guatemala Government Bonds |  |  |
| 6.13%, 06/01/2050 <sup>(C)</sup> <br>| 1457000 | 1429754 |
| **Indonesia - 0.1%**  | **Indonesia - 0.1%**  | **Indonesia - 0.1%**  |
| Indonesia Government International Bonds |  |  |
| 5.13%, 01/15/2045 <sup>(A)</sup> <br>| 825000 | 825781 |
| **Ireland - 0.2%**  | **Ireland - 0.2%**  | **Ireland - 0.2%**  |
| Amazon Conservation DAC |  |  |
| 6.03%, 01/16/2042 <sup>(A)</sup> <br>| 1314000 | 1355785 |
| **Israel - 0.2%**  | **Israel - 0.2%**  | **Israel - 0.2%**  |
| Israel Government International Bonds |  |  |
| 5.75%, 03/12/2054 | 1510000 | 1477554 |
| **Mexico - 0.2%**  | **Mexico - 0.2%**  | **Mexico - 0.2%**  |
| Mexico Government International Bonds |  |  |
| 4.60%, 02/10/2048 | 1483000 | 1185288 |
| **Panama - 0.3%**  | **Panama - 0.3%**  | **Panama - 0.3%**  |
| Panama Government International Bonds |  |  |
| 4.50%, 04/01/2056 | 2409000 | 1836863 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Peru Government International Bonds |  |  |
| 5.63%, 11/18/2050 | 612000 | 606829 |
| **Qatar - 0.2%**  | **Qatar - 0.2%**  | **Qatar - 0.2%**  |
| Qatar Government International Bonds |  |  |
| 5.10%, 04/23/2048 <sup>(A)</sup> <br>| 1012000 | 1014560 |
| **Republic of South Africa - 0.1%**  | **Republic of South Africa - 0.1%**  | **Republic of South Africa - 0.1%**  |
| &nbsp;&nbsp; Republic of South Africa Government <br> International Bonds<br>|  |  |
| 7.95%, 11/19/2054 <sup>(A)</sup> <br>| 624000 | 667259 |
| **Romania - 0.2%**  | **Romania - 0.2%**  | **Romania - 0.2%**  |
| Romania Government International Bonds |  |  |
| 4.00%, 02/14/2051 <sup>(A)</sup> <br>| 1272000 | 877310 |
| **Saudi Arabia - 0.2%**  | **Saudi Arabia - 0.2%**  | **Saudi Arabia - 0.2%**  |
| Saudi Government International Bonds |  |  |
| 5.25%, 01/16/2050 <sup>(A)</sup> <br>| 1128000 | 1097979 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $14,525,741)**<br>|  | 15575637 |
| **ASSET-BACKED SECURITIES - 1.2%**  | **ASSET-BACKED SECURITIES - 1.2%**  | **ASSET-BACKED SECURITIES - 1.2%**  |
| JG Wentworth XLIII LLC |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A, <br>3.82%, 08/17/2071 <sup>(A)</sup> <br>| 3169032 | 2853760 |
| JG Wentworth XXXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.99%, 08/16/2060 <sup>(A)</sup> <br>| 5094859 | 4676789 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $7,499,469)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $7,499,469)** | 7530549 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATION - 0.5%**  |
| Tennessee Valley Authority |  |  |
| 4.25%, 09/15/2065 | $3700000 | $3103341 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligation** <br>**(Cost $2,990,702)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligation** <br>**(Cost $2,990,702)** | 3103341 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%**  |
| **New York - 0.1%**  | **New York - 0.1%**  | **New York - 0.1%**  |
| Metropolitan Transportation Authority, <br> Revenue Bonds, |  |  |
| Series E, |  |  |
| 6.81%, 11/15/2040 | 440000 | 498475 |
| &nbsp;&nbsp; **Total Municipal Government Obligation** <br>**(Cost $488,386)**<br>|  | 498475 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  |
| **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(F)</sup> <br>| 1474973 | 1474973 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,474,973)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,474,973)** | 1474973 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(F)</sup>, dated 10/31/2025, to be <br> repurchased at $9,013,333 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 $9,192,461.<br>| $9012207 | $9012207 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,012,207)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,012,207)** | 9012207 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $596,364,694)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $596,364,694)** | 610125522 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 1255958 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$611381480** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $545755069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $545755069 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 27175271 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27175271 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 15575637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15575637 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 7530549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7530549 |
| U.S. Government Agency Obligation |  | &nbsp;&nbsp; 3103341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3103341 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 498475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 498475 |
| Other Investment Company | 1474973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1474973 |
| Repurchase Agreement |  | &nbsp;&nbsp; 9012207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9012207 |
| **Total Investments** | **$1474973** | &nbsp;&nbsp; **$608650549** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$610125522** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $76,721,314, representing 12.5% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(C)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At October 31, 2025, the total value of the Regulation S securities is $11,531,227, representing* *1.9% of the Fund's net assets.* 

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $1,444,520, collateralized by cash collateral of $1,474,973. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Long Credit**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

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

<sup>(E)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

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

<sup>(G)</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.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Long Credit**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $587,352,487) (including securities loaned of $1,444,520) | $601113315 |
| Repurchase agreement, at value (cost $9,012,207) | 9012207 |
| Receivables and other assets: |  |
| Net income from securities lending | 2333 |
| Interest | 7724726 |
| Tax reclaims | 16040 |
| Total assets | 617868621 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 1474973 |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 4712493 |
| Shares of beneficial interest redeemed | 669 |
| Investment management fees | 235271 |
| Distribution and service fees | 118 |
| Transfer agent fees | 4858 |
| Trustee and CCO fees | 206 |
| Audit and tax fees  | 27740 |
| Custody fees | 9184 |
| Legal fees | 7240 |
| Printing and shareholder reports fees | 2855 |
| Registration fees | 396 |
| Other accrued expenses | 11138 |
| Total liabilities | 6487141 |
| **Net assets**  | $611381480 |
| **Net assets consist of:** |  |
| Paid-in capital | $604836901 |
| Total distributable earnings (accumulated losses) | 6544579 |
| **Net assets** | $611381480 |
| **Net assets by class:** |  |
| Class A | $550306 |
| Class I | 10947252 |
| Class I2 | 599883922 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 57217 |
| Class I | 1138396 |
| Class I2 | 62401257 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $9.62 |
| Class I | 9.62 |
| Class I2 | 9.61 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.10 |

---

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

<sup>(A)</sup> *Net asset value per share for Class I and I2 shares represents offering price. The redemption price for Class A shares equals net asset value less any* *applicable contingent deferred sales charge.* 

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Long Credit**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $33580948 |
| Net income from securities lending | 25215 |
| Total investment income  | 33606163 |
| **Expenses:** |  |
| Investment management fees | 2654337 |
| Distribution and service fees: |  |
| Class A | 1318 |
| Transfer agent fees: |  |
| Class A | 296 |
| Class I | 10808 |
| Class I2 | 43421 |
| Trustee and CCO fees | 25254 |
| Audit and tax fees | 52318 |
| Custody fees | 53533 |
| Legal fees | 46800 |
| Printing and shareholder reports fees | 23148 |
| Registration fees | 38421 |
| Other | 38254 |
| Total expenses before waiver and/or reimbursement and recapture | 2987908 |
| Expenses waived and/or reimbursed: |  |
| Class I | (190)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I | 5953 |
| Net expenses | 2993671 |
| **Net investment income (loss)** | 30612492 |
| **Net realized gain (loss) on:** |  |
| Investments | (6511221)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 7460375 |
| Net realized and change in unrealized gain (loss) | 949154 |
| **Net increase (decrease) in net assets resulting from operations** | $31561646 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Long Credit**

------

**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) | $30612492 | &nbsp;&nbsp;&nbsp;&nbsp; $26500487 |
| Net realized gain (loss) | (6511221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 937354 |
| Net change in unrealized appreciation (depreciation) | 7460375 | &nbsp;&nbsp;&nbsp;&nbsp; 7591925 |
| Net increase (decrease) in net assets resulting from operations | 31561646 | &nbsp;&nbsp;&nbsp;&nbsp; 35029766 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (26995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18523)<br>|
| Class I | (551160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (500383)<br>|
| Class I2 | (31649067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26006507)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (32227222)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26525413)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 300818 | &nbsp;&nbsp;&nbsp;&nbsp; 103455 |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 313235 |
| Class I2 | 16569999 | &nbsp;&nbsp;&nbsp;&nbsp; 562873530 |
|  | 16870817 | &nbsp;&nbsp;&nbsp;&nbsp; 563290220 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 26907 | &nbsp;&nbsp;&nbsp;&nbsp; 18523 |
| Class I | 551160 | &nbsp;&nbsp;&nbsp;&nbsp; 500333 |
| Class I2 | 31648408 | &nbsp;&nbsp;&nbsp;&nbsp; 26006507 |
|  | 32226475 | &nbsp;&nbsp;&nbsp;&nbsp; 26525363 |
| Cost of shares redeemed: |  |  |
| Class A | (220906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40723)<br>|
| Class I | (2896)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (322633)<br>|
| Class I2 | (41566238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2500040)<br>|
|  | (41790040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2863396)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 7307252 | &nbsp;&nbsp;&nbsp;&nbsp; 586952187 |
| **Net increase (decrease) in net assets** | 6641676 | &nbsp;&nbsp;&nbsp;&nbsp; 595456540 |
| **Net assets:** |  |  |
| Beginning of year | 604739804 | &nbsp;&nbsp;&nbsp;&nbsp; 9283264 |
| End of year | $611381480 | &nbsp;&nbsp;&nbsp;&nbsp; $604739804 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 32060 | &nbsp;&nbsp;&nbsp;&nbsp; 10809 |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 32460 |
| Class I2 | 1782832 | &nbsp;&nbsp;&nbsp;&nbsp; 59396738 |
|  | 1814892 | &nbsp;&nbsp;&nbsp;&nbsp; 59440007 |
| Shares reinvested: |  |  |
| Class A | 2866 | &nbsp;&nbsp;&nbsp;&nbsp; 1922 |
| Class I | 58681 | &nbsp;&nbsp;&nbsp;&nbsp; 51956 |
| Class I2 | 3370185 | &nbsp;&nbsp;&nbsp;&nbsp; 2700537 |
|  | 3431732 | &nbsp;&nbsp;&nbsp;&nbsp; 2754415 |
| Shares redeemed: |  |  |
| Class A | (24075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4328)<br>|
| Class I | (305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33897)<br>|
| Class I2 | (4598381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (251766)<br>|
|  | (4622761)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (289991)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 10851 | &nbsp;&nbsp;&nbsp;&nbsp; 8403 |
| Class I | 58376 | &nbsp;&nbsp;&nbsp;&nbsp; 50519 |
| Class I2 | 554636 | &nbsp;&nbsp;&nbsp;&nbsp; 61845509 |
|  | 623863 | &nbsp;&nbsp;&nbsp;&nbsp; 61904431 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Long Credit**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.61 | $8.69 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.46 | 0.45 | 0.25 |
| Net realized and unrealized gain (loss) | 0.04 | 0.92 | (1.30)<br>|
| Total investment operations | 0.50 | 1.37 | (1.05)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.46)<br>| (0.45)<br>| (0.26)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.49)<br>| (0.45)<br>| (0.26)<br>|
| **Net asset value, end of year** | $9.62 | $9.61 | $8.69 |
| **Total return** <sup>(C)</sup> <br>| 5.39<br> %<br>| 15.88<br> %<br>| (10.73 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $550 | $446 | $330 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.78<br> %<br>| 3.85 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.86<br> %<br>| 0.98 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.90<br> %<br>| 4.69<br> %<br>| 5.32 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 42<br> %<br>| 48<br> %<br>| 22 %<sup>(D)</sup><br>|

---

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

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.61 | $8.69 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.47 | 0.47 | 0.27 |
| Net realized and unrealized gain (loss) | 0.04 | 0.92 | (1.31)<br>|
| Total investment operations | 0.51 | 1.39 | (1.04)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.47)<br>| (0.47)<br>| (0.27)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.50)<br>| (0.47)<br>| (0.27)<br>|
| **Net asset value, end of year** | $9.62 | $9.61 | $8.69 |
| **Total return** | 5.54<br> %<br>| 16.11<br> %<br>| (10.55 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $10947 | $10375 | $8943 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.60<br> %<br>| 0.60<br> %<br>| 3.55 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.66<br> %<br>| 0.67<br> %<br>| 0.67 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 5.04<br> %<br>| 4.89<br> %<br>| 4.91 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 42<br> %<br>| 48<br> %<br>| 22 %<sup>(C)</sup><br>|

---

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

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Long Credit**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.60 | $8.69 | $9.04 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.49 | 0.49 | 0.04 |
| Net realized and unrealized gain (loss) | 0.04 | 0.91 | (0.35)<br>|
| Total investment operations | 0.53 | 1.40 | (0.31)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.49)<br>| (0.49)<br>| (0.04)<br>|
| Net realized gains | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.52)<br>| (0.49)<br>| (0.04)<br>|
| **Net asset value, end of year** | $9.61 | $9.60 | $8.69 |
| **Total return** | 5.70<br> %<br>| 16.19<br> %<br>| (3.40 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $599884 | $593919 | $10 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.51<br> %<br>| 3.46 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.51 %<sup>(E)</sup><br>| 0.58 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 5.19<br> %<br>| 5.05<br> %<br>| 5.47 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 42<br> %<br>| 48<br> %<br>| 22 %<sup>(C)</sup><br>|

---

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

<sup>(A)</sup> *Commenced operations on September 29, 2023.*

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Long Credit**

------

**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 Long Credit (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class A, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

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

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

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

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

**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;

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at 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

**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;

**3. INVESTMENT VALUATION (continued)**

characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-

**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;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the

**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;

**5. 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.

**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 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.

**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;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $1474973 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1474973 |
| **Total Borrowings** | **$1474973** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1474973** |

---

**6. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK FACTORS (continued)**

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Municipal securities risk:** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Long Credit**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK FACTORS (continued)**

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $610831237 | 99.91<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 22**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.45<br> % <br>|
| Over $1 billion | 0.44 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 1.01<br> % <br>| March 1, 2026 |
| Class I | 0.65 | March 1, 2026 |
| Class I2 | 0.56 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.03 |  |
| Class I | 0.67 |  |
| Class I2 | 0.58 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 I | $145845 | $4011 | $190 | $150046 |

---

**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 23**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the 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** |
| $54349 | &nbsp;&nbsp; $4827 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $173344206 | &nbsp;&nbsp; $79641838 | &nbsp;&nbsp; $138111832 | &nbsp;&nbsp; $108059839 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and premium amortization adjustments. 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 distributions in excess of current earnings. 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; $(37772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $37772 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Long Credit**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**9. 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>|
| $596440011 | &nbsp;&nbsp; $16528237 | &nbsp;&nbsp; $(2842726)<br>| &nbsp;&nbsp; $13685511 |

---

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; $1665564 | &nbsp;&nbsp;&nbsp;&nbsp; $5475368 |

---

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; **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>|
| $32220899 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6323 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $26525413 | &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>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7140932)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13685511 |

---

**10. 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 25**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Long Credit

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Long Credit (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 two years in the period then ended and for the period from March 31, 2023 (commencement of operations) through October 31, 2023 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 two years in the period then ended and for the period from March 31, 2023 (commencement of operations) through October 31, 2023, 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. ![](g67628img155b390a3.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 tax purposes, the Fund has made a long-term capital gain designation of $6,323 for the year ended October 31, 2025.

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 Long Credit** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Long Credit** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Long Credit** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Long Credit** 

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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 Long Credit (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 Aegon USA Investment Management, LLC (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 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

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**Transamerica Long Credit** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

case for the period 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 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-year period. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**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 below the medians for its peer group and 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 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 32**

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**Transamerica Long Credit** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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 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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![](g67628imgff3cccff5.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

4886773 TA LONG CRED 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img962857cf6.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Mid Cap Growth**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img5136edcc2.gif)

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**Table of Contents**

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

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_SOI-RunningFooter-171_1) | 2 |
| [Statement of Assets and Liabilities](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_FS-RunningFooter-171_1) | 4 |
| [Statement of Operations](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_FS-RunningFooter-171_3) | 6 |
| [Statement of Changes in Net Assets](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_FS-RunningFooter-171_4) | 7 |
| [Financial Highlights](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_FIHI-RunningFooter-171_1) | 9 |
| [Notes to Financial Statements](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_NTF-RunningFooter-171_1) | 13 |
| **[Report of Independent Registered Public Accounting Firm](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_AUD-RunningFooter-171_1)** | 23 |
| **[Supplemental Information](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_STI-RunningFooter-171_1)** | 24 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_DWA-RunningFooter-171_1)**<br> **[Companies](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_DWA-RunningFooter-171_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_PD-RunningFooter-171_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_REMU-RunningFooter-171_1)**<br> **[Companies](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_REMU-RunningFooter-171_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3c0f05d5-f8f0-4ea8-8c80-2880b006fd74_AIAC-RunningFooter-171_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**

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Mid Cap Growth**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.8%**  | **COMMON STOCKS - 97.8%**  | **COMMON STOCKS - 97.8%**  |
| **Aerospace & Defense - 10.1%**  | **Aerospace & Defense - 10.1%**  | **Aerospace & Defense - 10.1%**  |
| Axon Enterprise, Inc. <sup>(A)</sup> <br>| 7387 | $5408983 |
| Howmet Aerospace, Inc. | 44749 | 9216056 |
|  |  | 14625039 |
| **Air Freight & Logistics - 2.5%**  | **Air Freight & Logistics - 2.5%**  | **Air Freight & Logistics - 2.5%**  |
| CH Robinson Worldwide, Inc. | 23631 | 3638938 |
| **Biotechnology - 5.5%**  | **Biotechnology - 5.5%**  | **Biotechnology - 5.5%**  |
| Natera, Inc. <sup>(A)</sup> <br>| 21989 | 4374272 |
| United Therapeutics Corp. <sup>(A)</sup> <br>| 7928 | 3531369 |
|  |  | 7905641 |
| **Capital Markets - 8.9%**  | **Capital Markets - 8.9%**  | **Capital Markets - 8.9%**  |
| Interactive Brokers Group, Inc., Class A | 59394 | 4178962 |
| KKR & Co., Inc. | 38083 | 4506361 |
| Tradeweb Markets, Inc., Class A | 39508 | 4163748 |
|  |  | 12849071 |
| **Commercial Services & Supplies - 3.7%**  | **Commercial Services & Supplies - 3.7%**  | **Commercial Services & Supplies - 3.7%**  |
| Clean Harbors, Inc. <sup>(A)</sup> <br>| 25037 | 5270539 |
| **Construction Materials - 1.7%**  | **Construction Materials - 1.7%**  | **Construction Materials - 1.7%**  |
| James Hardie Industries PLC <sup>(A)</sup> <br>| 120116 | 2514028 |
| **Consumer Staples Distribution & Retail - 2.1%**  | **Consumer Staples Distribution & Retail - 2.1%**  | **Consumer Staples Distribution & Retail - 2.1%**  |
| Casey's General Stores, Inc. | 5904 | 3029874 |
| **Distributors - 2.6%**  | **Distributors - 2.6%**  | **Distributors - 2.6%**  |
| Pool Corp. | 13813 | 3688900 |
| **Electric Utilities - 3.8%**  | **Electric Utilities - 3.8%**  | **Electric Utilities - 3.8%**  |
| NRG Energy, Inc. | 31865 | 5476319 |
| **Electronic Equipment, Instruments & Components - 6.8%**  | **Electronic Equipment, Instruments & Components - 6.8%**  | **Electronic Equipment, Instruments & Components - 6.8%**  |
| Coherent Corp. <sup>(A)</sup> <br>| 20675 | 2728273 |
| Flex Ltd. <sup>(A)</sup> <br>| 68195 | 4263551 |
| Trimble, Inc. <sup>(A)</sup> <br>| 34794 | 2774822 |
|  |  | 9766646 |
| **Entertainment - 8.9%**  | **Entertainment - 8.9%**  | **Entertainment - 8.9%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 35876 | 3582218 |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 42562 | 4840151 |
| Take-Two Interactive Software, Inc. <sup>(A)</sup> <br>| 17145 | 4395464 |
|  |  | 12817833 |
| **Financial Services - 2.4%**  | **Financial Services - 2.4%**  | **Financial Services - 2.4%**  |
| Block, Inc. <sup>(A)</sup> <br>| 45233 | 3434994 |
| **Health Care Technology - 3.9%**  | **Health Care Technology - 3.9%**  | **Health Care Technology - 3.9%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 19466 | 5668499 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure - 10.0%**  | **Hotels, Restaurants & Leisure - 10.0%**  | **Hotels, Restaurants & Leisure - 10.0%**  |
| DraftKings, Inc., Class A <sup>(A)</sup> <br>| 109981 | $3364319 |
| Hilton Worldwide Holdings, Inc. | 34770 | 8934499 |
| Wingstop, Inc. | 9703 | 2101961 |
|  |  | 14400779 |
| **IT Services - 1.8%**  | **IT Services - 1.8%**  | **IT Services - 1.8%**  |
| Wix.com Ltd. <sup>(A)</sup> <br>| 17782 | 2587992 |
| **Oil, Gas & Consumable Fuels - 4.1%**  | **Oil, Gas & Consumable Fuels - 4.1%**  | **Oil, Gas & Consumable Fuels - 4.1%**  |
| Targa Resources Corp. | 38631 | 5950719 |
| **Personal Care Products - 1.0%**  | **Personal Care Products - 1.0%**  | **Personal Care Products - 1.0%**  |
| elf Beauty, Inc. <sup>(A)</sup> <br>| 12099 | 1477772 |
| **Semiconductors & Semiconductor Equipment - 5.5%**  | **Semiconductors & Semiconductor Equipment - 5.5%**  | **Semiconductors & Semiconductor Equipment - 5.5%**  |
| Monolithic Power Systems, Inc. | 4760 | 4783800 |
| Silicon Laboratories, Inc. <sup>(A)</sup> <br>| 23753 | 3113543 |
|  |  | 7897343 |
| **Software - 10.6%**  | **Software - 10.6%**  | **Software - 10.6%**  |
| Datadog, Inc., Class A <sup>(A)</sup> <br>| 34428 | 5605223 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 9432 | 4639789 |
| Monday.com Ltd. <sup>(A)</sup> <br>| 12539 | 2573504 |
| Unity Software, Inc. <sup>(A)</sup> <br>| 63462 | 2405210 |
|  |  | 15223726 |
| **Specialty Retail - 1.9%**  | **Specialty Retail - 1.9%**  | **Specialty Retail - 1.9%**  |
| Chewy, Inc., Class A, Class A <sup>(A)</sup> <br>| 79854 | 2692677 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $121,147,332)**<br>|  | 140917329 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $3,170,817 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 $3,233,954.<br>| $3170421 | 3170421 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,170,421)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,170,421)** | 3170421 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $124,317,753)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $124,317,753)** | 144087750 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | **Net Other Assets (Liabilities) - (0.0)%\*** | (45708) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$144042042** |

---

***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 Mid Cap Growth**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $140917329 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $140917329 |
| Repurchase Agreement |  | &nbsp;&nbsp; 3170421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3170421 |
| **Total Investments** | **$140917329** | &nbsp;&nbsp; **$3170421** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$144087750** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Rate disclosed reflects the yield at 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 3**

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**Transamerica Mid Cap Growth**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $121,147,332) | $140917329 |
| Repurchase agreement, at value (cost $3,170,421) | 3170421 |
| Receivables and other assets: |  |
| Investments sold  | 51387 |
| Shares of beneficial interest sold  | 2141 |
| Dividends  | 41996 |
| Interest | 132 |
| Total assets | 144183406 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 5343 |
| Investment management fees | 79230 |
| Distribution and service fees | 11570 |
| Transfer agent fees | 4851 |
| Trustee and CCO fees | 51 |
| Audit and tax fees  | 18893 |
| Custody fees | 3477 |
| Legal fees | 1784 |
| Printing and shareholder reports fees | 1866 |
| Registration fees | 983 |
| Other accrued expenses | 13316 |
| Total liabilities | 141364 |
| **Net assets**  | $144042042 |
| **Net assets consist of:** |  |
| Paid-in capital | $99197192 |
| Total distributable earnings (accumulated losses) | 44844850 |
| **Net assets** | $144042042 |

---

***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 Mid Cap Growth**

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**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $29855291 |
| Class C | 595155 |
| Class I | 4251006 |
| Class I2 | 79978410 |
| Class I3 | 9395045 |
| Class R | 10467739 |
| Class R4 | 423600 |
| Class R6 | 9075796 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 2819386 |
| Class C | 64619 |
| Class I | 384291 |
| Class I2 | 7109846 |
| Class I3 | 837003 |
| Class R | 976982 |
| Class R4 | 38110 |
| Class R6 | 807969 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.59 |
| Class C | 9.21 |
| Class I | 11.06 |
| Class I2 | 11.25 |
| Class I3 | 11.22 |
| Class R | 10.71 |
| Class R4 | 11.12 |
| Class R6 | 11.23 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $11.21 |

---

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

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Mid Cap Growth**

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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 | $547593 |
| Interest income | 14728 |
| Net income from securities lending | 80 |
| Total investment income  | 562401 |
| **Expenses:** |  |
| Investment management fees | 1042266 |
| Distribution and service fees: |  |
| Class A | 66888 |
| Class C | 6592 |
| Class R | 59970 |
| Class R4 | 305 |
| Transfer agent fees: |  |
| Class A | 40223 |
| Class C | 1751 |
| Class I | 9628 |
| Class I2 | 5699 |
| Class I3 | 857 |
| Class R | 215 |
| Class R4 | 9 |
| Class R6 | 875 |
| Trustee and CCO fees | 6388 |
| Audit and tax fees | 35781 |
| Custody fees | 13097 |
| Legal fees | 7872 |
| Printing and shareholder reports fees | 9081 |
| Registration fees | 94260 |
| Interest | 1658 |
| Other | 37303 |
| Total expenses before waiver and/or reimbursement and recapture | 1440718 |
| Expenses waived and/or reimbursed: |  |
| Class A | (19834)<br>|
| Class C | (775)<br>|
| Class I | (3624)<br>|
| Class I2 | (24364)<br>|
| Class I3 | (4576)<br>|
| Class R | (3992)<br>|
| Class R4 | (206)<br>|
| Class R6 | (3917)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 12679 |
| Class C | 14 |
| Class I | 1406 |
| Class I2 | 3677 |
| Class I3 | 1466 |
| Class R | 1626 |
| Class R4 | 26 |
| Class R6 | 740 |
| Net expenses | 1401064 |
| **Net investment income (loss)** | (838663)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 31724242 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (8912763)<br>|
| Net realized and change in unrealized gain (loss) | 22811479 |
| **Net increase (decrease) in net assets resulting from operations** | $21972816 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Mid Cap Growth**

------

**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) | $(838663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1282449)<br>|
| Net realized gain (loss) | 31724242 | &nbsp;&nbsp;&nbsp;&nbsp; 69882205 |
| Net change in unrealized appreciation (depreciation) | (8912763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32748796 |
| Net increase (decrease) in net assets resulting from operations | 21972816 | &nbsp;&nbsp;&nbsp;&nbsp; 101348552 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (1105354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class C | (34447)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | (547618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | (2835571)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I3 | (379181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | (442262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | (2462)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | (330519)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5677414)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 24226419 | &nbsp;&nbsp;&nbsp;&nbsp; 5246357 |
| Class C | 120888 | &nbsp;&nbsp;&nbsp;&nbsp; 232925 |
| Class I | 10584966 | &nbsp;&nbsp;&nbsp;&nbsp; 10868162 |
| Class I2 | 1429572 | &nbsp;&nbsp;&nbsp;&nbsp; 56902 |
| Class I3 | 1104701 | &nbsp;&nbsp;&nbsp;&nbsp; 344313 |
| Class R | 647522 | &nbsp;&nbsp;&nbsp;&nbsp; 1316495 |
| Class R4 | 426421 | &nbsp;&nbsp;&nbsp;&nbsp; 15515 |
| Class R6 | 6542091 | &nbsp;&nbsp;&nbsp;&nbsp; 370666 |
|  | 45082580 | &nbsp;&nbsp;&nbsp;&nbsp; 18451335 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 1103847 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class C | 34447 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | 547292 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 2835571 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I3 | 379181 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 442262 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 2462 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 330519 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 5675581 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed: |  |  |
| Class A | (15350723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4723925)<br>|
| Class C | (278477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (508653)<br>|
| Class I | (18209455)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4592266)<br>|
| Class I2 | (1655854)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (313025567)<br>|
| Class I3 | (15925449)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4056315)<br>|
| Class R | (9562485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2900818)<br>|
| Class R4 | (66204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149776)<br>|
| Class R6 | (7806714)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1514666)<br>|
|  | (68855361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (331471986)<br>|
| Automatic conversions: |  |  |
| Class A | 67909 | &nbsp;&nbsp;&nbsp;&nbsp; 69936 |
| Class C | (67909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69936)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (18097200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (313020651)<br>|
| **Net increase (decrease) in net assets** | (1801798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (211672099)<br>|
| **Net assets:** |  |  |
| Beginning of year | 145843840 | &nbsp;&nbsp;&nbsp;&nbsp; 357515939 |
| End of year | $144042042 | &nbsp;&nbsp;&nbsp;&nbsp; $145843840 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Mid Cap Growth**

------

**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 | 2363375 | &nbsp;&nbsp;&nbsp;&nbsp; 598499 |
| Class C | 13541 | &nbsp;&nbsp;&nbsp;&nbsp; 31400 |
| Class I | 1009934 | &nbsp;&nbsp;&nbsp;&nbsp; 1115926 |
| Class I2 | 136524 | &nbsp;&nbsp;&nbsp;&nbsp; 6641 |
| Class I3 | 104649 | &nbsp;&nbsp;&nbsp;&nbsp; 36965 |
| Class R | 63565 | &nbsp;&nbsp;&nbsp;&nbsp; 148979 |
| Class R4 | 38017 | &nbsp;&nbsp;&nbsp;&nbsp; 1705 |
| Class R6 | 650532 | &nbsp;&nbsp;&nbsp;&nbsp; 40197 |
|  | 4380137 | &nbsp;&nbsp;&nbsp;&nbsp; 1980312 |
| Shares reinvested: |  |  |
| Class A | 112314 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class C | 4003 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I | 53539 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 272421 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I3 | 36537 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R | 44458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | 238 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | 31805 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 555315 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed: |  |  |
| Class A | (1523736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (532287)<br>|
| Class C | (31239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64647)<br>|
| Class I | (1823031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (500161)<br>|
| Class I2 | (161203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33446240)<br>|
| Class I3 | (1472862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (435306)<br>|
| Class R | (920906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (319229)<br>|
| Class R4 | (6072)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15486)<br>|
| Class R6 | (712131)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163081)<br>|
|  | (6651180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35476437)<br>|
| Automatic conversions: |  |  |
| Class A | 6486 | &nbsp;&nbsp;&nbsp;&nbsp; 7831 |
| Class C | (7421)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8835)<br>|
|  | (935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1004)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 958439 | &nbsp;&nbsp;&nbsp;&nbsp; 74043 |
| Class C | (21116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42082)<br>|
| Class I | (759558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 615765 |
| Class I2 | 247742 | &nbsp;&nbsp;&nbsp;&nbsp; (33439599)<br>|
| Class I3 | (1331676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (398341)<br>|
| Class R | (812883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (170250)<br>|
| Class R4 | 32183 | &nbsp;&nbsp;&nbsp;&nbsp; (13781)<br>|
| Class R6 | (29794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122884)<br>|
|  | (1716663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33497129)<br>|

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Mid Cap Growth**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $9.50 | $7.08 | $6.70 | $15.14 | $11.91 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.09)<br>| (0.08)<br>| (0.05)<br>| (0.06)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 1.59 | 2.50 | 0.43 | (4.03)<br>| 3.98 |
| Total investment operations | 1.50 | 2.42 | 0.38 | (4.09)<br>| 3.87 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| Total dividends and/or distributions to shareholders | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $10.59 | $9.50 | $7.08 | $6.70 | $15.14 |
| **Total return** <sup>(D)</sup> <br>| 16.21<br> %<br>| 34.18<br> %<br>| 5.67<br> %<br>| (35.42 )%<sup>(C)</sup><br>| 33.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $29855 | $17672 | $12644 | $10385 | $16740 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.24<br> %<br>| 1.22<br> %<br>| 1.24<br> %<br>| 1.23<br> %<br>| 1.17<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.22 %<sup>(E)</sup><br>| 1.22<br> %<br>| 1.24 %<sup>(F)</sup><br>| 1.23 %<sup>(F)</sup><br>| 1.17<br> %<br>|
| Net investment income (loss) to average net assets | (0.85)%<br>| (0.88)%<br>| (0.73)%<br>| (0.72)%<br>| (0.79)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

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

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

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

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

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $8.37 | $6.29 | $6.00 | $14.01 | $11.14 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.14)<br>| (0.13)<br>| (0.10)<br>| (0.12)<br>| (0.20)<br>|
| Net realized and unrealized gain (loss) | 1.39 | 2.21 | 0.39 | (3.63)<br>| 3.71 |
| Total investment operations | 1.25 | 2.08 | 0.29 | (3.75)<br>| 3.51 |
| **Contributions from affiliate** |  |  |  | 0.09 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $9.21 | $8.37 | $6.29 | $6.00 | $14.01 |
| **Total return** <sup>(C)</sup> <br>| 15.37<br> %<br>| 33.07<br> %<br>| 4.83<br> %<br>| (35.05 )%<sup>(B)</sup><br>| 32.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $595 | $718 | $804 | $544 | $1659 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.11<br> %<br>| 2.01<br> %<br>| 2.05<br> %<br>| 2.07<br> %<br>| 1.90<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.99<br> %<br>| 1.99<br> %<br>| 1.99<br> %<br>| 2.02<br> %<br>| 1.90<br> %<br>|
| Net investment income (loss) to average net assets | (1.62)%<br>| (1.64)%<br>| (1.49)%<br>| (1.52)%<br>| (1.52)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

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

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.92%.* 

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

&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 Mid Cap Growth**

------

**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** | $9.87 | $7.33 | $6.91 | $15.44 | $12.10 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.05)<br>| (0.05)<br>| (0.03)<br>| (0.03)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 1.65 | 2.59 | 0.45 | (4.15)<br>| 4.05 |
| Total investment operations | 1.60 | 2.54 | 0.42 | (4.18)<br>| 3.98 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.02)<br>|  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| Total dividends and/or distributions to shareholders | (0.41)<br>|  |  | (4.37)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.06 | $9.87 | $7.33 | $6.91 | $15.44 |
| **Total return** | 16.63<br> %<br>| 34.65<br> %<br>| 6.08<br> %<br>| (35.12 )%<sup>(B)</sup><br>| 33.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4251 | $11288 | $3869 | $1568 | $2417 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Net investment income (loss) to average net assets | (0.51)%<br>| (0.54)%<br>| (0.37)%<br>| (0.36)%<br>| (0.50)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

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

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $10.03 | $7.44 | $7.01 | $15.58 | $12.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.05)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 1.68 | 2.63 | 0.45 | (4.20)<br>| 4.08 |
| Total investment operations | 1.63 | 2.59 | 0.43 | (4.22)<br>| 4.03 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.25 | $10.03 | $7.44 | $7.01 | $15.58 |
| **Total return** | 16.66<br> %<br>| 34.81<br> %<br>| 6.13<br> %<br>| (35.18)%<br>| 33.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $79978 | $68799 | $299798 | $230060 | $302016 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>|
| Net investment income (loss) to average net assets | (0.45)%<br>| (0.40)%<br>| (0.26)%<br>| (0.25)%<br>| (0.37)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

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

&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 Mid Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **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** | $10.01 | $7.43 | $7.00 | $15.56 | $12.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.05)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 1.67 | 2.62 | 0.45 | (4.19)<br>| 4.08 |
| Total investment operations | 1.62 | 2.58 | 0.43 | (4.21)<br>| 4.03 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.22 | $10.01 | $7.43 | $7.00 | $15.56 |
| **Total return** | 16.59<br> %<br>| 34.72<br> %<br>| 6.14<br> %<br>| (35.11)%<br>| 33.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9395 | $21705 | $19062 | $22531 | $36970 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.76 %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | (0.42)%<br>| (0.44)%<br>| (0.25)%<br>| (0.26)%<br>| (0.38)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

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

<sup>(B)</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 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** | $9.62 | $7.17 | $6.79 | $15.29 | $12.03 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.10)<br>| (0.08)<br>| (0.06)<br>| (0.06)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 1.60 | 2.53 | 0.44 | (4.09)<br>| 4.02 |
| Total investment operations | 1.50 | 2.45 | 0.38 | (4.15)<br>| 3.90 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $10.71 | $9.62 | $7.17 | $6.79 | $15.29 |
| **Total return** | 16.00<br> %<br>| 34.17<br> %<br>| 5.60<br> %<br>| (35.47)%<br>| 33.13<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $10468 | $17214 | $14056 | $14603 | $25582 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.35<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.33<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | (0.93)%<br>| (0.94)%<br>| (0.75)%<br>| (0.76)%<br>| (0.88)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

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

&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 Mid Cap Growth**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $9.93 | $7.38 | $6.97 | $15.53 | $12.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.06)<br>| (0.06)<br>| (0.03)<br>| (0.04)<br>| (0.08)<br>|
| Net realized and unrealized gain (loss) | 1.66 | 2.61 | 0.44 | (4.17)<br>| 4.08 |
| Total investment operations | 1.60 | 2.55 | 0.41 | (4.21)<br>| 4.00 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>| (0.64)<br>|
| **Net asset value, end of year** | $11.12 | $9.93 | $7.38 | $6.97 | $15.53 |
| **Total return** | 16.52<br> %<br>| 34.55<br> %<br>| 5.88<br> %<br>| (35.26)%<br>| 33.59<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $424 | $59 | $145 | $127 | $192 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.05<br> %<br>| 1.02<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>|
| Net investment income (loss) to average net assets | (0.54)%<br>| (0.60)%<br>| (0.44)%<br>| (0.43)%<br>| (0.54)%<br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $10.01 | $7.43 | $7.00 | $15.55 | $13.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.05)<br>| (0.04)<br>| (0.02)<br>| (0.02)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | 1.68 | 2.62 | 0.45 | (4.18)<br>| 1.71 |
| Total investment operations | 1.63 | 2.58 | 0.43 | (4.20)<br>| 1.68 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.41)<br>|  |  | (4.35)<br>|  |
| **Net asset value, end of year** | $11.23 | $10.01 | $7.43 | $7.00 | $15.55 |
| **Total return** | 16.69<br> %<br>| 34.72<br> %<br>| 6.14<br> %<br>| (35.13)%<br>| 12.11 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9076 | $8389 | $7138 | $7112 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.77<br> %<br>| 0.76 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (0.46)%<br>| (0.44)%<br>| (0.26)%<br>| (0.27)%<br>| (0.53 )%<sup>(D)</sup><br>|
| Portfolio turnover rate | 109<br> %<br>| 106<br> %<br>| 75<br> %<br>| 77<br> %<br>| 99<br> %<br>|

---

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

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Mid Cap Growth**

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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 Mid Cap Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

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

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

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

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

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

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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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $1,799.

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Mid Cap Growth**

------

**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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025. For the period December 31, 2024 to October 31, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> % <br>|

---

**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 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.

**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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Mid Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**5. RISK FACTORS (continued)**

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.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources,

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Mid Cap Growth**

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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)**

information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $102457104 | 71.13<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $200 million | 0.705<br> % <br>|
| Over $200 million up to $1 billion | 0.685 |
| Over $1 billion | 0.670 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.28<br> % <br>| March 1, 2026 |
| Class C | 1.99 | March 1, 2026 |
| Class I | 0.92 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.82 | March 1, 2026 |
| Class R | 1.35 | March 1, 2026 |
| Class R4 | 0.95 | March 1, 2026 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Mid Cap Growth**

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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)**

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 C | $266 | $471 | $775 | $1512 |
| Class I |  |  | 2219 | 2219 |
| Class I2 |  |  | 20686 | 20686 |
| Class I3 |  |  | 3110 | 3110 |
| Class R4 | 99 | 185 | 206 | 490 |
| Class R6 |  |  | 3177 | 3177 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Mid Cap Growth**

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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)**

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 | $17280 | &nbsp;&nbsp;&nbsp;&nbsp; $39 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

For the 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** |
| $58443 | &nbsp;&nbsp; $4705 |

---

**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.

**Cross-trades:** The Fund is authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of the Fund participating in the transaction. For the year ended October 31, 2025, the Fund engaged in the following cross-trade transactions, which resulted in net realized gains/(losses) as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| &nbsp;&nbsp;&nbsp; $3871512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $159493486 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $184644185 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Mid Cap Growth**

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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)**

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. The primary permanent differences are due to a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. 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; $2492298 | &nbsp;&nbsp;&nbsp;&nbsp; $(2492298)<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>|
| $126548346 | &nbsp;&nbsp; $21899078 | &nbsp;&nbsp; $(4359674)<br>| &nbsp;&nbsp; $17539404 |

---

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>|
|  $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5677414 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&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>|
| $9542675 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17762771 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17539404 |

---

**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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Mid Cap Growth**

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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)**

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 22**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Mid Cap Growth

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Mid Cap Growth (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. ![](g67628img6fcd65f33.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**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made a long-term capital gain designation of $5,677,414 for the year ended October 31, 2025.

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 Mid Cap Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Mid Cap Growth** 

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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 Mid Cap Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Mid Cap Growth** 

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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 Mid Cap Growth (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 Wellington Management Company LLP (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 28**

------

**Transamerica Mid Cap Growth** 

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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 3-year period, in line with the median for the past 1-year period and below the median for the past 5-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- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 1, 2018 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 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 Partners Institutional Mid Growth, effective as of that date in place of its own historical performance record.

**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 below the medians for its peer group and 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Mid Cap Growth** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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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![](g67628img1df0bd815.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

4886773 TA MCG 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imge5dfe4a26.gif)

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![](g67628imga66739f51.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Mid Cap Value Opportunities**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img8af51c9b2.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_6e757369-fc70-4a3c-b205-e1fc3855508b_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_SOI-RunningFooter-175_1) | 2 |
| [Statement of Assets and Liabilities](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_FS-RunningFooter-175_1) | 5 |
| [Statement of Operations](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_FS-RunningFooter-175_3) | 7 |
| [Statement of Changes in Net Assets](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_FS-RunningFooter-175_4) | 8 |
| [Financial Highlights](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_FIHI-RunningFooter-175_1) | 10 |
| [Notes to Financial Statements](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_NTF-RunningFooter-175_1) | 14 |
| **[Report of Independent Registered Public Accounting Firm](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_AUD-RunningFooter-175_1)** | 24 |
| **[Supplemental Information](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_STI-RunningFooter-175_1)** | 25 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_DWA-RunningFooter-175_1)**<br> **[Companies](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_DWA-RunningFooter-175_1)**<br>| 26 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_PD-RunningFooter-175_1)** | 27 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_REMU-RunningFooter-175_1)**<br> **[Companies](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_REMU-RunningFooter-175_1)**<br>| 28 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_6e757369-fc70-4a3c-b205-e1fc3855508b_AIAC-RunningFooter-175_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**

------

**Transamerica Mid Cap Value Opportunities**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 94.4%**  | **COMMON STOCKS - 94.4%**  | **COMMON STOCKS - 94.4%**  |
| **Aerospace & Defense - 2.0%**  | **Aerospace & Defense - 2.0%**  | **Aerospace & Defense - 2.0%**  |
| Huntington Ingalls Industries, Inc. | 58600 | $18870372 |
| **Banks - 1.9%**  | **Banks - 1.9%**  | **Banks - 1.9%**  |
| First Citizens BancShares, Inc., Class A | 9545 | 17417907 |
| **Beverages - 4.1%**  | **Beverages - 4.1%**  | **Beverages - 4.1%**  |
| Brown-Forman Corp., Class B | 197700 | 5383371 |
| Constellation Brands, Inc., Class A | 107300 | 14097074 |
| Molson Coors Beverage Co., Class B | 440900 | 19276148 |
|  |  | 38756593 |
| **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  | **Biotechnology - 1.4%**  |
| Biogen, Inc. <sup>(A)</sup> <br>| 85300 | 13159231 |
| **Chemicals - 4.6%**  | **Chemicals - 4.6%**  | **Chemicals - 4.6%**  |
| Mosaic Co. | 539100 | 14798295 |
| PPG Industries, Inc. | 190000 | 18572500 |
| Westlake Corp. | 137500 | 9461375 |
|  |  | 42832170 |
| **Construction & Engineering - 0.5%**  | **Construction & Engineering - 0.5%**  | **Construction & Engineering - 0.5%**  |
| Fluor Corp. <sup>(A)</sup> <br>| 105800 | 5159866 |
| **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  |
| Ally Financial, Inc. | 116792 | 4551384 |
| **Consumer Staples Distribution & Retail - 2.0%**  | **Consumer Staples Distribution & Retail - 2.0%**  | **Consumer Staples Distribution & Retail - 2.0%**  |
| Dollar General Corp. | 75200 | 7419232 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 113200 | 11220384 |
|  |  | 18639616 |
| **Containers & Packaging - 4.2%**  | **Containers & Packaging - 4.2%**  | **Containers & Packaging - 4.2%**  |
| Crown Holdings, Inc. | 168300 | 16355394 |
| Graphic Packaging Holding Co. | 1462300 | 23382177 |
|  |  | 39737571 |
| **Distributors - 2.7%**  | **Distributors - 2.7%**  | **Distributors - 2.7%**  |
| LKQ Corp. | 804497 | 25711724 |
| **Diversified Telecommunication Services - 1.0%**  | **Diversified Telecommunication Services - 1.0%**  | **Diversified Telecommunication Services - 1.0%**  |
| GCI Liberty, Inc. <sup>(A)(B)(C)(D)</sup> <br>| 293004 | 0 |
| Liberty Global Ltd., Class A <sup>(A)</sup> <br>| 863726 | 9500986 |
|  |  | 9500986 |
| **Electric Utilities - 3.4%**  | **Electric Utilities - 3.4%**  | **Electric Utilities - 3.4%**  |
| Evergy, Inc. | 274000 | 21045940 |
| OGE Energy Corp. | 251442 | 11098650 |
|  |  | 32144590 |
| **Electronic Equipment, Instruments & Components - 3.1%**  | **Electronic Equipment, Instruments & Components - 3.1%**  | **Electronic Equipment, Instruments & Components - 3.1%**  |
| TD SYNNEX Corp. | 85100 | 13317299 |
| Vontier Corp. | 418638 | 16117563 |
|  |  | 29434862 |
| **Energy Equipment & Services - 2.6%**  | **Energy Equipment & Services - 2.6%**  | **Energy Equipment & Services - 2.6%**  |
| Halliburton Co. | 514900 | 13819916 |
| Noble Corp. PLC | 346500 | 10169775 |
|  |  | 23989691 |
| **Financial Services - 3.7%**  | **Financial Services - 3.7%**  | **Financial Services - 3.7%**  |
| Corpay, Inc. <sup>(A)</sup> <br>| 51500 | 13408025 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Fiserv, Inc. <sup>(A)</sup> <br>| 72500 | $4835025 |
| Global Payments, Inc. | 210500 | 16368480 |
|  |  | 34611530 |
| **Food Products - 9.7%**  | **Food Products - 9.7%**  | **Food Products - 9.7%**  |
| Archer-Daniels-Midland Co. | 221200 | 13389236 |
| Campbell's Co. | 160600 | 4838878 |
| Conagra Brands, Inc. | 1273400 | 21889746 |
| Kraft Heinz Co. | 1080800 | 26728184 |
| Post Holdings, Inc. <sup>(A)</sup> <br>| 98400 | 10226712 |
| Tyson Foods, Inc., Class A | 275600 | 14168596 |
|  |  | 91241352 |
| **Ground Transportation - 1.2%**  | **Ground Transportation - 1.2%**  | **Ground Transportation - 1.2%**  |
| U-Haul Holding Co. | 240500 | 11661845 |
| **Health Care Equipment & Supplies - 3.9%**  | **Health Care Equipment & Supplies - 3.9%**  | **Health Care Equipment & Supplies - 3.9%**  |
| Align Technology, Inc. <sup>(A)</sup> <br>| 36200 | 4991256 |
| Baxter International, Inc. | 633900 | 11708133 |
| Zimmer Biomet Holdings, Inc. | 196100 | 19719816 |
|  |  | 36419205 |
| **Health Care Providers & Services - 3.0%**  | **Health Care Providers & Services - 3.0%**  | **Health Care Providers & Services - 3.0%**  |
| Centene Corp. <sup>(A)</sup> <br>| 430100 | 15212637 |
| Henry Schein, Inc. <sup>(A)</sup> <br>| 199200 | 12589440 |
|  |  | 27802077 |
| **Insurance - 4.0%**  | **Insurance - 4.0%**  | **Insurance - 4.0%**  |
| Fidelity National Financial, Inc. | 243422 | 13446631 |
| Markel Group, Inc. <sup>(A)</sup> <br>| 8570 | 16921722 |
| Willis Towers Watson PLC | 21745 | 6808360 |
|  |  | 37176713 |
| **Interactive Media & Services - 3.3%**  | **Interactive Media & Services - 3.3%**  | **Interactive Media & Services - 3.3%**  |
| IAC, Inc. <sup>(A)</sup> <br>| 522790 | 16844294 |
| Match Group, Inc. | 430100 | 13909434 |
|  |  | 30753728 |
| **IT Services - 1.5%**  | **IT Services - 1.5%**  | **IT Services - 1.5%**  |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 197600 | 14401088 |
| **Life Sciences Tools & Services - 3.4%**  | **Life Sciences Tools & Services - 3.4%**  | **Life Sciences Tools & Services - 3.4%**  |
| Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> <br>| 45608 | 14574037 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 81800 | 17706428 |
|  |  | 32280465 |
| **Machinery - 1.0%**  | **Machinery - 1.0%**  | **Machinery - 1.0%**  |
| CNH Industrial NV | 940568 | 9866558 |
| **Media - 4.0%**  | **Media - 4.0%**  | **Media - 4.0%**  |
| News Corp., Class A | 536800 | 14225200 |
| Omnicom Group, Inc. | 95700 | 7179414 |
| Sirius XM Holdings, Inc. <sup>(E)</sup> <br>| 731029 | 15856019 |
|  |  | 37260633 |
| **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  | **Metals & Mining - 1.7%**  |
| Commercial Metals Co. | 264000 | 15671040 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Mid Cap Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Multi-Utilities - 2.5%**  | **Multi-Utilities - 2.5%**  | **Multi-Utilities - 2.5%**  |
| Dominion Energy, Inc. | 399400 | $23440786 |
| **Oil, Gas & Consumable Fuels - 3.4%**  | **Oil, Gas & Consumable Fuels - 3.4%**  | **Oil, Gas & Consumable Fuels - 3.4%**  |
| Expand Energy Corp. | 66400 | 6859784 |
| HF Sinclair Corp. | 259788 | 13405061 |
| Kinder Morgan, Inc. | 430602 | 11277466 |
|  |  | 31542311 |
| **Pharmaceuticals - 5.0%**  | **Pharmaceuticals - 5.0%**  | **Pharmaceuticals - 5.0%**  |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 68400 | 9414576 |
| Perrigo Co. PLC | 908800 | 18848512 |
| Viatris, Inc. | 1760000 | 18233600 |
|  |  | 46496688 |
| **Professional Services - 3.6%**  | **Professional Services - 3.6%**  | **Professional Services - 3.6%**  |
| Amentum Holdings, Inc. <sup>(A)</sup> <br>| 682816 | 15301907 |
| Clarivate PLC <sup>(A)</sup> <br>| 1540800 | 5238720 |
| Jacobs Solutions, Inc. | 29900 | 4658719 |
| SS&C Technologies Holdings, Inc. | 100500 | 8534460 |
|  |  | 33733806 |
| **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  |
| ON Semiconductor Corp. <sup>(A)</sup> <br>| 85400 | 4276832 |
| **Specialized REITs - 2.0%**  | **Specialized REITs - 2.0%**  | **Specialized REITs - 2.0%**  |
| Gaming & Leisure Properties, Inc. | 418675 | 18698026 |
| **Specialty Retail - 1.3%**  | **Specialty Retail - 1.3%**  | **Specialty Retail - 1.3%**  |
| Lithia Motors, Inc. | 23700 | 7443696 |
| Ulta Beauty, Inc. <sup>(A)</sup> <br>| 9200 | 4782896 |
|  |  | 12226592 |
| **Textiles, Apparel & Luxury Goods - 0.7%**  | **Textiles, Apparel & Luxury Goods - 0.7%**  | **Textiles, Apparel & Luxury Goods - 0.7%**  |
| Lululemon Athletica, Inc. <sup>(A)</sup> <br>| 39500 | 6736330 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Trading Companies & Distributors - 1.0%**  | **Trading Companies & Distributors - 1.0%**  | **Trading Companies & Distributors - 1.0%**  |
| WESCO International, Inc. | 36900 | $9576657 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $831,908,667)**<br>|  | 885780825 |
| **OTHER INVESTMENT COMPANY - 1.6%**  | **OTHER INVESTMENT COMPANY - 1.6%**  | **OTHER INVESTMENT COMPANY - 1.6%**  |
| **Securities Lending Collateral - 1.6%**  | **Securities Lending Collateral - 1.6%**  | **Securities Lending Collateral - 1.6%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(F)</sup> <br>| 15672388 | 15672388 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,672,388)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,672,388)** | 15672388 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.8%**  | **REPURCHASE AGREEMENT - 5.8%**  | **REPURCHASE AGREEMENT - 5.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(F)</sup>, dated 10/31/2025, to be <br> repurchased at $54,309,273 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 $55,388,598.<br>| $54302485 | 54302485 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $54,302,485)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $54,302,485)** | 54302485 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $901,883,540)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $901,883,540)** | 955755698 |
| **Net Other Assets (Liabilities) - (1.8)%** | **Net Other Assets (Liabilities) - (1.8)%** | (17026791) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$938728907** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(H)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $885780825 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $885780825 |
| Other Investment Company | 15672388 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15672388 |
| Repurchase Agreement |  | &nbsp;&nbsp; 54302485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54302485 |
| **Total Investments** | **$901453213** | &nbsp;&nbsp; **$54302485** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$955755698** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(B)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At October 31, 2025, the total value of the securities is $0, representing* *0.0% of the Fund's net assets.* 

<sup>(C)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At October 31, 2025, the total value of the* *securities is $0, representing 0.0% of the Fund's net assets.* 

<sup>(D)</sup> *Security deemed worthless.*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Mid Cap Value Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

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

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $15,277,937, collateralized by cash collateral of $15,672,388. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

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

<sup>(G)</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>(H)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $847,581,055) (including securities loaned of $15,277,937) | $901453213 |
| Repurchase agreement, at value (cost $54,302,485) | 54302485 |
| Receivables and other assets: |  |
| Net income from securities lending | 468 |
| Shares of beneficial interest sold  | 391147 |
| Dividends  | 637694 |
| Interest | 2263 |
| Total assets | 956787270 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 15672388 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 1632792 |
| Investment management fees | 570170 |
| Distribution and service fees | 32264 |
| Transfer agent fees | 61101 |
| Trustee and CCO fees | 331 |
| Audit and tax fees  | 22003 |
| Custody fees | 11274 |
| Legal fees | 13094 |
| Printing and shareholder reports fees | 18536 |
| Registration fees | 624 |
| Other accrued expenses | 23786 |
| Total liabilities | 18058363 |
| **Net assets**  | $938728907 |
| **Net assets consist of:** |  |
| Paid-in capital | $757320609 |
| Total distributable earnings (accumulated losses) | 181408298 |
| **Net assets** | $938728907 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $23243722 |
| Class C | 8653146 |
| Class I | 591157274 |
| Class I2 | 80248775 |
| Class I3 | 51612268 |
| Class R | 33113486 |
| Class R4 | 23796717 |
| Class R6 | 126903519 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 2074418 |
| Class C | 799011 |
| Class I | 52345087 |
| Class I2 | 7096896 |
| Class I3 | 4529072 |
| Class R | 2902699 |
| Class R4 | 2078366 |
| Class R6 | 11085262 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $11.20 |
| Class C | 10.83 |
| Class I | 11.29 |
| Class I2 | 11.31 |
| Class I3 | 11.40 |
| Class R | 11.41 |
| Class R4 | 11.45 |
| Class R6 | 11.45 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $11.85 |

---

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

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and Class C shares* *equals net asset value less any applicable contingent deferred sales charge.* 

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Mid Cap Value Opportunities**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $22369872 |
| Interest income | 989756 |
| Net income from securities lending | 33301 |
| Total investment income  | 23392929 |
| **Expenses:** |  |
| Investment management fees | 7239604 |
| Distribution and service fees: |  |
| Class A | 61273 |
| Class C | 102756 |
| Class R | 186993 |
| Class R4 | 82954 |
| Transfer agent fees: |  |
| Class A | 47073 |
| Class C | 13577 |
| Class I | 673867 |
| Class I2 | 5848 |
| Class I3 | 4452 |
| Class R | 623 |
| Class R4 | 2489 |
| Class R6 | 11436 |
| Trustee and CCO fees | 44152 |
| Audit and tax fees | 44687 |
| Custody fees | 66854 |
| Legal fees | 75704 |
| Printing and shareholder reports fees | 83157 |
| Registration fees | 116194 |
| Other | 70315 |
| Total expenses before waiver and/or reimbursement and recapture | 8934008 |
| Expenses waived and/or reimbursed: |  |
| Class A | (9023)<br>|
| Class C | (757)<br>|
| Class R4 | (33679)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 9173 |
| Class C | 757 |
| Class R4 | 446 |
| Net expenses | 8900925 |
| **Net investment income (loss)** | 14492004 |
| **Net realized gain (loss) on:** |  |
| Investments | 144872264 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (101160170)<br>|
| Net realized and change in unrealized gain (loss) | 43712094 |
| **Net increase (decrease) in net assets resulting from operations** | $58204098 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Mid Cap Value Opportunities**

------

**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) | $14492004 | &nbsp;&nbsp;&nbsp;&nbsp; $16014613 |
| Net realized gain (loss) | 144872264 | &nbsp;&nbsp;&nbsp;&nbsp; 99956585 |
| Net change in unrealized appreciation (depreciation) | (101160170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 129250232 |
| Net increase (decrease) in net assets resulting from operations | 58204098 | &nbsp;&nbsp;&nbsp;&nbsp; 245221430 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2259314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1085385)<br>|
| Class C | (939573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (600028)<br>|
| Class I | (63315374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37014639)<br>|
| Class I2 | (6298508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9348810)<br>|
| Class I3 | (5928157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4153170)<br>|
| Class R | (3543697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2274700)<br>|
| Class R4 | (4095826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2571294)<br>|
| Class R6 | (14852203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8954929)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (101232652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66002955)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 3367787 | &nbsp;&nbsp;&nbsp;&nbsp; 5180422 |
| Class C | 681592 | &nbsp;&nbsp;&nbsp;&nbsp; 1369447 |
| Class I | 145085959 | &nbsp;&nbsp;&nbsp;&nbsp; 156605812 |
| Class I2 | 13520631 | &nbsp;&nbsp;&nbsp;&nbsp; 134975 |
| Class I3 | 2331542 | &nbsp;&nbsp;&nbsp;&nbsp; 2825223 |
| Class R | 2403023 | &nbsp;&nbsp;&nbsp;&nbsp; 2576231 |
| Class R4 | 3989559 | &nbsp;&nbsp;&nbsp;&nbsp; 3643038 |
| Class R6 | 15718491 | &nbsp;&nbsp;&nbsp;&nbsp; 19885059 |
|  | 187098584 | &nbsp;&nbsp;&nbsp;&nbsp; 192220207 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2001325 | &nbsp;&nbsp;&nbsp;&nbsp; 962931 |
| Class C | 871525 | &nbsp;&nbsp;&nbsp;&nbsp; 551116 |
| Class I | 59233876 | &nbsp;&nbsp;&nbsp;&nbsp; 33957221 |
| Class I2 | 6063352 | &nbsp;&nbsp;&nbsp;&nbsp; 9093999 |
| Class I3 | 5928157 | &nbsp;&nbsp;&nbsp;&nbsp; 4153170 |
| Class R | 3543697 | &nbsp;&nbsp;&nbsp;&nbsp; 2274700 |
| Class R4 | 4095826 | &nbsp;&nbsp;&nbsp;&nbsp; 2571294 |
| Class R6 | 14824386 | &nbsp;&nbsp;&nbsp;&nbsp; 8876172 |
|  | 96562144 | &nbsp;&nbsp;&nbsp;&nbsp; 62440603 |
| Cost of shares redeemed: |  |  |
| Class A | (8686660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10783212)<br>|
| Class C | (2453378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2955152)<br>|
| Class I | (330255216)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (260177934)<br>|
| Class I2 | (6434289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138198260)<br>|
| Class I3 | (32622053)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20235392)<br>|
| Class R | (22646058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8193184)<br>|
| Class R4 | (38246304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8365938)<br>|
| Class R6 | (67626107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87076097)<br>|
|  | (508970065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (535985169)<br>|
| Automatic conversions: |  |  |
| Class A | 2110499 | &nbsp;&nbsp;&nbsp;&nbsp; 2687083 |
| Class C | (2110499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2687083)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (225309337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (281324359)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 174 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 252 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 166 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
| **Net increase (decrease) in net assets** | (268337891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102105292)<br>|

---

***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 Mid Cap Value Opportunities**

------

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

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Net assets:** |  |  |
| Beginning of year | $1207066798 | &nbsp;&nbsp;&nbsp;&nbsp; $1309172090 |
| End of year | $938728907 | &nbsp;&nbsp;&nbsp;&nbsp; $1207066798 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 302019 | &nbsp;&nbsp;&nbsp;&nbsp; 463616 |
| Class C | 63508 | &nbsp;&nbsp;&nbsp;&nbsp; 127941 |
| Class I | 13220997 | &nbsp;&nbsp;&nbsp;&nbsp; 14073926 |
| Class I2 | 1277380 | &nbsp;&nbsp;&nbsp;&nbsp; 12144 |
| Class I3 | 208446 | &nbsp;&nbsp;&nbsp;&nbsp; 251366 |
| Class R | 212523 | &nbsp;&nbsp;&nbsp;&nbsp; 227696 |
| Class R4 | 355306 | &nbsp;&nbsp;&nbsp;&nbsp; 323740 |
| Class R6 | 1410301 | &nbsp;&nbsp;&nbsp;&nbsp; 1740389 |
|  | 17050480 | &nbsp;&nbsp;&nbsp;&nbsp; 17220818 |
| Shares reinvested: |  |  |
| Class A | 190059 | &nbsp;&nbsp;&nbsp;&nbsp; 90078 |
| Class C | 85110 | &nbsp;&nbsp;&nbsp;&nbsp; 52992 |
| Class I | 5598665 | &nbsp;&nbsp;&nbsp;&nbsp; 3161752 |
| Class I2 | 572555 | &nbsp;&nbsp;&nbsp;&nbsp; 845953 |
| Class I3 | 555591 | &nbsp;&nbsp;&nbsp;&nbsp; 383842 |
| Class R | 330261 | &nbsp;&nbsp;&nbsp;&nbsp; 209457 |
| Class R4 | 381717 | &nbsp;&nbsp;&nbsp;&nbsp; 236550 |
| Class R6 | 1382872 | &nbsp;&nbsp;&nbsp;&nbsp; 817327 |
|  | 9096830 | &nbsp;&nbsp;&nbsp;&nbsp; 5797951 |
| Shares redeemed: |  |  |
| Class A | (788511)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (970333)<br>|
| Class C | (229007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (274326)<br>|
| Class I | (30292811)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23256512)<br>|
| Class I2 | (585683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12447587)<br>|
| Class I3 | (2872125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1779745)<br>|
| Class R | (2004597)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (727170)<br>|
| Class R4 | (3352917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (726683)<br>|
| Class R6 | (5965316)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7698801)<br>|
|  | (46090967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47881157)<br>|
| Automatic conversions: |  |  |
| Class A | 189219 | &nbsp;&nbsp;&nbsp;&nbsp; 239600 |
| Class C | (195300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (247055)<br>|
|  | (6081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7455)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (107214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177039)<br>|
| Class C | (275689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (340448)<br>|
| Class I | (11473149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6020834)<br>|
| Class I2 | 1264252 | &nbsp;&nbsp;&nbsp;&nbsp; (11589490)<br>|
| Class I3 | (2108088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1144537)<br>|
| Class R | (1461813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (290017)<br>|
| Class R4 | (2615894)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166393)<br>|
| Class R6 | (3172143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5141085)<br>|
|  | (19949738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24869843)<br>|

---

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Mid Cap Value Opportunities**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $11.62 | $10.15 | $10.95 | $14.72 | $10.05 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.12 | 0.10 | 0.08 | 0.04 | 0.01 |
| Net realized and unrealized gain (loss) | 0.49 | 1.86 | (0.20)<br>| (0.52)<br>| 4.73 |
| Total investment operations | 0.61 | 1.96 | (0.12)<br>| (0.48)<br>| 4.74 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.06)<br>| (0.08)<br>| (0.02)<br>| (0.07)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.03)<br>| (0.49)<br>| (0.68)<br>| (3.29)<br>| (0.07)<br>|
| **Net asset value, end of year** | $11.20 | $11.62 | $10.15 | $10.95 | $14.72 |
| **Total return** <sup>(E)</sup> <br>| 5.82<br> %<br>| 19.76 %<sup>(C)</sup><br>| (1.14)%<br>| (4.39 )%<sup>(D)</sup><br>| 47.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $23244 | $25345 | $23931 | $27425 | $27613 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.18<br> %<br>| 1.18<br> %<br>| 1.21<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.18 %<sup>(F)</sup><br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>|
| Net investment income (loss) to average net assets | 1.05<br> %<br>| 0.86<br> %<br>| 0.77<br> %<br>| 0.38<br> %<br>| 0.06<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<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> *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** | $11.24 | $9.83 | $10.64 | $14.45 | $9.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.02 | 0.01 | (0.03)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.48 | 1.82 | (0.21)<br>| (0.51)<br>| 4.65 |
| Total investment operations | 0.52 | 1.84 | (0.20)<br>| (0.54)<br>| 4.58 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.03)<br>|  | (0.01)<br>|  |  |
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (0.93)<br>| (0.43)<br>| (0.61)<br>| (3.27)<br>|  |
| **Net asset value, end of year** | $10.83 | $11.24 | $9.83 | $10.64 | $14.45 |
| **Total return** <sup>(E)</sup> <br>| 5.12<br> %<br>| 19.07 %<sup>(C)</sup><br>| (1.93)%<br>| (4.93 )%<sup>(D)</sup><br>| 46.40<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $8653 | $12076 | $13916 | $16522 | $17471 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.87<br> %<br>| 1.86<br> %<br>| 1.88<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.87<br> %<br>| 1.86<br> %<br>| 1.88 %<sup>(F)</sup><br>| 1.86<br> %<br>| 1.85<br> %<br>|
| Net investment income (loss) to average net assets | 0.37<br> %<br>| 0.20<br> %<br>| 0.09<br> %<br>| (0.28)%<br>| (0.53)%<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<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> *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 Mid Cap Value Opportunities**

------

**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** | $11.70 | $10.22 | $11.03 | $14.80 | $10.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.14 | 0.12 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) | 0.50 | 1.88 | (0.21)<br>| (0.52)<br>| 4.73 |
| Total investment operations | 0.66 | 2.02 | (0.09)<br>| (0.43)<br>| 4.80 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.11)<br>| (0.12)<br>| (0.07)<br>| (0.11)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.07)<br>| (0.54)<br>| (0.72)<br>| (3.34)<br>| (0.11)<br>|
| **Net asset value, end of year** | $11.29 | $11.70 | $10.22 | $11.03 | $14.80 |
| **Total return** | 6.25<br> %<br>| 20.19<br> %<br>| (0.86)%<br>| (3.91 )%<sup>(B)</sup><br>| 47.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $591157 | $746921 | $713923 | $734476 | $656368 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>|
| Net investment income (loss) to average net assets | 1.40<br> %<br>| 1.22<br> %<br>| 1.11<br> %<br>| 0.74<br> %<br>| 0.48<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $11.72 | $10.24 | $11.05 | $14.83 | $10.12 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.15 | 0.13 | 0.10 | 0.09 |
| Net realized and unrealized gain (loss) | 0.51 | 1.88 | (0.21)<br>| (0.53)<br>| 4.74 |
| Total investment operations | 0.67 | 2.03 | (0.08)<br>| (0.43)<br>| 4.83 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>|
| **Net asset value, end of year** | $11.31 | $11.72 | $10.24 | $11.05 | $14.83 |
| **Total return** | 6.36<br> %<br>| 20.27<br> %<br>| (0.76)%<br>| (3.84)%<br>| 47.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $80249 | $68350 | $178371 | $171713 | $219525 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.48<br> %<br>| 1.36<br> %<br>| 1.18<br> %<br>| 0.83<br> %<br>| 0.68<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

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

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

&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 Mid Cap Value Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **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** | $11.80 | $10.30 | $11.12 | $14.89 | $10.17 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.15 | 0.13 | 0.10 | 0.08 |
| Net realized and unrealized gain (loss) | 0.51 | 1.90 | (0.22)<br>| (0.52)<br>| 4.76 |
| Total investment operations | 0.68 | 2.05 | (0.09)<br>| (0.42)<br>| 4.84 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>|
| **Net asset value, end of year** | $11.40 | $11.80 | $10.30 | $11.12 | $14.89 |
| **Total return** | 6.41<br> %<br>| 20.35<br> %<br>| (0.85)%<br>| (3.81)%<br>| 48.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $51612 | $78336 | $80186 | $99003 | $128122 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.51<br> %<br>| 1.32<br> %<br>| 1.22<br> %<br>| 0.83<br> %<br>| 0.60<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

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

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

&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** | $11.79 | $10.29 | $11.10 | $14.86 | $10.15 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.11 | 0.09 | 0.08 | 0.04 | 0.01 |
| Net realized and unrealized gain (loss) | 0.51 | 1.90 | (0.22)<br>| (0.53)<br>| 4.77 |
| Total investment operations | 0.62 | 1.99 | (0.14)<br>| (0.49)<br>| 4.78 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)(C)</sup><br>|  | 0.00 <br><sup>(B)(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.06)<br>| (0.07)<br>| (0.00 )<sup>(B)</sup><br>| (0.07)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.00)<br>| (0.49)<br>| (0.67)<br>| (3.27)<br>| (0.07)<br>|
| **Net asset value, end of year** | $11.41 | $11.79 | $10.29 | $11.10 | $14.86 |
| **Total return** | 5.87<br> %<br>| 19.76 %<sup>(C)</sup><br>| (1.31)%<br>| (4.34 )%<sup>(D)</sup><br>| 47.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $33113 | $51470 | $47918 | $52688 | $58856 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.24<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.24<br> %<br>| 1.24<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 1.02<br> %<br>| 0.82<br> %<br>| 0.71<br> %<br>| 0.33<br> %<br>| 0.07<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<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%.* 

&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 12**

------

**Transamerica Mid Cap Value Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $11.85 | $10.34 | $11.15 | $14.92 | $10.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.13 | 0.12 | 0.08 | 0.06 |
| Net realized and unrealized gain (loss) | 0.51 | 1.91 | (0.22)<br>| (0.53)<br>| 4.77 |
| Total investment operations | 0.66 | 2.04 | (0.10)<br>| (0.45)<br>| 4.83 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.10)<br>| (0.11)<br>| (0.05)<br>| (0.10)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.06)<br>| (0.53)<br>| (0.71)<br>| (3.32)<br>| (0.10)<br>|
| **Net asset value, end of year** | $11.45 | $11.85 | $10.34 | $11.15 | $14.92 |
| **Total return** | 6.17<br> %<br>| 20.17<br> %<br>| (0.95)%<br>| (3.99)%<br>| 47.83<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $23797 | $55605 | $50254 | $82892 | $116919 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 1.30<br> %<br>| 1.16<br> %<br>| 1.12<br> %<br>| 0.67<br> %<br>| 0.40<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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** | $11.85 | $10.34 | $11.16 | $14.94 | $10.19 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.15 | 0.13 | 0.10 | 0.08 |
| Net realized and unrealized gain (loss) | 0.51 | 1.91 | (0.22)<br>| (0.53)<br>| 4.79 |
| Total investment operations | 0.68 | 2.06 | (0.09)<br>| (0.43)<br>| 4.87 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.12)<br>| (0.13)<br>| (0.08)<br>| (0.12)<br>|
| Net realized gains | (0.90)<br>| (0.43)<br>| (0.60)<br>| (3.27)<br>|  |
| Total dividends and/or distributions to shareholders | (1.08)<br>| (0.55)<br>| (0.73)<br>| (3.35)<br>| (0.12)<br>|
| **Net asset value, end of year** | $11.45 | $11.85 | $10.34 | $11.16 | $14.94 |
| **Total return** | 6.38<br> %<br>| 20.37<br> %<br>| (0.84)%<br>| (3.86)%<br>| 48.09<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $126904 | $168964 | $200673 | $214578 | $190702 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.49<br> %<br>| 1.31<br> %<br>| 1.20<br> %<br>| 0.82<br> %<br>| 0.62<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 48<br> %<br>| 44<br> %<br>| 54<br> %<br>| 54<br> %<br>|

---

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Mid Cap Value Opportunities**

------

**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 Mid Cap Value Opportunities (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $32,081.

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Mid Cap Value Opportunities**

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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)**

means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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 of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Mid Cap Value Opportunities**

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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)**

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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $15672388 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15672388 |
| **Total Borrowings** | **$15672388** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15672388** |

---

**6. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK FACTORS (continued)**

company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $181174679 | 19.30<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 Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $750 million | 0.6950<br> % <br>|
| Over $750 million up to $1.5 billion | 0.6925 |
| Over $1.5 billion up to $2 billion | 0.6500 |
| Over $2 billion | 0.6300 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.20<br> % <br>| March 1, 2026 |
| Class C | 1.90 | March 1, 2026 |
| Class I | 0.88 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.79 | March 1, 2026 |
| Class R | 1.25 | March 1, 2026 |
| Class R4 | 0.90 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 R4 | $66017 | $56006 | $33679 | $155702 |

---

**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 Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A, Class C and Class R of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $24701 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 360 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the 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** |
| $748095 | &nbsp;&nbsp; $59229 |

---

**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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Mid Cap Value Opportunities**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $587721063 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $907013044 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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. The primary permanent differences are due to basis adjustments related to a prior year merger and a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. 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; $28329537 | &nbsp;&nbsp;&nbsp;&nbsp; $(28329537)<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>|
| $901518705 | &nbsp;&nbsp; $115606548 | &nbsp;&nbsp; $(61369555)<br>| &nbsp;&nbsp; $54236993 |

---

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; **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>|
| $15558242 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $85674410 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13001156 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $53001799 | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Mid Cap Value Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**9. 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>|
| $20633819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106909827 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(372341)<br>| &nbsp;&nbsp; $54236993 |

---

**10. 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 23**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Mid Cap Value Opportunities

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Mid Cap Value Opportunities (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. ![](g67628img8dada6a43.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**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $15,558,242 of qualified dividend income.

For corporate shareholders, 97% 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 $85,674,410 for the year ended October 31, 2025.

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 Mid Cap Value Opportunities** 

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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 Mid Cap Value Opportunities** 

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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 Mid Cap Value Opportunities** 

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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 Mid Cap Value Opportunities** 

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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 Mid Cap Value Opportunities (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 Thompson, Siegel & Walmsley (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 Mid Cap Value Opportunities** 

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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 10-year period and below the median for the past 1-, 3- and 5-year periods. 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.

**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) of Class I Shares of the Fund 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 30**

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**Transamerica Mid Cap Value Opportunities** 

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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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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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![](g67628img91da7b6a5.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

4886784 TA MCV OPS 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img073121f06.gif)

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![](g67628img698a6b091.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Multi-Asset Income**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img53ceec5f2.gif)

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**Table of Contents**

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

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_SOI-RunningFooter-174_1) | 2 |
| [Statement of Assets and Liabilities](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_FS-RunningFooter-174_1) | 8 |
| [Statement of Operations](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_FS-RunningFooter-174_2) | 9 |
| [Statement of Changes in Net Assets](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_FS-RunningFooter-174_3) | 10 |
| [Financial Highlights](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_FIHI-RunningFooter-174_1) | 12 |
| [Notes to Financial Statements](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_NTF-RunningFooter-174_1) | 14 |
| **[Report of Independent Registered Public Accounting Firm](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_AUD-RunningFooter-174_1)** | 24 |
| **[Supplemental Information](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_STI-RunningFooter-174_1)** | 25 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_DWA-RunningFooter-174_1)**<br> **[Companies](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_DWA-RunningFooter-174_1)**<br>| 26 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_PD-RunningFooter-174_1)** | 27 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_REMU-RunningFooter-174_1)**<br> **[Companies](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_REMU-RunningFooter-174_1)**<br>| 28 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_6959c80a-ba98-4f4f-8959-53f05cd88d24_AIAC-RunningFooter-174_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**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 57.6%**  | **COMMON STOCKS - 57.6%**  | **COMMON STOCKS - 57.6%**  |
| **Air Freight & Logistics - 0.8%**  | **Air Freight & Logistics - 0.8%**  | **Air Freight & Logistics - 0.8%**  |
| FedEx Corp. | 25000 | $6345500 |
| **Banks - 3.9%**  | **Banks - 3.9%**  | **Banks - 3.9%**  |
| Citigroup, Inc. | 100000 | 10123000 |
| JPMorgan Chase & Co. | 40000 | 12444800 |
| Wells Fargo & Co. | 115000 | 10001550 |
|  |  | 32569350 |
| **Biotechnology - 3.4%**  | **Biotechnology - 3.4%**  | **Biotechnology - 3.4%**  |
| AbbVie, Inc. | 60000 | 13082400 |
| Amgen, Inc. | 30000 | 8952900 |
| Gilead Sciences, Inc. | 50000 | 5989500 |
|  |  | 28024800 |
| **Broadline Retail - 0.9%**  | **Broadline Retail - 0.9%**  | **Broadline Retail - 0.9%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 30000 | 7326600 |
| **Capital Markets - 6.7%**  | **Capital Markets - 6.7%**  | **Capital Markets - 6.7%**  |
| Blackrock, Inc. | 15000 | 16242150 |
| Goldman Sachs Group, Inc. | 24500 | 19339565 |
| Interactive Brokers Group, Inc., Class A | 126056 | 8869300 |
| Morgan Stanley | 64372 | 10557008 |
| Nasdaq, Inc. | 15000 | 1282350 |
|  |  | 56290373 |
| **Communications Equipment - 1.1%**  | **Communications Equipment - 1.1%**  | **Communications Equipment - 1.1%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 60000 | 9461400 |
| **Consumer Finance - 1.9%**  | **Consumer Finance - 1.9%**  | **Consumer Finance - 1.9%**  |
| Capital One Financial Corp. | 45000 | 9899550 |
| Synchrony Financial | 85000 | 6322300 |
|  |  | 16221850 |
| **Electric Utilities - 3.3%**  | **Electric Utilities - 3.3%**  | **Electric Utilities - 3.3%**  |
| American Electric Power Co., Inc. | 60000 | 7215600 |
| Duke Energy Corp. | 60000 | 7458000 |
| Evergy, Inc. | 65000 | 4992650 |
| Southern Co. | 80000 | 7523200 |
|  |  | 27189450 |
| **Health Care Equipment & Supplies - 1.1%**  | **Health Care Equipment & Supplies - 1.1%**  | **Health Care Equipment & Supplies - 1.1%**  |
| Medtronic PLC | 100000 | 9070000 |
| **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  |
| Cigna Group | 7500 | 1833075 |
| Quest Diagnostics, Inc. | 30100 | 5296095 |
| UnitedHealth Group, Inc. | 15000 | 5123400 |
|  |  | 12252570 |
| **Hotel & Resort REITs - 0.4%**  | **Hotel & Resort REITs - 0.4%**  | **Hotel & Resort REITs - 0.4%**  |
| Ryman Hospitality Properties, Inc. | 35000 | 3041850 |
| **Hotels, Restaurants & Leisure - 1.1%**  | **Hotels, Restaurants & Leisure - 1.1%**  | **Hotels, Restaurants & Leisure - 1.1%**  |
| Travel & Leisure Co. | 145000 | 9103100 |
| **Household Products - 0.9%**  | **Household Products - 0.9%**  | **Household Products - 0.9%**  |
| Procter & Gamble Co. | 50000 | 7518500 |
| **Independent Power & Renewable Electricity Producers - 0.6%**  | **Independent Power & Renewable Electricity Producers - 0.6%**  | **Independent Power & Renewable Electricity Producers - 0.6%**  |
| Vistra Corp. | 25000 | 4707500 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance - 2.2%**  | **Insurance - 2.2%**  | **Insurance - 2.2%**  |
| Allstate Corp. | 35000 | $6703200 |
| Progressive Corp. | 5000 | 1030000 |
| Travelers Cos., Inc. | 16651 | 4472792 |
| Unum Group | 90000 | 6607800 |
|  |  | 18813792 |
| **Interactive Media & Services - 5.2%**  | **Interactive Media & Services - 5.2%**  | **Interactive Media & Services - 5.2%**  |
| Alphabet, Inc., Class C | 112500 | 31704750 |
| Meta Platforms, Inc., Class A | 18000 | 11670300 |
|  |  | 43375050 |
| **IT Services - 2.4%**  | **IT Services - 2.4%**  | **IT Services - 2.4%**  |
| International Business Machines Corp. | 65000 | 19981650 |
| **Machinery - 0.8%**  | **Machinery - 0.8%**  | **Machinery - 0.8%**  |
| Cummins, Inc. | 15000 | 6565200 |
| **Mortgage Real Estate Investment Trusts - 0.7%**  | **Mortgage Real Estate Investment Trusts - 0.7%**  | **Mortgage Real Estate Investment Trusts - 0.7%**  |
| AGNC Investment Corp. <sup>(B)</sup> <br>| 550000 | 5500000 |
| **Multi-Utilities - 1.5%**  | **Multi-Utilities - 1.5%**  | **Multi-Utilities - 1.5%**  |
| Dominion Energy, Inc. | 150000 | 8803500 |
| Sempra | 40000 | 3677600 |
|  |  | 12481100 |
| **Oil, Gas & Consumable Fuels - 1.2%**  | **Oil, Gas & Consumable Fuels - 1.2%**  | **Oil, Gas & Consumable Fuels - 1.2%**  |
| Chevron Corp. | 22500 | 3548700 |
| ONEOK, Inc. | 100000 | 6700000 |
|  |  | 10248700 |
| **Pharmaceuticals - 1.5%**  | **Pharmaceuticals - 1.5%**  | **Pharmaceuticals - 1.5%**  |
| Merck & Co., Inc. | 150000 | 12897000 |
| **Semiconductors & Semiconductor Equipment - 4.7%**  | **Semiconductors & Semiconductor Equipment - 4.7%**  | **Semiconductors & Semiconductor Equipment - 4.7%**  |
| Broadcom, Inc. | 60000 | 22177800 |
| NVIDIA Corp. | 85000 | 17211650 |
|  |  | 39389450 |
| **Software - 2.9%**  | **Software - 2.9%**  | **Software - 2.9%**  |
| Microsoft Corp. | 47500 | 24595975 |
| **Specialized REITs - 3.1%**  | **Specialized REITs - 3.1%**  | **Specialized REITs - 3.1%**  |
| Equinix, Inc. | 12000 | 10152120 |
| Gaming & Leisure Properties, Inc. | 35000 | 1563100 |
| Iron Mountain, Inc. | 78950 | 8127902 |
| Lamar Advertising Co., Class A | 54250 | 6433508 |
|  |  | 26276630 |
| **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  | **Specialty Retail - 1.4%**  |
| Bath & Body Works, Inc. | 150000 | 3672000 |
| Dick's Sporting Goods, Inc. | 35000 | 7750750 |
|  |  | 11422750 |
| **Technology Hardware, Storage & Peripherals - 2.4%**  | **Technology Hardware, Storage & Peripherals - 2.4%**  | **Technology Hardware, Storage & Peripherals - 2.4%**  |
| Apple, Inc. | 75000 | 20277750 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $310,913,176)**<br>|  | 480947890 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 36.9%**  | **CORPORATE DEBT SECURITIES - 36.9%**  | **CORPORATE DEBT SECURITIES - 36.9%**  |
| **Aerospace & Defense - 0.9%**  | **Aerospace & Defense - 0.9%**  | **Aerospace & Defense - 0.9%**  |
| ATI, Inc. |  |  |
| 5.88%, 12/01/2027 | $4002000 | $4006474 |
| Bombardier, Inc. |  |  |
| 7.25%, 07/01/2031 <sup>(C)</sup> <br>| 825000 | 875672 |
| TransDigm, Inc. |  |  |
| 6.38%, 05/31/2033 <sup>(C)</sup> <br>| 2500000 | 2548330 |
|  |  | 7430476 |
| **Automobile Components - 1.1%**  | **Automobile Components - 1.1%**  | **Automobile Components - 1.1%**  |
| American Axle & Manufacturing, Inc. |  |  |
| 7.75%, 10/15/2033 <sup>(C)</sup> <br>| 3000000 | 3004225 |
| Cooper Tire & Rubber Co. LLC |  |  |
| 7.63%, 03/15/2027 | 5200000 | 5317000 |
| Titan International, Inc. |  |  |
| 7.00%, 04/30/2028 <sup>(B)</sup> <br>| 720000 | 721678 |
|  |  | 9042903 |
| **Automobiles - 0.6%**  | **Automobiles - 0.6%**  | **Automobiles - 0.6%**  |
| Jaguar Land Rover Automotive PLC |  |  |
| 5.88%, 01/15/2028 <sup>(C)</sup> <br>| 1750000 | 1750823 |
| JB Poindexter & Co., Inc. |  |  |
| 8.75%, 12/15/2031 <sup>(C)</sup> <br>| 3100000 | 3244032 |
|  |  | 4994855 |
| **Banks - 2.6%**  | **Banks - 2.6%**  | **Banks - 2.6%**  |
| Bank of Montreal |  |  |
| &nbsp;&nbsp; Fixed until 11/26/2034, <br>7.30% <sup>(D)</sup>, 11/26/2084<br>| 3000000 | 3193086 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/15/2035 <sup>(E)</sup>, <br>7.63% <sup>(B)</sup><sup>(D)</sup> <br>| 200000 | 211521 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/15/2030 <sup>(E)</sup>, <br>6.95% <sup>(D)</sup> <br>| 1500000 | 1543074 |
| &nbsp;&nbsp; Fixed until 08/15/2029 <sup>(E)</sup>, <br>7.13% <sup>(D)</sup> <br>| 3000000 | 3094494 |
| &nbsp;&nbsp; Fixed until 11/15/2028 <sup>(E)</sup>, <br>7.63% <sup>(D)</sup> <br>| 1000000 | 1046300 |
| FNB Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/11/2029, <br>5.72% <sup>(D)</sup>, 12/11/2030<br>| 5500000 | 5607437 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 11/10/2034 <sup>(E)</sup>, <br>6.13% <sup>(B)</sup><sup>(D)</sup> <br>| 2045000 | 2085121 |
| &nbsp;&nbsp; Fixed until 02/10/2030 <sup>(E)</sup>, <br>6.85% <sup>(D)</sup> <br>| 2000000 | 2081102 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/01/2030 <sup>(E)</sup>, <br>6.50% <sup>(D)</sup> <br>| 3000000 | 3113661 |
|  |  | 21975796 |
| **Building Products - 1.1%**  | **Building Products - 1.1%**  | **Building Products - 1.1%**  |
| Builders FirstSource, Inc. |  |  |
| 5.00%, 03/01/2030 <sup>(C)</sup> <br>| 2000000 | 1979884 |
| New Enterprise Stone & Lime Co., Inc. |  |  |
| 5.25%, 07/15/2028 <sup>(C)</sup> <br>| 3765000 | 3748498 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(C)</sup> <br>| $3450000 | $3578382 |
|  |  | 9306764 |
| **Chemicals - 0.3%**  | **Chemicals - 0.3%**  | **Chemicals - 0.3%**  |
| Chemours Co. |  |  |
| 5.75%, 11/15/2028 <sup>(C)</sup> <br>| 2495000 | 2390792 |
| **Commercial Services & Supplies - 4.4%**  | **Commercial Services & Supplies - 4.4%**  | **Commercial Services & Supplies - 4.4%**  |
| Amsted Industries, Inc. |  |  |
| 6.38%, 03/15/2033 <sup>(C)</sup> <br>| 3000000 | 3104805 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc. |  |  |
| 5.75%, 07/15/2027 <sup>(C)</sup> <br>| 3312000 | 3300341 |
| Brink's Co. |  |  |
| 6.75%, 06/15/2032 <sup>(C)</sup> <br>| 2146000 | 2228501 |
| CoreCivic, Inc. |  |  |
| 8.25%, 04/15/2029 | 2750000 | 2896039 |
| GEO Group, Inc. |  |  |
| 8.63%, 04/15/2029 | 3700000 | 3904676 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(C)</sup> <br>| 2000000 | 2093358 |
| 7.25%, 06/15/2033 <sup>(C)</sup> <br>| 2300000 | 2424897 |
| ION Platform Finance U.S., Inc. |  |  |
| 7.88%, 09/30/2032 <sup>(C)</sup> <br>| 2000000 | 1950739 |
| PROG Holdings, Inc. |  |  |
| 6.00%, 11/15/2029 <sup>(C)</sup> <br>| 3300000 | 3220800 |
| Service Corp. International |  |  |
| 7.50%, 04/01/2027 | 2500000 | 2584625 |
| United Rentals North America, Inc. |  |  |
| 6.00%, 12/15/2029 <sup>(C)</sup> <br>| 2000000 | 2052720 |
| Upbound Group, Inc. |  |  |
| 6.38%, 02/15/2029 <sup>(C)</sup> <br>| 3675000 | 3561604 |
| WEX, Inc. |  |  |
| 6.50%, 03/15/2033 <sup>(C)</sup> <br>| 3000000 | 3068001 |
|  |  | 36391106 |
| **Construction & Engineering - 2.2%**  | **Construction & Engineering - 2.2%**  | **Construction & Engineering - 2.2%**  |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC |  |  |
| 6.25%, 09/15/2027 <sup>(C)</sup> <br>| 1300000 | 1300073 |
| Brundage-Bone Concrete Pumping <br> Holdings, Inc. |  |  |
| 7.50%, 02/01/2032 <sup>(C)</sup> <br>| 3800000 | 3833998 |
| Forestar Group, Inc. |  |  |
| 5.00%, 03/01/2028 <sup>(C)</sup> <br>| 5000000 | 4988746 |
| Installed Building Products, Inc. |  |  |
| 5.75%, 02/01/2028 <sup>(C)</sup> <br>| 4801000 | 4798759 |
| M/I Homes, Inc. |  |  |
| 4.95%, 02/01/2028 | 2235000 | 2227891 |
| Winnebago Industries, Inc. |  |  |
| 6.25%, 07/15/2028 <sup>(C)</sup> <br>| 899000 | 897252 |
|  |  | 18046719 |
| **Consumer Staples Distribution & Retail - 1.1%**  | **Consumer Staples Distribution & Retail - 1.1%**  | **Consumer Staples Distribution & Retail - 1.1%**  |
| Academy Ltd. |  |  |
| 6.00%, 11/15/2027 <sup>(C)</sup> <br>| 5150000 | 5162499 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| BlueLinx Holdings, Inc. |  |  |
| 6.00%, 11/15/2029 <sup>(C)</sup> <br>| $1150000 | $1128572 |
| Dillard's, Inc. |  |  |
| 7.00%, 12/01/2028 | 230000 | 241999 |
| 7.75%, 07/15/2026 | 1150000 | 1155097 |
| Macy's Retail Holdings LLC |  |  |
| 7.38%, 08/01/2033 <sup>(B)</sup><sup>(C)</sup> <br>| 1700000 | 1791395 |
|  |  | 9479562 |
| **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  |
| Graphic Packaging International LLC |  |  |
| 6.38%, 07/15/2032 <sup>(C)</sup> <br>| 2000000 | 2026252 |
| Sealed Air Corp. |  |  |
| 6.50%, 07/15/2032 <sup>(B)</sup><sup>(C)</sup> <br>| 3000000 | 3104400 |
|  |  | 5130652 |
| **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  |
| American Assets Trust LP |  |  |
| 6.15%, 10/01/2034 | 635000 | 646231 |
| Rithm Capital Corp. |  |  |
| 8.00%, 07/15/2030 <sup>(C)</sup> <br>| 1050000 | 1064361 |
|  |  | 1710592 |
| **Electric Utilities - 2.0%**  | **Electric Utilities - 2.0%**  | **Electric Utilities - 2.0%**  |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/15/2035, <br>6.63% <sup>(D)</sup>, 05/15/2055<br>| 1000000 | 1042593 |
| NRG Energy, Inc. |  |  |
| 6.00%, 01/15/2036 <sup>(C)</sup> <br>| 3000000 | 3051638 |
| Southern Co. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2034, <br>6.38% <sup>(D)</sup>, 03/15/2055 <sup>(B)</sup> <br>| 3000000 | 3206244 |
| Talen Energy Supply LLC |  |  |
| 8.63%, 06/01/2030 <sup>(C)</sup> <br>| 4250000 | 4509815 |
| TransAlta Corp. |  |  |
| 7.75%, 11/15/2029 | 1864000 | 1941021 |
| Vistra Operations Co. LLC |  |  |
| 6.95%, 10/15/2033 <sup>(C)</sup> <br>| 2500000 | 2780764 |
|  |  | 16532075 |
| **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  |
| Energizer Holdings, Inc. |  |  |
| 6.00%, 09/15/2033 <sup>(C)</sup> <br>| 3700000 | 3574392 |
| WESCO Distribution, Inc. |  |  |
| 6.63%, 03/15/2032 <sup>(C)</sup> <br>| 2000000 | 2090400 |
| 7.25%, 06/15/2028 <sup>(C)</sup> <br>| 2729000 | 2767053 |
|  |  | 8431845 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.25%, 04/01/2028 <sup>(C)</sup> <br>| 1500000 | 1506384 |
| **Financial Services - 3.0%**  | **Financial Services - 3.0%**  | **Financial Services - 3.0%**  |
| Acadian Asset Management, Inc. |  |  |
| 4.80%, 07/27/2026 | 4280000 | 4279694 |
| AG Issuer LLC |  |  |
| 6.25%, 03/01/2028 <sup>(C)</sup> <br>| 1000000 | 1000730 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028 <sup>(E)</sup>, <br>4.70% <sup>(D)</sup> <br>| $2250000 | $2092765 |
| Burford Capital Global Finance LLC |  |  |
| 9.25%, 07/01/2031 <sup>(C)</sup> <br>| 4750000 | 4916194 |
| Citadel LP |  |  |
| 6.38%, 01/23/2032 <sup>(C)</sup> <br>| 4750000 | 5004409 |
| EZCORP, Inc. |  |  |
| 7.38%, 04/01/2032 <sup>(C)</sup> <br>| 850000 | 897811 |
| ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.00%, <br>6.27% <sup>(D)</sup>, 12/21/2065 <sup>(C)</sup> <br>| 3400000 | 2826155 |
| StoneX Group, Inc. |  |  |
| 7.88%, 03/01/2031 <sup>(C)</sup> <br>| 4175000 | 4421730 |
|  |  | 25439488 |
| **Food Products - 1.0%**  | **Food Products - 1.0%**  | **Food Products - 1.0%**  |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/2029 <sup>(C)</sup> <br>| 2000000 | 2001004 |
| 6.38%, 03/01/2033 <sup>(C)</sup> <br>| 1000000 | 1012794 |
| U.S. Foods, Inc. |  |  |
| 6.88%, 09/15/2028 <sup>(C)</sup> <br>| 2300000 | 2372055 |
| United Natural Foods, Inc. |  |  |
| 6.75%, 10/15/2028 <sup>(C)</sup> <br>| 2875000 | 2875888 |
|  |  | 8261741 |
| **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  |
| DaVita, Inc. |  |  |
| 6.88%, 09/01/2032 <sup>(C)</sup> <br>| 3175000 | 3289078 |
| Global Medical Response, Inc. |  |  |
| 7.38%, 10/01/2032 <sup>(C)</sup> <br>| 3000000 | 3139035 |
| Horizon Mutual Holdings, Inc. |  |  |
| 6.20%, 11/15/2034 <sup>(C)</sup> <br>| 3207000 | 3150209 |
|  |  | 9578322 |
| **Hotels, Restaurants & Leisure - 2.6%**  | **Hotels, Restaurants & Leisure - 2.6%**  | **Hotels, Restaurants & Leisure - 2.6%**  |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.88%, 03/15/2033 <sup>(C)</sup> <br>| 1500000 | 1537543 |
| Light & Wonder International, Inc. |  |  |
| 6.25%, 10/01/2033 <sup>(C)</sup> <br>| 1500000 | 1493370 |
| 7.50%, 09/01/2031 <sup>(C)</sup> <br>| 4500000 | 4671328 |
| Lindblad Expeditions LLC |  |  |
| 7.00%, 09/15/2030 <sup>(C)</sup> <br>| 3850000 | 3921119 |
| Live Nation Entertainment, Inc. |  |  |
| 6.50%, 05/15/2027 <sup>(C)</sup> <br>| 2388000 | 2408429 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.75%, 01/15/2028 <sup>(B)</sup> <br>| 4950000 | 4896825 |
| VOC Escrow Ltd. |  |  |
| 5.00%, 02/15/2028 <sup>(C)</sup> <br>| 2516000 | 2509019 |
|  |  | 21437633 |
| **Household Products - 0.1%**  | **Household Products - 0.1%**  | **Household Products - 0.1%**  |
| Central Garden & Pet Co. |  |  |
| 5.13%, 02/01/2028 <sup>(B)</sup> <br>| 1141000 | 1139199 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 0.4%**  | **Insurance - 0.4%**  | **Insurance - 0.4%**  |
| Kuvare U.S. Holdings, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/01/2026, <br>7.00% <sup>(D)</sup>, 02/17/2051 <sup>(C)</sup> <br>| $1500000 | $1497025 |
| SBL Holdings, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 11/13/2026 <sup>(E)</sup>, <br>6.50% <sup>(B)</sup><sup>(C)</sup><sup>(D)</sup> <br>| 2300000 | 2208814 |
|  |  | 3705839 |
| **Internet & Catalog Retail - 0.9%**  | **Internet & Catalog Retail - 0.9%**  | **Internet & Catalog Retail - 0.9%**  |
| Gen Digital, Inc. |  |  |
| 6.25%, 04/01/2033 <sup>(C)</sup> <br>| 2500000 | 2573607 |
| Match Group Holdings II LLC |  |  |
| 6.13%, 09/15/2033 <sup>(C)</sup> <br>| 3850000 | 3875857 |
| Snap, Inc. |  |  |
| 6.88%, 03/15/2034 <sup>(C)</sup> <br>| 1285000 | 1307996 |
|  |  | 7757460 |
| **IT Services - 1.0%**  | **IT Services - 1.0%**  | **IT Services - 1.0%**  |
| Dell International LLC/EMC Corp. |  |  |
| 8.10%, 07/15/2036 | 405000 | 491502 |
| Leidos, Inc. |  |  |
| 7.13%, 07/01/2032 | 1800000 | 2010234 |
| NCR Atleos Corp. |  |  |
| 9.50%, 04/01/2029 <sup>(C)</sup> <br>| 3225000 | 3482758 |
| Seagate HDD Cayman |  |  |
| 8.50%, 07/15/2031 | 2000000 | 2128726 |
|  |  | 8113220 |
| **Leisure Products - 0.3%**  | **Leisure Products - 0.3%**  | **Leisure Products - 0.3%**  |
| Mattel, Inc. |  |  |
| 5.45%, 11/01/2041 | 3000000 | 2800572 |
| **Machinery - 0.6%**  | **Machinery - 0.6%**  | **Machinery - 0.6%**  |
| Regal Rexnord Corp. |  |  |
| 6.30%, 02/15/2030 | 2549000 | 2697953 |
| 6.40%, 04/15/2033 | 1900000 | 2036438 |
|  |  | 4734391 |
| **Media - 0.4%**  | **Media - 0.4%**  | **Media - 0.4%**  |
| Nexstar Media, Inc. |  |  |
| 4.75%, 11/01/2028 <sup>(B)</sup><sup>(C)</sup> <br>| 2986000 | 2939088 |
| **Metals & Mining - 0.0% \*** | **Metals & Mining - 0.0% \*** | **Metals & Mining - 0.0% \*** |
| Carpenter Technology Corp. |  |  |
| 7.63%, 03/15/2030 | 250000 | 257556 |
| **Mortgage Real Estate Investment Trusts - 0.2%**  | **Mortgage Real Estate Investment Trusts - 0.2%**  | **Mortgage Real Estate Investment Trusts - 0.2%**  |
| Starwood Property Trust, Inc. |  |  |
| 4.38%, 01/15/2027 <sup>(C)</sup> <br>| 1500000 | 1486627 |
| **Oil, Gas & Consumable Fuels - 3.5%**  | **Oil, Gas & Consumable Fuels - 3.5%**  | **Oil, Gas & Consumable Fuels - 3.5%**  |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp. |  |  |
| 5.75%, 10/15/2033 <sup>(C)</sup> <br>| 2000000 | 1997129 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(C)</sup> <br>| 3375000 | 3497185 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 <sup>(B)</sup> <br>| 6625000 | 6529271 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp. |  |  |
| 8.38%, 02/15/2032 <sup>(C)</sup> <br>| $2500000 | $2556280 |
| ONEOK Partners LP |  |  |
| 6.85%, 10/15/2037 | 2500000 | 2755503 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/2029 <sup>(C)</sup> <br>| 2250000 | 2251966 |
| 9.88%, 07/15/2031 <sup>(C)</sup> <br>| 1132000 | 1227280 |
| Summit Midstream Holdings LLC |  |  |
| 8.63%, 10/31/2029 <sup>(C)</sup> <br>| 3325000 | 3382426 |
| Sunoco LP |  |  |
| 6.25%, 07/01/2033 <sup>(C)</sup> <br>| 500000 | 510558 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| 5.88%, 03/15/2028 | 1190000 | 1191978 |
| 7.00%, 09/15/2028 <sup>(C)</sup> <br>| 2850000 | 2939208 |
| Valero Energy Corp. |  |  |
| 8.75%, 06/15/2030 | 300000 | 350706 |
|  |  | 29189490 |
| **Passenger Airlines - 0.5%**  | **Passenger Airlines - 0.5%**  | **Passenger Airlines - 0.5%**  |
| American Airlines, Inc. |  |  |
| 8.50%, 05/15/2029 <sup>(C)</sup> <br>| 4048000 | 4223205 |
| **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  |
| Edgewell Personal Care Co. |  |  |
| 5.50%, 06/01/2028 <sup>(C)</sup> <br>| 3000000 | 2995796 |
| **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 06/01/2028 <sup>(C)</sup> <br>| 1100000 | 1001000 |
| Harrow, Inc. |  |  |
| 8.63%, 09/15/2030 <sup>(C)</sup> <br>| 2500000 | 2643750 |
|  |  | 3644750 |
| **Software - 0.7%**  | **Software - 0.7%**  | **Software - 0.7%**  |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/2028 <sup>(B)</sup> <br>| 1000000 | 1041707 |
| CoreWeave, Inc. |  |  |
| 9.25%, 06/01/2030 <sup>(C)</sup> <br>| 4950000 | 4998143 |
|  |  | 6039850 |
| **Specialized REITs - 0.3%**  | **Specialized REITs - 0.3%**  | **Specialized REITs - 0.3%**  |
| Iron Mountain, Inc. |  |  |
| 4.88%, 09/15/2027 <sup>(C)</sup> <br>| 1750000 | 1744564 |
| 6.25%, 01/15/2033 <sup>(C)</sup> <br>| 750000 | 767045 |
|  |  | 2511609 |
| **Textiles, Apparel & Luxury Goods - 0.2%**  | **Textiles, Apparel & Luxury Goods - 0.2%**  | **Textiles, Apparel & Luxury Goods - 0.2%**  |
| Crocs, Inc. |  |  |
| 4.25%, 03/15/2029 <sup>(C)</sup> <br>| 1500000 | 1444131 |
| **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  |
| Danaos Corp. |  |  |
| 8.50%, 03/01/2028 <sup>(B)</sup><sup>(C)</sup> <br>| 1411000 | 1421348 |
| FTAI Aviation Investors LLC |  |  |
| 7.00%, 06/15/2032 <sup>(C)</sup> <br>| 3800000 | 3979999 |
| Star Leasing Co. LLC |  |  |
| 7.63%, 02/15/2030 <sup>(C)</sup> <br>| 2000000 | 1889648 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| XPO CNW, Inc. |  |  |
| 6.70%, 05/01/2034 | $1181000 | $1259371 |
|  |  | 8550366 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $304,267,104)**<br>|  | 308620854 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 4.1%**  | **PREFERRED STOCKS - 4.1%**  | **PREFERRED STOCKS - 4.1%**  |
| **Banks - 0.3%**  | **Banks - 0.3%**  | **Banks - 0.3%**  |
| Dime Community Bancshares, Inc., |  |  |
| 5.50% | 57045 | 1087848 |
| Regions Financial Corp., |  |  |
| Fixed until 09/15/2029, 6.95% <sup>(D)</sup> <br>| 51500 | 1319945 |
|  |  | 2407793 |
| **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  | **Capital Markets - 0.4%**  |
| Morgan Stanley, |  |  |
| Series P, 6.50% <sup>(B)</sup> <br>| 60000 | 1536600 |
| Series Q, 6.63% <sup>(B)</sup> <br>| 65000 | 1700400 |
|  |  | 3237000 |
| **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  |
| Synchrony Financial, |  |  |
| &nbsp;&nbsp; Series B, Fixed until 05/15/2029, <br> 8.25% <sup>(D)</sup> <br>| 142000 | 3750220 |
| **Electric Utilities - 0.5%**  | **Electric Utilities - 0.5%**  | **Electric Utilities - 0.5%**  |
| SCE Trust VIII, |  |  |
| Series N, 6.95% <sup>(B)</sup> <br>| 75000 | 1650000 |
| Southern Co., |  |  |
| 6.50% | 100000 | 2581000 |
|  |  | 4231000 |
| **Financial Services - 0.2%**  | **Financial Services - 0.2%**  | **Financial Services - 0.2%**  |
| NewtekOne, Inc., |  |  |
| &nbsp;&nbsp; Series B, Fixed until 10/01/2030, <br> 8.50% <sup>(D)</sup> <br>| 60000 | 1442400 |
| **Insurance - 1.1%**  | **Insurance - 1.1%**  | **Insurance - 1.1%**  |
| Allstate Corp., |  |  |
| Series J, 7.38% <sup>(B)</sup> <br>| 73000 | 1936690 |
| Aspen Insurance Holdings Ltd., |  |  |
| 5.63% | 17900 | 378406 |
| Athene Holding Ltd., |  |  |
| Fixed until 03/30/2029, 7.25% <sup>(D)</sup> <br>| 91843 | 2319036 |
| Enstar Group Ltd., |  |  |
| Series E, 7.00% | 50000 | 1081500 |
| F&G Annuities & Life, Inc., |  |  |
| 7.95% | 97000 | 2533640 |
| Reinsurance Group of America, Inc., |  |  |
| Fixed until 10/15/2027, 7.13% <sup>(D)</sup> <br>| 40000 | 1024000 |
|  |  | 9273272 |
| **Mortgage Real Estate Investment Trusts - 0.8%**  | **Mortgage Real Estate Investment Trusts - 0.8%**  | **Mortgage Real Estate Investment Trusts - 0.8%**  |
| Adamas Trust, Inc., |  |  |
| &nbsp;&nbsp; Series F, Fixed until 10/15/2026, <br> 6.88% <sup>(D)</sup> <br>| 120000 | 2666400 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** |
| **Mortgage Real Estate Investment Trusts (continued)** | **Mortgage Real Estate Investment Trusts (continued)** | **Mortgage Real Estate Investment Trusts (continued)** |
| AGNC Investment Corp., |  |  |
| &nbsp;&nbsp; Series E, 3-Month Term SOFR + 5.25%, <br> 9.14% <sup>(D)</sup> <br>| 49300 | $1238909 |
| Annaly Capital Management, Inc., |  |  |
| &nbsp;&nbsp; Series F, 3-Month Term SOFR + 5.25%, <br> 9.14% <sup>(D)</sup> <br>| 40784 | 1035914 |
| Rithm Capital Corp., |  |  |
| &nbsp;&nbsp; Series D, Fixed until 11/15/2026, <br> 7.00% <sup>(D)</sup> <br>| 65000 | 1599650 |
|  |  | 6540873 |
| **Real Estate Management & Development - 0.0% \*** | **Real Estate Management & Development - 0.0% \*** | **Real Estate Management & Development - 0.0% \*** |
| Brookfield Property Partners LP, |  |  |
| Series A-1, 6.50% | 6681 | 101618 |
| **Trading Companies & Distributors - 0.2%**  | **Trading Companies & Distributors - 0.2%**  | **Trading Companies & Distributors - 0.2%**  |
| Triton International Ltd., |  |  |
| Series E, 5.75% | 100000 | 1942000 |
| **Wireless Telecommunication Services - 0.1%**  | **Wireless Telecommunication Services - 0.1%**  | **Wireless Telecommunication Services - 0.1%**  |
| Array Digital Infrastructure, Inc., |  |  |
| 5.50% | 60100 | 1084805 |
|  |  | 1084805 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>**(Cost $35,159,087)**<br>|  | 34010981 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATION - 0.3%**  | **U.S. GOVERNMENT OBLIGATION - 0.3%**  | **U.S. GOVERNMENT OBLIGATION - 0.3%**  |
| **U.S. Treasury - 0.3%**  | **U.S. Treasury - 0.3%**  | **U.S. Treasury - 0.3%**  |
| U.S. Treasury Notes |  |  |
| 4.25%, 08/15/2035 | $2800000 | 2835000 |
| &nbsp;&nbsp; **Total U.S. Government Obligation** <br>**(Cost $2,836,273)**<br>|  | 2835000 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 3.1%**  | **OTHER INVESTMENT COMPANY - 3.1%**  | **OTHER INVESTMENT COMPANY - 3.1%**  |
| **Securities Lending Collateral - 3.1%**  | **Securities Lending Collateral - 3.1%**  | **Securities Lending Collateral - 3.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(F)</sup> <br>| 25409318 | 25409318 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $25,409,318)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $25,409,318)** | 25409318 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Multi-Asset Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.4%**  | **REPURCHASE AGREEMENT - 0.4%**  | **REPURCHASE AGREEMENT - 0.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(F)</sup>, dated 10/31/2025, to be <br> repurchased at $3,414,237 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 $3,482,091.<br>| $3413810 | $3413810 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,413,810)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,413,810)** | 3413810 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $681,998,768)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $681,998,768)** | 855237853 |
| **Net Other Assets (Liabilities) - (2.4)%** | **Net Other Assets (Liabilities) - (2.4)%** | (19845984) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$835391869** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $480947890 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $480947890 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 308620854 | &nbsp;&nbsp; — | &nbsp;&nbsp; 308620854 |
| Preferred Stocks | 34010981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34010981 |
| U.S. Government Obligation |  | &nbsp;&nbsp; 2835000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2835000 |
| Other Investment Company | 25409318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25409318 |
| Repurchase Agreement |  | &nbsp;&nbsp; 3413810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3413810 |
| **Total Investments** | **$540368189** | &nbsp;&nbsp; **$314869664** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$855237853** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $29,675,409, collateralized by cash collateral of $25,409,318 and* *non-cash collateral, such as U.S. government securities of $4,923,778. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $218,793,490, representing 26.2% of the* *Fund's net assets.* 

<sup>(D)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(E)</sup> *Perpetual maturity. The date displayed is the next call date.*

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

<sup>(G)</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.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Multi-Asset Income**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $678,584,958) (including securities loaned of $29,675,409) | $851824043 |
| Repurchase agreement, at value (cost $3,413,810) | 3413810 |
| Cash | 1466880 |
| Receivables and other assets: |  |
| Net income from securities lending | 12747 |
| Shares of beneficial interest sold  | 1062098 |
| Dividends  | 362018 |
| Interest | 5040129 |
| Total assets | 863181725 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 25409318 |
| Payables and other liabilities: |  |
| Investments purchased | 1466880 |
| Shares of beneficial interest redeemed | 257397 |
| Investment management fees | 395754 |
| Distribution and service fees | 113773 |
| Transfer agent fees | 69894 |
| Trustee and CCO fees | 280 |
| Audit and tax fees  | 28427 |
| Custody fees | 9854 |
| Legal fees | 9115 |
| Printing and shareholder reports fees | 13911 |
| Registration fees | 541 |
| Other accrued expenses | 14712 |
| Total liabilities | 27789856 |
| **Net assets**  | $835391869 |
| **Net assets consist of:** |  |
| Paid-in capital | $806707543 |
| Total distributable earnings (accumulated losses) | 28684326 |
| **Net assets** | $835391869 |
| **Net assets by class:** |  |
| Class A | $175402623 |
| Class C | 90615841 |
| Class I | 569350868 |
| Class I2 | 22537 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 10961591 |
| Class C | 5685817 |
| Class I | 35562807 |
| Class I2 | 1491 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $16.00 |
| Class C | 15.94 |
| Class I | 16.01 |
| Class I2 | 15.11 <br><sup>(B)</sup><br>|
| **Maximum offering price per share:** <sup>(C)</sup> <br>|  |
| Class A | $16.93 |

---

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

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Actual net asset value per share presented differs from calculated net asset value per share due to rounding.*

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Multi-Asset Income**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $11072592 |
| Interest income | 21697095 |
| Net income from securities lending | 190772 |
| Withholding taxes on foreign income | (6635)<br>|
| Total investment income  | 32953824 |
| **Expenses:** |  |
| Investment management fees | 4321153 |
| Distribution and service fees: |  |
| Class A | 391394 |
| Class C | 869051 |
| Transfer agent fees: |  |
| Class A | 155611 |
| Class C | 62571 |
| Class I | 538143 |
| Class I2 | 2 |
| Trustee and CCO fees | 32592 |
| Audit and tax fees | 52175 |
| Custody fees | 59734 |
| Legal fees | 55817 |
| Printing and shareholder reports fees | 64596 |
| Registration fees | 74844 |
| Other | 50297 |
| Total expenses before waiver and/or reimbursement and recapture | 6727980 |
| Expenses waived and/or reimbursed: |  |
| Class I | (21813)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I | 6562 |
| Net expenses | 6712729 |
| **Net investment income (loss)** | 26241095 |
| **Net realized gain (loss) on:** |  |
| Investments | 17114914 |
| Foreign currency transactions | 248 |
| Net realized gain (loss) | 17115162 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 64999932 |
| Translation of assets and liabilities denominated in foreign currencies | (40)<br>|
| Net change in unrealized appreciation (depreciation) | 64999892 |
| Net realized and change in unrealized gain (loss) | 82115054 |
| **Net increase (decrease) in net assets resulting from operations** | $108356149 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Multi-Asset Income**

------

**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) | $26241095 | &nbsp;&nbsp;&nbsp;&nbsp; $24338300 |
| Net realized gain (loss) | 17115162 | &nbsp;&nbsp;&nbsp;&nbsp; 5524297 |
| Net change in unrealized appreciation (depreciation) | 64999892 | &nbsp;&nbsp;&nbsp;&nbsp; 109619726 |
| Net increase (decrease) in net assets resulting from operations | 108356149 | &nbsp;&nbsp;&nbsp;&nbsp; 139482323 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (5350041)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5217451)<br>|
| Class C | (2354906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2411070)<br>|
| Class I | (18977878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17090411)<br>|
| Class I2 | (821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (748)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (26683646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24719680)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 34432829 | &nbsp;&nbsp;&nbsp;&nbsp; 17017980 |
| Class C | 9347388 | &nbsp;&nbsp;&nbsp;&nbsp; 9742217 |
| Class I | 158453151 | &nbsp;&nbsp;&nbsp;&nbsp; 136141868 |
|  | 202233368 | &nbsp;&nbsp;&nbsp;&nbsp; 162902065 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 5172326 | &nbsp;&nbsp;&nbsp;&nbsp; 5042237 |
| Class C | 2341017 | &nbsp;&nbsp;&nbsp;&nbsp; 2398655 |
| Class I | 18870846 | &nbsp;&nbsp;&nbsp;&nbsp; 17005166 |
| Class I2 | 821 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
|  | 26385010 | &nbsp;&nbsp;&nbsp;&nbsp; 24446806 |
| Cost of shares redeemed: |  |  |
| Class A | (35400661)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37432828)<br>|
| Class C | (12705242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14471068)<br>|
| Class I | (137007641)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163866685)<br>|
|  | (185113544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (215770581)<br>|
| Automatic conversions: |  |  |
| Class A | 3966228 | &nbsp;&nbsp;&nbsp;&nbsp; 2285339 |
| Class C | (3966228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2285339)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 43504834 | &nbsp;&nbsp;&nbsp;&nbsp; (28421710)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 82 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 182 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| **Net increase (decrease) in net assets** | 125177337 | &nbsp;&nbsp;&nbsp;&nbsp; 86341197 |
| **Net assets:** |  |  |
| Beginning of year | 710214532 | &nbsp;&nbsp;&nbsp;&nbsp; 623873335 |
| End of year | $835391869 | &nbsp;&nbsp;&nbsp;&nbsp; $710214532 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Multi-Asset Income**

------

**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 | 2301789 | &nbsp;&nbsp;&nbsp;&nbsp; 1249534 |
| Class C | 632483 | &nbsp;&nbsp;&nbsp;&nbsp; 723547 |
| Class I | 10640360 | &nbsp;&nbsp;&nbsp;&nbsp; 10065996 |
|  | 13574632 | &nbsp;&nbsp;&nbsp;&nbsp; 12039077 |
| Shares reinvested: |  |  |
| Class A | 347032 | &nbsp;&nbsp;&nbsp;&nbsp; 372113 |
| Class C | 157994 | &nbsp;&nbsp;&nbsp;&nbsp; 177760 |
| Class I | 1265501 | &nbsp;&nbsp;&nbsp;&nbsp; 1252323 |
| Class I2 | 58 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | 1770585 | &nbsp;&nbsp;&nbsp;&nbsp; 1802254 |
| Shares redeemed: |  |  |
| Class A | (2383376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2774113)<br>|
| Class C | (861951)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1069268)<br>|
| Class I | (9244849)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12170689)<br>|
|  | (12490176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16014070)<br>|
| Automatic conversions: |  |  |
| Class A | 261396 | &nbsp;&nbsp;&nbsp;&nbsp; 168865 |
| Class C | (262540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169559)<br>|
|  | (1144)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (694)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 526841 | &nbsp;&nbsp;&nbsp;&nbsp; (983601)<br>|
| Class C | (334014)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (337520)<br>|
| Class I | 2661012 | &nbsp;&nbsp;&nbsp;&nbsp; (852370)<br>|
| Class I2 | 58 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  | 2853897 | &nbsp;&nbsp;&nbsp;&nbsp; (2173433)<br>|

---

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Multi-Asset Income**

------

**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** | $14.39 | $12.11 | $12.43 | $14.24 | $11.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.50 | 0.48 | 0.50 | 0.45 | 0.40 |
| Net realized and unrealized gain (loss) | 1.62 | 2.28 | (0.31)<br>| (1.62)<br>| 2.72 |
| Total investment operations | 2.12 | 2.76 | 0.19 | (1.17)<br>| 3.12 |
| **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 | (0.51)<br>| (0.48)<br>| (0.51)<br>| (0.46)<br>| (0.41)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.51)<br>| (0.48)<br>| (0.51)<br>| (0.64)<br>| (0.41)<br>|
| **Net asset value, end of year** | $16.00 | $14.39 | $12.11 | $12.43 | $14.24 |
| **Total return** <sup>(E)</sup> <br>| 15.05<br> %<br>| 23.14 %<sup>(C)</sup><br>| 1.44<br> %<br>| (8.50 )%<sup>(D)</sup><br>| 27.30<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $175403 | $150168 | $138260 | $138668 | $134310 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 0.99<br> %<br>| 1.01 %<sup>(F)</sup><br>| 0.98 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.98<br> %<br>| 0.99 %<sup>(G)</sup><br>| 0.99 %<sup>(F)</sup><br>| 0.98 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.36<br> %<br>| 3.52<br> %<br>| 3.96<br> %<br>| 3.35<br> %<br>| 2.89<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>|

---

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

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

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

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

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, 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** | $14.34 | $12.06 | $12.38 | $14.17 | $11.48 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.39 | 0.38 | 0.41 | 0.35 | 0.30 |
| Net realized and unrealized gain (loss) | 1.61 | 2.29 | (0.32)<br>| (1.60)<br>| 2.70 |
| Total investment operations | 2.00 | 2.67 | 0.09 | (1.25)<br>| 3.00 |
| **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 | (0.40)<br>| (0.39)<br>| (0.41)<br>| (0.36)<br>| (0.31)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.40)<br>| (0.39)<br>| (0.41)<br>| (0.54)<br>| (0.31)<br>|
| **Net asset value, end of year** | $15.94 | $14.34 | $12.06 | $12.38 | $14.17 |
| **Total return** <sup>(E)</sup> <br>| 14.21<br> %<br>| 22.37 %<sup>(C)</sup><br>| 0.65<br> %<br>| (9.11 )%<sup>(D)</sup><br>| 26.32<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $90616 | $86299 | $76696 | $83457 | $87104 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.69<br> %<br>| 1.70<br> %<br>| 1.71<br> %<br>| 1.73 %<sup>(F)</sup><br>| 1.71 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.69<br> %<br>| 1.70<br> %<br>| 1.71 %<sup>(G)</sup><br>| 1.71 %<sup>(F)</sup><br>| 1.71 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.65<br> %<br>| 2.80<br> %<br>| 3.24<br> %<br>| 2.64<br> %<br>| 2.23<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>|

---

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

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

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

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

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, 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 12**

------

**Transamerica Multi-Asset Income**

------

**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** | $14.40 | $12.11 | $12.44 | $14.25 | $11.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.54 | 0.51 | 0.53 | 0.48 | 0.43 |
| Net realized and unrealized gain (loss) | 1.62 | 2.30 | (0.32)<br>| (1.60)<br>| 2.73 |
| Total investment operations | 2.16 | 2.81 | 0.21 | (1.12)<br>| 3.16 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.55)<br>| (0.52)<br>| (0.54)<br>| (0.51)<br>| (0.44)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.55)<br>| (0.52)<br>| (0.54)<br>| (0.69)<br>| (0.44)<br>|
| **Net asset value, end of year** | $16.01 | $14.40 | $12.11 | $12.44 | $14.25 |
| **Total return** | 15.33<br> %<br>| 23.55<br> %<br>| 1.65<br> %<br>| (8.20 )%<sup>(C)</sup><br>| 27.66<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $569351 | $473728 | $408901 | $436301 | $347653 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.75 %<sup>(D)</sup><br>| 0.74 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.72 %<sup>(E)</sup><br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72 %<sup>(D)</sup><br>| 0.72 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.61<br> %<br>| 3.76<br> %<br>| 4.23<br> %<br>| 3.64<br> %<br>| 3.20<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<br> %<br>|

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $13.62 | $11.49 | $11.83 | $13.58 | $11.01 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.52 | 0.50 | 0.52 | 0.47 | 0.43 |
| Net realized and unrealized gain (loss) | 1.53 | 2.16 | (0.30)<br>| (1.52)<br>| 2.58 |
| Total investment operations | 2.05 | 2.66 | 0.22 | (1.05)<br>| 3.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.53)<br>| (0.56)<br>| (0.52)<br>| (0.44)<br>|
| Net realized gains |  |  |  | (0.18)<br>|  |
| Total dividends and/or distributions to shareholders | (0.56)<br>| (0.53)<br>| (0.56)<br>| (0.70)<br>| (0.44)<br>|
| **Net asset value, end of year** | $15.11 | $13.62 | $11.49 | $11.83 | $13.58 |
| **Total return** | 15.45<br> %<br>| 23.55<br> %<br>| 1.77<br> %<br>| (8.15)%<br>| 27.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $22 | $20 | $16 | $16 | $17 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.65 %<sup>(B)</sup><br>| 0.64 %<sup>(B)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.64 %<sup>(B)</sup><br>| 0.64 %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 3.70<br> %<br>| 3.85<br> %<br>| 4.31<br> %<br>| 3.71<br> %<br>| 3.32<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 42<br> %<br>| 37<br> %<br>| 44<br> %<br>| 45<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 13**

------

**Transamerica Multi-Asset Income**

------

**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 Multi-Asset Income (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

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

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

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

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

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

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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**

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $4,020.

**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.

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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)**

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:

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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.

**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 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

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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)**

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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $938908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $938908 |
| Corporate Debt Securities | 24402619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24402619 |
| Preferred Stocks | 67791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67791 |
| Total Securities Lending Transactions | $25409318 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25409318 |
| **Total Borrowings** | **$25409318** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$25409318** |

---

**6. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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 class allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK FACTORS (continued)**

company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Preferred stock risk:** Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK FACTORS (continued)**

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| |
|:---|
| **Account Balance** |
| $22534<br> 0.00 % <sup>(A)</sup><br>|

---

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

<sup>(A)</sup> *Rounds to less than 0.01%.*

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.570<br> % <br>|
| Over $500 million up to $1 billion | 0.565 |
| Over $1 billion up to $1.5 billion | 0.540 |
| Over $1.5 billion up to $2 billion | 0.530 |
| Over $2 billion | 0.510 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Multi-Asset Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.04<br> % <br>| March 1, 2026 |
| Class C | 1.76 | March 1, 2026 |
| Class I | 0.72 | March 1, 2026 |
| Class I2 | 0.68 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 I | $57563 | $36642 | $21813 | $116018 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $319120 | &nbsp;&nbsp;&nbsp;&nbsp; $397 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 3241 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Multi-Asset Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the 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** |
| $744096 | &nbsp;&nbsp; $67707 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $439765668 | &nbsp;&nbsp; $2836422 | &nbsp;&nbsp; $398459800 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, premium amortization adjustments, organizational expenses, preferred securities and partnership basis adjustments. 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>|
| $682576549 | &nbsp;&nbsp; $179527519 | &nbsp;&nbsp; $(6866215)<br>| &nbsp;&nbsp; $172661304 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Multi-Asset Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**9. 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; $83643829 | &nbsp;&nbsp;&nbsp;&nbsp; $60420163 |

---

Please note that the utilization of the capital loss carryforwards is subject to limitations due to prior year merger(s). During the year ended October 31, 2025, the capital loss carryforwards utilized are $17,015,280.

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>|
| $26683646 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $24719680 | &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>|
| $286738 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(144063992)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(199724)<br>| &nbsp;&nbsp; $172661304 |

---

**10. 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 23**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Multi-Asset Income

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Multi-Asset Income (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. ![](g67628imgdb0b15783.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 $9,174,023 of qualified dividend income.

For corporate shareholders, 33% 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 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 Multi-Asset Income** 

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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 Multi-Asset Income** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Multi-Asset Income** 

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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 Multi-Asset Income** 

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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 Multi-Asset Income (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 Thompson, Siegel & Walmsley LLC (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 29**

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**Transamerica Multi-Asset Income** 

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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 and below the benchmark that TAM utilizes to measure performance of the Fund, each for the past 1-, 3-, 5- and 10-year periods.

**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 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 I Shares of the Fund 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on August 30, 2024 and was not fully reflected in the comparative data.

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 30**

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**Transamerica Multi-Asset Income** 

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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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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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![](g67628imgc37169705.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

4886784 TA MAI 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgf76920236.gif)

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![](g67628img46c79e411.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

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

**October 31, 2025**

**Transamerica Multi-Managed Balanced**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img25f786602.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_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_SOI-RunningFooter-180_1) | 2 |
| [Statement of Assets and Liabilities](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_FS-RunningFooter-180_1) | 15 |
| [Statement of Operations](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_FS-RunningFooter-180_3) | 17 |
| [Statement of Changes in Net Assets](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_FS-RunningFooter-180_4) | 18 |
| [Financial Highlights](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_FIHI-RunningFooter-180_1) | 20 |
| [Notes to Financial Statements](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_NTF-RunningFooter-180_1) | 23 |
| **[Report of Independent Registered Public Accounting Firm](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_AUD-RunningFooter-180_1)** | 38 |
| **[Supplemental Information](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_STI-RunningFooter-180_1)** | 39 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_DWA-RunningFooter-180_1)**<br> **[Companies](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_DWA-RunningFooter-180_1)**<br>| 40 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_PD-RunningFooter-180_1)** | 41 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_REMU-RunningFooter-180_1)**<br> **[Companies](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_REMU-RunningFooter-180_1)**<br>| 42 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_de2ae0a3-6a1c-41a8-9e18-4af42ad42dee_AIAC-RunningFooter-180_1)** | 43 |

---

***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 Multi-Managed Balanced**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 60.9%**  | **COMMON STOCKS - 60.9%**  | **COMMON STOCKS - 60.9%**  |
| **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  |
| Boeing Co. <sup>(A)</sup> <br>| 5725 | $1150840 |
| Howmet Aerospace, Inc. | 42493 | 8751433 |
| RTX Corp. | 39431 | 7038433 |
| Textron, Inc. | 22306 | 1802548 |
| TransDigm Group, Inc. | 2963 | 3877115 |
|  |  | 22620369 |
| **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  |
| FedEx Corp. | 9293 | 2358749 |
| **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** |
| Aptiv PLC <sup>(A)</sup> <br>| 7938 | 643772 |
| **Automobiles - 1.3%**  | **Automobiles - 1.3%**  | **Automobiles - 1.3%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 42296 | 19310662 |
| **Banks - 2.2%**  | **Banks - 2.2%**  | **Banks - 2.2%**  |
| Bank of America Corp. | 223308 | 11935812 |
| Citigroup, Inc. | 19985 | 2023081 |
| Fifth Third Bancorp | 64527 | 2685614 |
| Regions Financial Corp. | 53120 | 1285504 |
| Truist Financial Corp. | 47247 | 2108634 |
| U.S. Bancorp | 62485 | 2916800 |
| Wells Fargo & Co. | 114673 | 9973111 |
|  |  | 32928556 |
| **Beverages - 0.9%**  | **Beverages - 0.9%**  | **Beverages - 0.9%**  |
| Coca-Cola Co. | 47583 | 3278469 |
| Keurig Dr. Pepper, Inc. | 136321 | 3702478 |
| PepsiCo, Inc. | 47191 | 6894133 |
|  |  | 13875080 |
| **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  |
| AbbVie, Inc. | 47468 | 10349923 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 4947 | 708460 |
| Regeneron Pharmaceuticals, Inc. | 5358 | 3492344 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 7064 | 3006226 |
|  |  | 17556953 |
| **Broadline Retail - 2.7%**  | **Broadline Retail - 2.7%**  | **Broadline Retail - 2.7%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 169445 | 41381858 |
| **Building Products - 0.8%**  | **Building Products - 0.8%**  | **Building Products - 0.8%**  |
| Carrier Global Corp. | 55988 | 3330726 |
| Masco Corp. | 27637 | 1789772 |
| Trane Technologies PLC | 17103 | 7673261 |
|  |  | 12793759 |
| **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  |
| Ameriprise Financial, Inc. | 5180 | 2345349 |
| Charles Schwab Corp. | 84160 | 7954803 |
| CME Group, Inc. | 14593 | 3874296 |
| LPL Financial Holdings, Inc. | 1427 | 538421 |
| Raymond James Financial, Inc. | 7776 | 1233818 |
| Robinhood Markets, Inc., Class A <sup>(A)</sup> <br>| 3408 | 500226 |
| State Street Corp. | 16783 | 1941122 |
|  |  | 18388035 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals - 0.8%**  | **Chemicals - 0.8%**  | **Chemicals - 0.8%**  |
| Ecolab, Inc. | 11701 | $3000136 |
| Linde PLC | 13719 | 5738658 |
| PPG Industries, Inc. | 17947 | 1754319 |
| Sherwin-Williams Co. | 3776 | 1302494 |
|  |  | 11795607 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 19968 | 3148754 |
| Motorola Solutions, Inc. | 2676 | 1088356 |
|  |  | 4237110 |
| **Construction Materials - 0.2%**  | **Construction Materials - 0.2%**  | **Construction Materials - 0.2%**  |
| Martin Marietta Materials, Inc. | 2499 | 1532137 |
| Vulcan Materials Co. | 6675 | 1932412 |
|  |  | 3464549 |
| **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  |
| American Express Co. | 10118 | 3649866 |
| Capital One Financial Corp. | 18794 | 4134492 |
|  |  | 7784358 |
| **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  |
| Walmart, Inc. | 69414 | 7023309 |
| **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  |
| AT&T, Inc. | 178246 | 4411589 |
| **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  |
| Entergy Corp. | 6869 | 660042 |
| NextEra Energy, Inc. | 91403 | 7440204 |
| NRG Energy, Inc. | 3183 | 547030 |
| PG&E Corp. | 56763 | 905938 |
| Southern Co. | 77175 | 7257537 |
|  |  | 16810751 |
| **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  |
| Eaton Corp. PLC | 10100 | 3853756 |
| Emerson Electric Co. | 17101 | 2386787 |
| GE Vernova, Inc. | 4361 | 2551795 |
|  |  | 8792338 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Baker Hughes Co. | 69280 | 3353845 |
| **Entertainment - 0.9%**  | **Entertainment - 0.9%**  | **Entertainment - 0.9%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 6714 | 7512026 |
| Walt Disney Co. | 46788 | 5269265 |
| Warner Music Group Corp., Class A | 24869 | 794813 |
|  |  | 13576104 |
| **Financial Services - 3.2%**  | **Financial Services - 3.2%**  | **Financial Services - 3.2%**  |
| Apollo Global Management, Inc. | 23857 | 2965664 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 25922 | 12378792 |
| Corpay, Inc. <sup>(A)</sup> <br>| 11350 | 2954972 |
| Fidelity National Information Services, Inc. | 51276 | 3205775 |
| Klarna Group PLC <sup>(A)</sup> <br>| 2310 | 86787 |
| Mastercard, Inc., Class A | 25718 | 14196079 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 30336 | 1096343 |

---

***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 Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc., Class A | 33513 | $11419219 |
| WEX, Inc. <sup>(A)</sup> <br>| 2228 | 325021 |
|  |  | 48628652 |
| **Food Products - 0.4%**  | **Food Products - 0.4%**  | **Food Products - 0.4%**  |
| Mondelez International, Inc., Class A | 99353 | 5708823 |
| **Ground Transportation - 0.1%**  | **Ground Transportation - 0.1%**  | **Ground Transportation - 0.1%**  |
| Union Pacific Corp. | 8915 | 1964599 |
| **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  | **Health Care Equipment & Supplies - 1.2%**  |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 20804 | 2095379 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 49721 | 4099496 |
| Medtronic PLC | 72665 | 6590716 |
| Stryker Corp. | 16957 | 6040762 |
|  |  | 18826353 |
| **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  |
| Cigna Group | 11783 | 2879883 |
| HCA Healthcare, Inc. | 2608 | 1198845 |
| Humana, Inc. | 9543 | 2654767 |
| McKesson Corp. | 2122 | 1721664 |
| UnitedHealth Group, Inc. | 18021 | 6155253 |
|  |  | 14610412 |
| **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  |
| Ventas, Inc. | 58456 | 4313468 |
| Welltower, Inc. | 16565 | 2998928 |
|  |  | 7312396 |
| **Hotels, Restaurants & Leisure - 1.9%**  | **Hotels, Restaurants & Leisure - 1.9%**  | **Hotels, Restaurants & Leisure - 1.9%**  |
| Booking Holdings, Inc. | 484 | 2457626 |
| Carnival Corp. <sup>(A)</sup> <br>| 93493 | 2695403 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 105372 | 3339239 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 5486 | 1395474 |
| Expedia Group, Inc. | 9226 | 2029720 |
| Hilton Worldwide Holdings, Inc. | 17695 | 4546907 |
| McDonald's Corp. | 24618 | 7346750 |
| Yum! Brands, Inc. | 30545 | 4221624 |
|  |  | 28032743 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Lennar Corp., Class A | 7960 | 985209 |
| **Household Products - 0.1%**  | **Household Products - 0.1%**  | **Household Products - 0.1%**  |
| Church & Dwight Co., Inc. | 13489 | 1182850 |
| **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  |
| Vistra Corp. | 5565 | 1047890 |
| **Industrial Conglomerates - 0.5%**  | **Industrial Conglomerates - 0.5%**  | **Industrial Conglomerates - 0.5%**  |
| 3M Co. | 45851 | 7634192 |
| **Industrial REITs - 0.1%**  | **Industrial REITs - 0.1%**  | **Industrial REITs - 0.1%**  |
| Prologis, Inc. | 17573 | 2180634 |
| **Insurance - 0.8%**  | **Insurance - 0.8%**  | **Insurance - 0.8%**  |
| Aon PLC, Class A | 7717 | 2629027 |
| Arch Capital Group Ltd. | 11502 | 992738 |
| Arthur J Gallagher & Co. | 22517 | 5617766 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Chubb Ltd. | 5869 | $1625361 |
| Progressive Corp. | 9229 | 1901174 |
|  |  | 12766066 |
| **Interactive Media & Services - 4.6%**  | **Interactive Media & Services - 4.6%**  | **Interactive Media & Services - 4.6%**  |
| Alphabet, Inc., Class A | 94286 | 26512280 |
| Alphabet, Inc., Class C | 61917 | 17449449 |
| Meta Platforms, Inc., Class A | 40464 | 26234835 |
|  |  | 70196564 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 58068 | 4231996 |
| **Life Sciences Tools & Services - 0.4%**  | **Life Sciences Tools & Services - 0.4%**  | **Life Sciences Tools & Services - 0.4%**  |
| Danaher Corp. | 28080 | 6047870 |
| **Machinery - 0.7%**  | **Machinery - 0.7%**  | **Machinery - 0.7%**  |
| Deere & Co. | 10507 | 4850346 |
| Ingersoll Rand, Inc. | 17723 | 1352796 |
| Otis Worldwide Corp. | 26543 | 2462129 |
| PACCAR, Inc. | 12787 | 1258241 |
|  |  | 9923512 |
| **Media - 0.3%**  | **Media - 0.3%**  | **Media - 0.3%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 7462 | 1744914 |
| Comcast Corp., Class A | 85846 | 2389523 |
| Omnicom Group, Inc. | 13789 | 1034451 |
|  |  | 5168888 |
| **Multi-Utilities - 0.3%**  | **Multi-Utilities - 0.3%**  | **Multi-Utilities - 0.3%**  |
| Ameren Corp. | 12383 | 1263314 |
| Sempra | 29480 | 2710391 |
|  |  | 3973705 |
| **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  |
| Diamondback Energy, Inc. | 14303 | 2048047 |
| EOG Resources, Inc. | 50363 | 5330420 |
| EQT Corp. | 23242 | 1245306 |
| Exxon Mobil Corp. | 118348 | 13534277 |
|  |  | 22158050 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| Delta Air Lines, Inc. | 22488 | 1290361 |
| United Airlines Holdings, Inc. <sup>(A)</sup> <br>| 4922 | 462865 |
|  |  | 1753226 |
| **Personal Care Products - 0.0% \*** | **Personal Care Products - 0.0% \*** | **Personal Care Products - 0.0% \*** |
| Kenvue, Inc. | 47788 | 686714 |
| **Pharmaceuticals - 1.7%**  | **Pharmaceuticals - 1.7%**  | **Pharmaceuticals - 1.7%**  |
| Bristol-Myers Squibb Co. | 95796 | 4413322 |
| Eli Lilly & Co. | 10493 | 9053990 |
| Johnson & Johnson | 54822 | 10354231 |
| Merck & Co., Inc. | 14187 | 1219798 |
|  |  | 25041341 |
| **Professional Services - 0.2%**  | **Professional Services - 0.2%**  | **Professional Services - 0.2%**  |
| Leidos Holdings, Inc. | 19490 | 3712260 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| Equity LifeStyle Properties, Inc. | 20354 | $1242612 |
| **Semiconductors & Semiconductor Equipment - 9.4%**  | **Semiconductors & Semiconductor Equipment - 9.4%**  | **Semiconductors & Semiconductor Equipment - 9.4%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 10096 | 2585788 |
| Analog Devices, Inc. | 28811 | 6745519 |
| Broadcom, Inc. | 73610 | 27208464 |
| Lam Research Corp. | 40635 | 6398387 |
| Micron Technology, Inc. | 32043 | 7170262 |
| NVIDIA Corp. | 410275 | 83076585 |
| NXP Semiconductors NV | 22955 | 4800350 |
| Texas Instruments, Inc. | 29275 | 4726741 |
|  |  | 142712096 |
| **Software - 7.0%**  | **Software - 7.0%**  | **Software - 7.0%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 2451 | 1562096 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 7832 | 2652620 |
| Intuit, Inc. | 8194 | 5469905 |
| Microsoft Corp. | 129306 | 66955940 |
| Oracle Corp. | 42212 | 11085293 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 26527 | 5317867 |
| Salesforce, Inc. | 14997 | 3905369 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 9992 | 9185446 |
|  |  | 106134536 |
| **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  |
| Equinix, Inc. | 3740 | 3164078 |
| SBA Communications Corp. | 13236 | 2534429 |
|  |  | 5698507 |
| **Specialty Retail - 1.1%**  | **Specialty Retail - 1.1%**  | **Specialty Retail - 1.1%**  |
| AutoZone, Inc. <sup>(A)</sup> <br>| 397 | 1458749 |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 9716 | 2658200 |
| Lowe's Cos., Inc. | 34365 | 8183338 |
| Ross Stores, Inc. | 28014 | 4451985 |
|  |  | 16752272 |
| **Technology Hardware, Storage & Peripherals - 4.9%**  | **Technology Hardware, Storage & Peripherals - 4.9%**  | **Technology Hardware, Storage & Peripherals - 4.9%**  |
| Apple, Inc. | 243674 | 65882139 |
| Seagate Technology Holdings PLC | 21952 | 5617078 |
| Western Digital Corp. | 14792 | 2221906 |
|  |  | 73721123 |
| **Textiles, Apparel & Luxury Goods - 0.1%**  | **Textiles, Apparel & Luxury Goods - 0.1%**  | **Textiles, Apparel & Luxury Goods - 0.1%**  |
| NIKE, Inc., Class B | 31767 | 2051831 |
| **Tobacco - 0.3%**  | **Tobacco - 0.3%**  | **Tobacco - 0.3%**  |
| Altria Group, Inc. | 27098 | 1527785 |
| Philip Morris International, Inc. | 24869 | 3589343 |
|  |  | 5117128 |
| **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  |
| United Rentals, Inc. | 1544 | 1345102 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $431,183,475)**<br>|  | 921657505 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 12.8%**  | **CORPORATE DEBT SECURITIES - 12.8%**  | **CORPORATE DEBT SECURITIES - 12.8%**  |
| **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  |
| Boeing Co. |  |  |
| 3.50%, 03/01/2039 | $1197000 | $974239 |
| 5.81%, 05/01/2050 | 909000 | 902825 |
| 6.53%, 05/01/2034 | 493000 | 545490 |
| 6.86%, 05/01/2054 | 389000 | 442762 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 394000 | 342606 |
| 4.30%, 07/29/2030 | 677000 | 682105 |
| 4.50%, 03/11/2044 | 663000 | 604772 |
| 5.88%, 01/14/2038 | 168000 | 183569 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 911000 | 947718 |
|  |  | 5626086 |
| **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 553000 | 511533 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(B)</sup> <br>| 478000 | 436290 |
|  |  | 947823 |
| **Automobiles - 0.2%**  | **Automobiles - 0.2%**  | **Automobiles - 0.2%**  |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 435000 | 445483 |
| 6.25%, 10/02/2043 | 211000 | 215587 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(B)</sup> <br>| 1400000 | 1447437 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.85%, 09/11/2030 <sup>(B)</sup> <br>| 863000 | 869078 |
|  |  | 2977585 |
| **Banks - 2.1%**  | **Banks - 2.1%**  | **Banks - 2.1%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(C)</sup>, 03/14/2028<br>| 1000000 | 1016035 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(C)</sup>, 05/09/2036<br>| 1529000 | 1599619 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(C)</sup>, 09/15/2029<br>| 2622000 | 2736549 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(C)</sup>, 07/21/2039<br>| 302000 | 315581 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 02/25/2035, <br>5.79% <sup>(C)</sup>, 02/25/2036<br>| 331000 | 346170 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 1291000 | 1291000 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(C)</sup>, 09/13/2034 <sup>(B)</sup> <br>| 1626000 | 1813273 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(C)</sup>, 01/13/2031<br>| 647000 | 667780 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(C)</sup>, 05/25/2034<br>| 388000 | 412056 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(C)</sup>, 10/21/2032<br>| $1243000 | $1118130 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(C)</sup>, 10/21/2036<br>| 899000 | 894610 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(C)</sup>, 11/21/2033 <sup>(B)</sup> <br>| 1099000 | 1298089 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.81% <sup>(C)</sup>, 10/22/2036<br>| 481000 | 479465 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(C)</sup>, 01/23/2030<br>| 2415000 | 2473717 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(C)</sup>, 07/23/2036<br>| 1160000 | 1202763 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(C)</sup>, 04/22/2035<br>| 357000 | 380735 |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>6.09% <sup>(C)</sup>, 10/23/2029<br>| 354000 | 373082 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(C)</sup>, 07/08/2031<br>| 927000 | 947191 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(C)</sup>, 01/16/2036<br>| 382000 | 386934 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(C)</sup>, 10/30/2029<br>| 376000 | 407045 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(C)</sup>, 10/22/2036<br>| 532000 | 529074 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 714000 | 734295 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(C)</sup>, 01/18/2035<br>| 457000 | 475309 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(C)</sup>, 04/18/2030<br>| 2123000 | 2214632 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(C)</sup>, 03/01/2035<br>| 1373000 | 1453049 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(C)</sup>, 07/21/2036<br>| 561000 | 576290 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(C)</sup>, 08/18/2034<br>| 1130000 | 1212554 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.78% <sup>(C)</sup>, 10/23/2036<br>| 482000 | 480044 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/23/2030, <br>4.40% <sup>(C)</sup>, 09/23/2031 <sup>(B)</sup> <br>| 725000 | 722377 |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(C)</sup>, 08/12/2033 <sup>(B)</sup> <br>| 1307000 | 1445346 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(C)</sup>, 01/24/2031<br>| 894000 | 925274 |
| &nbsp;&nbsp; Fixed until 04/23/2035, <br>5.61% <sup>(C)</sup>, 04/23/2036<br>| 1123000 | 1180125 |
|  |  | 32108193 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Beverages - 0.1%**  | **Beverages - 0.1%**  | **Beverages - 0.1%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | $931000 | $816752 |
| Constellation Brands, Inc. |  |  |
| 4.95%, 11/01/2035 | 707000 | 695972 |
|  |  | 1512724 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 420000 | 309734 |
| 5.60%, 03/02/2043 | 532000 | 540061 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(B)</sup> <br>| 618000 | 566701 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 818000 | 842693 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 719000 | 648398 |
| 5.20%, 09/25/2035 | 576000 | 577056 |
|  |  | 3484643 |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(B)</sup> <br>| 200000 | 178043 |
| 5.40%, 04/07/2035 <sup>(B)</sup> <br>| 559000 | 577244 |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 368000 | 374383 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 1086000 | 902907 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 792000 | 818987 |
|  |  | 2851564 |
| **Chemicals - 0.1%**  | **Chemicals - 0.1%**  | **Chemicals - 0.1%**  |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 565000 | 574692 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(B)</sup> <br>| 482000 | 523456 |
|  |  | 1098148 |
| **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  | **Commercial Services & Supplies - 0.5%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(B)</sup> <br>| 793000 | 767935 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(B)</sup> <br>| 1083000 | 1115495 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(B)</sup> <br>| 1544000 | 1577057 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 1083000 | 966786 |
| 6.50%, 05/06/2034 | 452000 | 485110 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(B)</sup> <br>| 542000 | 567300 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 842000 | 787462 |
| 5.25%, 08/09/2034 | 49000 | 50415 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 879000 | 920762 |
|  |  | 7238322 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/2042 | $300000 | $265062 |
| NTT Finance Corp. |  |  |
| 4.62%, 07/16/2028 <sup>(B)</sup> <br>| 643000 | 650114 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 664000 | 631374 |
| 3.88%, 04/15/2030 | 549000 | 537745 |
| 4.95%, 11/15/2035 | 1252000 | 1243288 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 1005000 | 885494 |
| 2.99%, 10/30/2056 | 1326000 | 805561 |
|  |  | 5018638 |
| **Construction & Engineering - 0.0% \*** | **Construction & Engineering - 0.0% \*** | **Construction & Engineering - 0.0% \*** |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(B)</sup> <br>| 566000 | 584718 |
| **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(B)</sup> <br>| 1030000 | 896921 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 1194000 | 1139388 |
|  |  | 2036309 |
| **Distributors - 0.0% \*** | **Distributors - 0.0% \*** | **Distributors - 0.0% \*** |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | 514000 | 548282 |
| **Diversified REITs - 0.5%**  | **Diversified REITs - 0.5%**  | **Diversified REITs - 0.5%**  |
| American Tower Trust #1 |  |  |
| 3.65%, 03/15/2048 <sup>(B)</sup> <br>| 508000 | 499778 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.25%, 02/15/2033 | 1042000 | 1041370 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 773000 | 815262 |
| SBA Tower Trust |  |  |
| 1.63%, 05/15/2051 <sup>(B)</sup> <br>| 1011000 | 982422 |
| 1.88%, 07/15/2050 <sup>(B)</sup> <br>| 746000 | 741989 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 1283000 | 1296786 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 883000 | 870578 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 656000 | 673597 |
|  |  | 6921782 |
| **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  |
| Black Hills Corp. |  |  |
| 4.55%, 01/31/2031 | 450000 | 449081 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(B)</sup> <br>| 920810 | 947329 |
| Cleveland Electric Illuminating Co. |  |  |
| 5.95%, 12/15/2036 | 105000 | 111298 |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | 123000 | 111833 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 1263000 | 1097844 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | $1296000 | $999179 |
| 4.95%, 09/15/2035 | 1331000 | 1323429 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 1094000 | 834646 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(B)</sup> <br>| 163000 | 166273 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.30%, 06/01/2042 | 61000 | 60366 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 913000 | 817185 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 420000 | 417572 |
| 4.90%, 10/01/2035 | 567000 | 560976 |
| Vistra Operations Co. LLC |  |  |
| 5.25%, 10/15/2035 <sup>(B)</sup> <br>| 855000 | 849262 |
| 6.88%, 04/15/2032 <sup>(B)</sup> <br>| 805000 | 845525 |
|  |  | 9591798 |
| **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 621000 | 649060 |
| Hubbell, Inc. |  |  |
| 4.80%, 11/15/2035 <sup>(D)</sup> <br>| 1065000 | 1060583 |
| Keysight Technologies, Inc. |  |  |
| 4.95%, 10/15/2034 | 545000 | 549590 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(B)</sup> <br>| 716000 | 690437 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | 1055000 | 1069184 |
|  |  | 4018854 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(B)</sup> <br>| 966000 | 963737 |
| **Financial Services - 0.8%**  | **Financial Services - 0.8%**  | **Financial Services - 0.8%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 1120000 | 1120413 |
| 4.95%, 09/10/2034 | 600000 | 597314 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(C)</sup>, 05/15/2029<br>| 248000 | 252994 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(C)</sup>, 04/25/2030<br>| 776000 | 809877 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(B)</sup> <br>| 986000 | 979736 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.75%, 11/15/2029 <sup>(B)</sup> <br>| 1301000 | 1348918 |
| Blackstone Reg Finance Co. LLC |  |  |
| 4.95%, 02/15/2036 <sup>(D)</sup> <br>| 444000 | 440730 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(C)</sup>, 09/11/2036<br>| 1484000 | 1474152 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Capital One Financial Corp. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(C)</sup>, 07/26/2035<br>| $1275000 | $1335105 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 222000 | 231360 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(B)</sup> <br>| 1133000 | 1144516 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 393000 | 400425 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(B)</sup> <br>| 701000 | 723084 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(B)</sup> <br>| 752000 | 750647 |
|  |  | 11609271 |
| **Food Products - 0.7%**  | **Food Products - 0.7%**  | **Food Products - 0.7%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 5.50%, 03/31/2031 <sup>(B)</sup><sup>(D)</sup> <br>| 68000 | 68537 |
| 6.25%, 03/15/2033 <sup>(B)</sup> <br>| 132000 | 135687 |
| BAT Capital Corp. |  |  |
| 4.63%, 03/22/2033 | 817000 | 807139 |
| 5.63%, 08/15/2035 | 1323000 | 1374348 |
| Bunge Ltd. Finance Corp. |  |  |
| 5.15%, 08/04/2035 | 1290000 | 1306999 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(B)</sup> <br>| 781000 | 803432 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(B)</sup> <br>| 1105000 | 1127806 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 475000 | 516585 |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(B)</sup> <br>| 1394000 | 1412568 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 483000 | 486954 |
| Philip Morris International, Inc. |  |  |
| 4.63%, 10/29/2035 | 1368000 | 1334116 |
| Pilgrim's Pride Corp. |  |  |
| 6.88%, 05/15/2034 | 697000 | 771721 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 549000 | 567962 |
|  |  | 10713854 |
| **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(B)</sup> <br>| 459000 | 472072 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 577000 | 588762 |
| 5.50%, 06/15/2035 | 515000 | 533724 |
|  |  | 1594558 |
| **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 704000 | 647621 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | $601000 | $555780 |
| 5.25%, 01/15/2036 | 946000 | 960885 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 628000 | 624717 |
| HCA, Inc. |  |  |
| 4.90%, 11/15/2035 | 1110000 | 1096809 |
| 6.00%, 04/01/2054 | 610000 | 618374 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(B)</sup> <br>| 413000 | 407990 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/2029 | 426000 | 404909 |
| 4.80%, 10/01/2034 | 1095000 | 1085355 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 | 666000 | 684489 |
|  |  | 7086929 |
| **Health Care REITs - 0.1%**  | **Health Care REITs - 0.1%**  | **Health Care REITs - 0.1%**  |
| Healthpeak OP LLC |  |  |
| 4.75%, 01/15/2033 | 1349000 | 1341629 |
| **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(B)</sup> <br>| 446000 | 458168 |
| 6.13%, 02/15/2033 <sup>(B)</sup> <br>| 843000 | 869276 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 611000 | 628362 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 778000 | 792086 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 903000 | 909120 |
|  |  | 3657012 |
| **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 341000 | 337650 |
| **Insurance - 0.7%**  | **Insurance - 0.7%**  | **Insurance - 0.7%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 1297000 | 1334359 |
| 5.25%, 03/30/2033 | 471000 | 488630 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 401000 | 417114 |
| Aon North America, Inc. |  |  |
| 5.45%, 03/01/2034 | 597000 | 622008 |
| 5.75%, 03/01/2054 | 780000 | 787732 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 289000 | 296001 |
| 5.55%, 06/23/2035 | 1117000 | 1149668 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(B)</sup> <br>| 1642000 | 1660737 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 537000 | 562200 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(B)</sup> <br>| 382000 | 396696 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(C)</sup>, 05/23/2042 <sup>(B)</sup> <br>| $1000000 | $1048418 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(C)</sup>, 10/01/2050<br>| 943000 | 878440 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 211000 | 220984 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(B)</sup> <br>| 1257000 | 1281282 |
|  |  | 11144269 |
| **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 771000 | 791911 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 1066000 | 1092901 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/2030 <sup>(D)</sup> <br>| 938000 | 937024 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 501000 | 501092 |
|  |  | 3322928 |
| **IT Services - 0.2%**  | **IT Services - 0.2%**  | **IT Services - 0.2%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 140000 | 133397 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 955000 | 939811 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 1246000 | 1232856 |
|  |  | 2306064 |
| **Machinery - 0.2%**  | **Machinery - 0.2%**  | **Machinery - 0.2%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | 448000 | 452157 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 1308000 | 1229991 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 588000 | 612296 |
|  |  | 2294444 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 451000 | 352939 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 767000 | 444430 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 364000 | 311797 |
|  |  | 1109166 |
| **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  | **Metals & Mining - 0.2%**  |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/2028 <sup>(B)</sup> <br>| 1293000 | 1297993 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 1015000 | 1055509 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(B)</sup> <br>| $879000 | $789594 |
|  |  | 3143096 |
| **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(B)</sup> <br>| 353000 | 360521 |
| **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** | **Office REITs - 0.0% \*** |
| Boston Properties LP |  |  |
| 5.75%, 01/15/2035 | 668000 | 683080 |
| **Oil, Gas & Consumable Fuels - 1.0%**  | **Oil, Gas & Consumable Fuels - 1.0%**  | **Oil, Gas & Consumable Fuels - 1.0%**  |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 06/30/2033 | 1304000 | 1376157 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 1025000 | 1044933 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 711000 | 734687 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 <sup>(E)</sup> <br>| 722000 | 738648 |
| 5.63%, 04/05/2034 | 851000 | 888178 |
| Energy Transfer LP |  |  |
| 5.15%, 02/01/2043 | 602000 | 544849 |
| 5.55%, 02/15/2028 | 356000 | 366103 |
| 5.95%, 10/01/2043 | 399000 | 392439 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 253000 | 261436 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(B)</sup> <br>| 446000 | 469215 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/2035 <sup>(B)</sup> <br>| 478000 | 489540 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(B)</sup> <br>| 430000 | 445567 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 546000 | 557422 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 1033000 | 1105156 |
| Petroleos Mexicanos |  |  |
| 6.50%, 01/23/2029 | 385000 | 393547 |
| 6.84%, 01/23/2030 | 892000 | 915606 |
| 7.69%, 01/23/2050 | 95000 | 86146 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 5.98%, 09/16/2035 <sup>(B)</sup> <br>| 1063000 | 1081660 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 719000 | 719245 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 281000 | 223365 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/2026 | 571000 | 564709 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(B)</sup> <br>| 177000 | 177114 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(B)</sup> <br>| 1285000 | 1450011 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 727000 | 765975 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | $77000 | $74648 |
|  |  | 15866356 |
| **Paper & Forest Products - 0.0% \*** | **Paper & Forest Products - 0.0% \*** | **Paper & Forest Products - 0.0% \*** |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(B)</sup> <br>| 561000 | 575170 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 374861 | 363437 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 <sup>(D)</sup> <br>| 1191000 | 1188212 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 370056 | 367742 |
|  |  | 1919391 |
| **Pharmaceuticals - 0.5%**  | **Pharmaceuticals - 0.5%**  | **Pharmaceuticals - 0.5%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(B)</sup> <br>| 716000 | 713491 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 294000 | 291853 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 606000 | 630429 |
| CVS Health Corp. |  |  |
| 5.45%, 09/15/2035 | 1073000 | 1095636 |
| 6.00%, 06/01/2044 | 699000 | 707995 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 1372000 | 1441534 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 332000 | 312451 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 614000 | 596150 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 987000 | 1004254 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 489000 | 470425 |
|  |  | 7264218 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 747000 | 771329 |
| **Retail REITs - 0.1%**  | **Retail REITs - 0.1%**  | **Retail REITs - 0.1%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 1321000 | 1326582 |
| **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(B)</sup> <br>| 943000 | 817308 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 987000 | 1019069 |
| 5.90%, 01/25/2033 <sup>(B)</sup> <br>| 998000 | 1050501 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 817000 | 736179 |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/2030 <sup>(B)</sup> <br>| 1567000 | 1617899 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | $873000 | $889967 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 1132000 | 1170115 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 401000 | 268800 |
| 5.25%, 08/19/2035 | 934000 | 942465 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 390000 | 275737 |
|  |  | 8788040 |
| **Software - 0.3%**  | **Software - 0.3%**  | **Software - 0.3%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 469000 | 470205 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(B)</sup> <br>| 558000 | 567986 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 587000 | 598168 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 273000 | 274185 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/2045 | 719000 | 692286 |
| 5.95%, 09/26/2055 | 277000 | 262622 |
| 6.90%, 11/09/2052 | 761000 | 811425 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 679000 | 677621 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 511000 | 519079 |
| 5.70%, 04/01/2055 | 364000 | 367735 |
|  |  | 5241312 |
| **Specialized REITs - 0.1%**  | **Specialized REITs - 0.1%**  | **Specialized REITs - 0.1%**  |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/2035 | 1101000 | 1126840 |
| **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.90%, 10/10/2030 <sup>(B)</sup> <br>| 1123000 | 1128323 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 1777000 | 1585489 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 | 502000 | 520584 |
|  |  | 3234396 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $193,776,178)**<br>|  | 194347311 |
| **U.S. GOVERNMENT OBLIGATIONS - 11.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.2%**  |
| **U.S. Treasury - 10.4%**  | **U.S. Treasury - 10.4%**  | **U.S. Treasury - 10.4%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 2575000 | 1279453 |
| 1.38%, 11/15/2040 | 5138000 | 3384858 |
| 1.88%, 02/15/2051 - 11/15/2051 | 3412000 | 1963647 |
| 2.00%, 02/15/2050 | 5822000 | 3521855 |
| 2.25%, 08/15/2046 - 02/15/2052 | 4330000 | 2812971 |
| 2.38%, 05/15/2051 | 1958000 | 1273924 |
| 2.50%, 02/15/2045 - 05/15/2046 | 6032900 | 4337507 |
| 2.75%, 08/15/2047 - 11/15/2047 | 2367900 | 1733333 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| 2.88%, 08/15/2045 - 05/15/2049 | $5626600 | $4263322 |
| 3.00%, 08/15/2048 - 08/15/2052 | 4133300 | 3104650 |
| 3.13%, 02/15/2042 - 05/15/2048 | 2226600 | 1839239 |
| 3.50%, 02/15/2039 | 807000 | 742629 |
| 3.63%, 02/15/2044 - 05/15/2053 | 4184000 | 3606484 |
| 3.88%, 02/15/2043 | 845000 | 773439 |
| 4.00%, 11/15/2052 | 914000 | 816852 |
| 4.13%, 08/15/2044 - 08/15/2053 | 2174000 | 2005702 |
| 4.25%, 02/15/2054 - 08/15/2054 | 2283600 | 2128870 |
| 4.50%, 11/15/2054 | 2738000 | 2662812 |
| 4.63%, 05/15/2044 - 02/15/2055 | 4724000 | 4703819 |
| 4.75%, 11/15/2043 - 08/15/2055 | 8036900 | 8141755 |
| 5.00%, 05/15/2045 | 1341000 | 1403440 |
| 5.25%, 02/15/2029 | 1554000 | 1635646 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 14367000 | 12486041 |
| 1.13%, 10/31/2026 | 625000 | 609204 |
| 1.25%, 11/30/2026 - 08/15/2031 | 12812000 | 12144560 |
| 1.38%, 11/15/2031 | 1880000 | 1634572 |
| 1.50%, 01/31/2027 - 02/15/2030 | 3111000 | 2913971 |
| 1.63%, 05/15/2031 | 1110000 | 992366 |
| 1.88%, 02/15/2032 | 5143800 | 4584211 |
| 2.25%, 11/15/2027 | 997500 | 971277 |
| 2.63%, 01/31/2026 - 02/15/2029 | 2974500 | 2947253 |
| 2.75%, 02/15/2028 - 08/15/2032 | 6018000 | 5765620 |
| 2.88%, 05/15/2028 - 05/15/2032 | 5530900 | 5290799 |
| 3.13%, 08/31/2027 - 11/15/2028 | 2197000 | 2176599 |
| 3.50%, 01/31/2028 | 2710000 | 2704495 |
| 3.63%, 05/31/2028 - 09/30/2031 | 6303000 | 6278702 |
| 3.88%, 11/30/2027 - 04/30/2030 | 8134400 | 8190892 |
| 4.00%, 01/15/2027 - 05/31/2030 | 10031000 | 10139562 |
| 4.13%, 09/30/2027 - 11/15/2032 | 8269200 | 8388867 |
| 4.25%, 11/30/2026 - 08/15/2035 | 5962400 | 6006824 |
| 4.50%, 05/31/2029 | 4353000 | 4477299 |
| 4.63%, 04/30/2029 - 02/15/2035 | 1205900 | 1248848 |
|  |  | 158088169 |
| **U.S. Treasury Inflation-Protected Securities - 0.8%**  | **U.S. Treasury Inflation-Protected Securities - 0.8%**  | **U.S. Treasury Inflation-Protected Securities - 0.8%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 2736488 | 2218048 |
| 2.50%, 01/15/2029 | 5770671 | 6000118 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 3191551 | 3028302 |
|  |  | 11246468 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $176,001,274)**<br>|  | 169334637 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.5%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.00%, 08/01/2035 | 63497 | 64479 |
| 5.50%, 06/01/2041 - 07/01/2053 | 2945457 | 2984160 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 1.38%, 06/25/2030 | $2547000 | $2268349 |
| 3.19%, 07/25/2027 | 700000 | 691317 |
| Federal National Mortgage Association |  |  |
| 3.50%, 07/01/2028 - 11/01/2028 | 38068 | 37693 |
| 4.00%, 04/01/2026 - 06/01/2042 | 23684 | 23196 |
| 4.50%, 06/01/2026 - 08/01/2052 | 1746736 | 1710420 |
| 5.00%, 04/01/2039 - 02/01/2054 | 8577375 | 8588068 |
| 5.50%, 10/01/2036 - 03/01/2053 | 1975917 | 2013948 |
| 6.00%, 08/01/2036 - 06/01/2054 | 2824844 | 2908501 |
| 6.50%, 05/01/2040 | 34530 | 36632 |
| 1-Year RFUCC Treasury + 1.52%, |  |  |
| 6.39% <sup>(C)</sup>, 02/01/2043 | 6328 | 6424 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 0.65% <sup>(C)</sup>, 02/16/2053 | 178276 | 2667 |
| Tennessee Valley Authority |  |  |
| 5.88%, 04/01/2036 | 774000 | 869510 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 12016000 | 10041012 |
| 2.50%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 29553000 | 25255109 |
| 3.00%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 21704000 | 19353974 |
| 3.50%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 11482000 | 10716349 |
| 4.00%, 11/01/2055 <sup>(D)</sup> <br>| 12340000 | 11707050 |
| 4.50%, 11/01/2055 <sup>(D)</sup> <br>| 12009000 | 11704229 |
| 5.00%, 11/01/2055 <sup>(D)</sup> <br>| 8714000 | 8669445 |
| 5.50%, 11/01/2054 <sup>(D)</sup> <br>| 15074000 | 15229212 |
| 6.00%, 11/01/2054 <sup>(D)</sup> <br>| 9142000 | 9348216 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $144,397,589)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $144,397,589)** | 144229960 |
| **MORTGAGE-BACKED SECURITIES - 2.3%**  | **MORTGAGE-BACKED SECURITIES - 2.3%**  | **MORTGAGE-BACKED SECURITIES - 2.3%**  |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(C)</sup>, 01/25/2070 <sup>(B)</sup> <br>| 976363 | 984415 |
| Bank5 |  |  |
| &nbsp;&nbsp; Series 2024-5YR8, Class A3, <br>5.88% , 08/15/2057<br>| 1900000 | 1992374 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 501396 | 506416 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(C)</sup>, 10/27/2064 <sup>(B)</sup> <br>| 2405512 | 2419485 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(C)</sup>, 07/25/2061 <sup>(B)</sup> <br>| 1106137 | 1002478 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(C)</sup>, 09/25/2064 <sup>(B)</sup> <br>| 60449 | 59535 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(C)</sup>, 04/25/2069 <sup>(B)</sup> <br>| 490877 | 495447 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-H8, Class A1, <br>5.00% <sup>(C)</sup>, 11/25/2070 <sup>(B)</sup><sup>(D)</sup> <br>| 1750000 | 1749998 |

---

***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 Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| $1093174 | $931739 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(C)</sup>, 10/25/2060 <sup>(B)</sup> <br>| 1499636 | 1364879 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>4.94% <sup>(C)</sup>, 10/25/2070 <sup>(B)</sup> <br>| 1500000 | 1494386 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.47% <sup>(C)</sup>, 01/13/2040 <sup>(B)</sup> <br>| 1700000 | 1759992 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13% , 09/10/2039 <sup>(B)</sup> <br>| 1300000 | 1241653 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A1A, <br>3.75% <sup>(C)</sup>, 04/25/2058 <sup>(B)</sup> <br>| 28264 | 27913 |
| Nationstar Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2013-A, Class A, <br>3.75% <sup>(C)</sup>, 12/25/2052 <sup>(B)</sup> <br>| 55040 | 52878 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(C)</sup>, 01/25/2054 <sup>(B)</sup> <br>| 27645 | 26928 |
| &nbsp;&nbsp; Series 2014-2A, Class A3, <br>3.75% <sup>(C)</sup>, 05/25/2054 <sup>(B)</sup> <br>| 69648 | 66835 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(C)</sup>, 11/25/2054 <sup>(B)</sup> <br>| 53963 | 51935 |
| &nbsp;&nbsp; Series 2015-2A, Class A1, <br>3.75% <sup>(C)</sup>, 08/25/2055 <sup>(B)</sup> <br>| 113377 | 110424 |
| &nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75% <sup>(C)</sup>, 11/26/2035 <sup>(B)</sup> <br>| 74837 | 72752 |
| &nbsp;&nbsp; Series 2016-3A, Class A1B, <br>3.25% <sup>(C)</sup>, 09/25/2056 <sup>(B)</sup> <br>| 84197 | 80008 |
| &nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75% <sup>(C)</sup>, 11/25/2056 <sup>(B)</sup> <br>| 102092 | 98263 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(C)</sup>, 02/25/2057 <sup>(B)</sup> <br>| 225072 | 219585 |
| &nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00% <sup>(C)</sup>, 03/25/2057 <sup>(B)</sup> <br>| 524248 | 509835 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(C)</sup>, 04/25/2057 <sup>(B)</sup> <br>| 325112 | 315201 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(C)</sup>, 05/25/2057 <sup>(B)</sup> <br>| 246932 | 238250 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 120242 | 117670 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 172473 | 167617 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(C)</sup>, 12/25/2058 <sup>(B)</sup> <br>| 615772 | 579311 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(C)</sup>, 08/25/2059 <sup>(B)</sup> <br>| 523120 | 498849 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(C)</sup>, 03/25/2063 <sup>(B)</sup> <br>| 463851 | 465096 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 612329 | 619064 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 699707 | 706350 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(C)</sup>, 02/25/2064 <sup>(B)</sup> <br>| 643476 | 653775 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| OBX Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>6.24% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| $1016626 | $1029127 |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, <br>5.06% <sup>(C)</sup>, 09/25/2065 <sup>(B)</sup> <br>| 1646745 | 1646365 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(C)</sup>, 11/25/2064 <sup>(B)</sup> <br>| 1011762 | 1019588 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-5, Class A2, <br>5.50% <sup>(C)</sup>, 11/25/2055 <sup>(B)</sup> <br>| 1559000 | 1563506 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(C)</sup>, 06/25/2057 <sup>(B)</sup> <br>| 182655 | 178879 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(C)</sup>, 10/25/2057 <sup>(B)</sup> <br>| 82912 | 81645 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(C)</sup>, 01/25/2058 <sup>(B)</sup> <br>| 62144 | 61652 |
| &nbsp;&nbsp; Series 2018-3, Class A1, <br>3.75% <sup>(C)</sup>, 05/25/2058 <sup>(B)</sup> <br>| 345847 | 340026 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(C)</sup>, 06/25/2058 <sup>(B)</sup> <br>| 931674 | 886329 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(C)</sup>, 03/25/2058 <sup>(B)</sup> <br>| 1183379 | 1153377 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(C)</sup>, 10/25/2059 <sup>(B)</sup> <br>| 880492 | 846721 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75% , 10/25/2060 <sup>(B)</sup> <br>| 1564140 | 1428921 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(C)</sup>, 11/25/2061 <sup>(B)</sup> <br>| 1260903 | 1189530 |
| &nbsp;&nbsp; Series 2022-4, Class A1, <br>3.75% , 09/25/2062 <sup>(B)</sup> <br>| 618669 | 595351 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75% , 01/25/2063 <sup>(B)</sup> <br>| 1612915 | 1566048 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $35,936,488)**<br>|  | 35268401 |
| **ASSET-BACKED SECURITIES - 1.6%**  | **ASSET-BACKED SECURITIES - 1.6%**  | **ASSET-BACKED SECURITIES - 1.6%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(B)</sup> <br>| 59570 | 59887 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(B)</sup> <br>| 109539 | 102383 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>2.02%, 02/20/2027 <sup>(B)</sup> <br>| 433333 | 431550 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(B)</sup> <br>| 930000 | 958710 |
| Barings Equipment Finance LLC |  |  |
| &nbsp;&nbsp; Series 2025-B, Class A3, <br>4.13%, 10/13/2032 <sup>(B)</sup> <br>| 2080000 | 2080191 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(B)</sup> <br>| 449847 | 458327 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 990000 | 1000014 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2013-2A, Class A1L2, <br>3-Month Term SOFR + 1.26%, <br>5.15% <sup>(C)</sup>, 10/18/2030 <sup>(B)</sup> <br>| $853498 | $855029 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 1200000 | 1205234 |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 1005000 | 1019087 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(B)</sup> <br>| 890000 | 904716 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(B)</sup> <br>| 328979 | 336063 |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(B)</sup> <br>| 211859 | 215257 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(B)</sup> <br>| 198776 | 202797 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(B)</sup> <br>| 1977789 | 1997776 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(B)</sup> <br>| 1213250 | 1216432 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(B)</sup> <br>| 820889 | 835341 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.35% <sup>(C)</sup>, 10/20/2034 <sup>(B)</sup> <br>| 1600000 | 1602522 |
| JG Wentworth XXII LLC |  |  |
| &nbsp;&nbsp; Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(B)</sup> <br>| 79954 | 79326 |
| JGWPT XXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(B)</sup> <br>| 497420 | 463400 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(B)</sup> <br>| 169268 | 162526 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(B)</sup> <br>| 362125 | 365647 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(B)</sup> <br>| 1435000 | 1455689 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(B)</sup> <br>| 1150000 | 1175709 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(B)</sup> <br>| 173729 | 172835 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(B)</sup> <br>| 420909 | 426215 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(B)</sup> <br>| 441523 | 452957 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(B)</sup> <br>| 507391 | 524797 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(B)</sup> <br>| 472569 | 479135 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; Sierra Timeshare Receivables <br> Funding LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(B)</sup> <br>| $932906 | $937967 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.72%, 04/20/2044 <sup>(B)</sup> <br>| 419360 | 420748 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.13%, 08/15/2055 <sup>(B)</sup> <br>| 1635000 | 1645135 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $24,029,225)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $24,029,225)** | 24243402 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%**  |
| **Colombia - 0.1%**  | **Colombia - 0.1%**  | **Colombia - 0.1%**  |
| Colombia Government International Bonds |  |  |
| 7.75%, 11/07/2036 | 808000 | 860730 |
| **Dominican Republic - 0.1%**  | **Dominican Republic - 0.1%**  | **Dominican Republic - 0.1%**  |
| Dominican Republic International Bonds |  |  |
| 6.60%, 06/01/2036 <sup>(B)</sup> <br>| 1125000 | 1186200 |
| **Mexico - 0.1%**  | **Mexico - 0.1%**  | **Mexico - 0.1%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 1126000 | 1113051 |
| **Panama - 0.0% \*** | **Panama - 0.0% \*** | **Panama - 0.0% \*** |
| Panama Government International Bonds |  |  |
| 3.88%, 03/17/2028 | 315000 | 308621 |
| **Peru - 0.0% \*** | **Peru - 0.0% \*** | **Peru - 0.0% \*** |
| Corporacion Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(B)</sup> <br>| 533000 | 547466 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $3,922,900)**<br>|  | 4016068 |
| **COMMERCIAL PAPER - 6.5%**  | **COMMERCIAL PAPER - 6.5%**  | **COMMERCIAL PAPER - 6.5%**  |
| **Banks - 1.6%**  | **Banks - 1.6%**  | **Banks - 1.6%**  |
| DBS Bank Ltd. |  |  |
| 4.30% <sup>(F)</sup>, 12/05/2025 <sup>(B)</sup> <br>| 6000000 | 5977114 |
| DNB Bank ASA |  |  |
| 3.90% <sup>(F)</sup>, 01/29/2026 <sup>(B)</sup> <br>| 4500000 | 4456553 |
| 4.13% <sup>(F)</sup>, 12/11/2025 <sup>(B)</sup> <br>| 3400000 | 3385059 |
| Lloyds Bank PLC |  |  |
| 4.49% <sup>(F)</sup>, 12/15/2025 | 4500000 | 4477725 |
| Toronto-Dominion Bank |  |  |
| 4.21% <sup>(F)</sup>, 12/19/2025 <sup>(B)</sup> <br>| 5500000 | 5469910 |
|  |  | 23766361 |
| **Capital Markets - 0.5%**  | **Capital Markets - 0.5%**  | **Capital Markets - 0.5%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.41% <sup>(F)</sup>, 11/21/2025 <sup>(B)</sup> <br>| 5500000 | 5487264 |
| Verto Capital I Compartment A |  |  |
| 4.39% <sup>(F)</sup>, 12/03/2025 <sup>(B)</sup> <br>| 2500000 | 2490788 |
|  |  | 7978052 |
| **Financial Services - 4.4%**  | **Financial Services - 4.4%**  | **Financial Services - 4.4%**  |
| Anglesea Funding LLC |  |  |
| 4.38% <sup>(F)</sup>, 11/07/2025 <sup>(B)</sup> <br>| 1750000 | 1748639 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Atlantic Asset Securitization LLC |  |  |
| 4.06% <sup>(F)</sup>, 01/23/2026 <sup>(B)</sup> <br>| $2000000 | $1981557 |
| Barton Capital SA |  |  |
| 4.34% <sup>(F)</sup>, 12/08/2025 <sup>(B)</sup> <br>| 2025000 | 2016557 |
| Bedford Row Funding Corp. |  |  |
| 3.97% <sup>(F)</sup>, 01/26/2026 <sup>(B)</sup> <br>| 6000000 | 5942870 |
| Britannia Funding Co. LLC |  |  |
| 4.16% <sup>(F)</sup>, 01/08/2026 <sup>(B)</sup> <br>| 4800000 | 4763476 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.36% <sup>(F)</sup>, 12/03/2025 <sup>(B)</sup> <br>| 5500000 | 5479833 |
| CRC Funding LLC |  |  |
| 4.19% <sup>(F)</sup>, 12/18/2025 <sup>(B)</sup> <br>| 1800000 | 1790520 |
| Endeavour Funding Co. LLC |  |  |
| 4.15% <sup>(F)</sup>, 01/16/2026 <sup>(B)</sup> <br>| 2300000 | 2280470 |
| Glencove Funding LLC |  |  |
| 4.32% <sup>(F)</sup>, 12/01/2025 <sup>(B)</sup> <br>| 4000000 | 3986394 |
| Liberty Street Funding LLC |  |  |
| 4.32% <sup>(F)</sup>, 12/02/2025 <sup>(B)</sup> <br>| 5500000 | 5480689 |
| LMA-Americas LLC |  |  |
| 4.08% <sup>(F)</sup>, 02/05/2026 <sup>(B)</sup> <br>| 4000000 | 3957327 |
| Mainbeach Funding LLC |  |  |
| 4.38% <sup>(F)</sup>, 12/02/2025 <sup>(B)</sup> <br>| 5500000 | 5480585 |
| Manhattan Asset Funding Co. LLC |  |  |
| 4.51% <sup>(F)</sup>, 12/11/2025 <sup>(B)</sup> <br>| 1125000 | 1119939 |
| Mont Blanc Capital Corp. |  |  |
| 4.39% <sup>(F)</sup>, 11/17/2025 <sup>(B)</sup> <br>| 5710000 | 5699273 |
| MUFG Securities Canada Ltd. |  |  |
| 4.31% <sup>(F)</sup>, 01/22/2026 <sup>(B)</sup> <br>| 3600000 | 3566786 |
| Ranger Funding Co. LLC |  |  |
| 4.14% <sup>(F)</sup>, 03/12/2026 <sup>(B)</sup> <br>| 5500000 | 5420019 |
| Versailles Commercial Paper LLC |  |  |
| 4.14% <sup>(F)</sup>, 12/15/2025 | 4000000 | 3980250 |
| Verto Capital I Compartment A |  |  |
| 4.10% <sup>(F)</sup>, 01/30/2026 <sup>(B)</sup> <br>| 2500000 | 2474722 |
|  |  | 67169906 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $98,908,796)**<br>|  | 98914319 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.7%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.7%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.7%**  |
| U.S. Treasury Bills |  |  |
| 3.94% <sup>(F)</sup>, 01/08/2026 | $9000000 | $8937589 |
| 4.11% <sup>(F)</sup>, 11/28/2025 | 4210000 | 4198703 |
| 4.27% <sup>(F)</sup>, 01/15/2026 | 12895000 | 12796489 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $25,923,087)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $25,923,087)** | 25932781 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** |
| **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(F)</sup> <br>| 106250 | 106250 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $106,250)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $106,250)** | 106250 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  | **REPURCHASE AGREEMENT - 1.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(F)</sup>, dated 10/31/2025, to be <br> repurchased at $18,837,080 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $19,211,572.<br>| $18834725 | 18834725 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,834,725)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $18,834,725)** | 18834725 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,153,019,987)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,153,019,987)** | 1636885359 |
| **Net Other Assets (Liabilities) - (8.1)%** | **Net Other Assets (Liabilities) - (8.1)%** | (122374178) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1514511181** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| S&P 500<sup>®</sup> E-Mini Index | 33 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; $11087001 | &nbsp;&nbsp;&nbsp; $11342100 | &nbsp;&nbsp;&nbsp; $255099 | &nbsp;&nbsp;&nbsp; $— |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Multi-Managed Balanced**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $921657505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $921657505 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 194347311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194347311 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 169334637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 169334637 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 144229960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144229960 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 35268401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35268401 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 24243402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24243402 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 4016068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4016068 |
| Commercial Paper |  | &nbsp;&nbsp; 98914319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98914319 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 25932781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25932781 |
| Other Investment Company | 106250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106250 |
| Repurchase Agreement |  | &nbsp;&nbsp; 18834725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18834725 |
| **Total Investments** | **$921763755** | &nbsp;&nbsp; **$715121604** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1636885359** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(H)</sup> <br>| $255099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255099 |
| **Total Other Financial Instruments** | **$255099** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$255099** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $198,349,262, representing 13.1% of the* *Fund's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(D)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $104,034, collateralized by cash collateral of $106,250. The amount* *on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the* *brokers.* 

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

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

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Multi-Managed Balanced**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,134,185,262) (including securities loaned of $104,034) | $1618050634 |
| Repurchase agreement, at value (cost $18,834,725) | 18834725 |
| Cash | 3000 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 882000 |
| Receivables and other assets: |  |
| Investments sold  | 2842749 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 2843827 |
| Net income from securities lending | 157 |
| Shares of beneficial interest sold  | 2076361 |
| Dividends  | 323696 |
| Interest | 4382258 |
| Variation margin receivable on futures contracts | 30132 |
| Total assets | 1650269539 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 106250 |
| Cash collateral at broker for: |  |
| TBA commitments | 691794 |
| Payables and other liabilities: |  |
| Investments purchased | 2921050 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 130326819 |
| Shares of beneficial interest redeemed | 441038 |
| Investment management fees | 747838 |
| Distribution and service fees | 309261 |
| Transfer agent fees | 98142 |
| Trustee and CCO fees | 509 |
| Audit and tax fees  | 26326 |
| Custody fees | 24873 |
| Legal fees | 16879 |
| Printing and shareholder reports fees | 16253 |
| Registration fees | 4199 |
| Other accrued expenses | 27127 |
| Total liabilities | 135758358 |
| **Net assets**  | $1514511181 |
| **Net assets consist of:** |  |
| Paid-in capital | $966478609 |
| Total distributable earnings (accumulated losses) | 548032572 |
| **Net assets** | $1514511181 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Multi-Managed Balanced**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $848234707 |
| Class C | 151845261 |
| Class I | 485116480 |
| Class R | 2868167 |
| Class R6 | 26446566 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 22582011 |
| Class C | 4155496 |
| Class I | 12829559 |
| Class R | 76381 |
| Class R6 | 699155 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $37.56 |
| Class C | 36.54 |
| Class I | 37.81 |
| Class R | 37.55 |
| Class R6 | 37.83 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $39.75 |

---

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

<sup>(A)</sup> *Net asset value per share for Class C, I, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Multi-Managed Balanced**

------

**STATEMENT OF OPERATIONS**

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

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $10404602 |
| Interest income | 24546500 |
| Net income from securities lending | 7080 |
| Withholding taxes on foreign income | (15215)<br>|
| Total investment income  | 34942967 |
| **Expenses:** |  |
| Investment management fees | 8247158 |
| Distribution and service fees: |  |
| Class A | 1947933 |
| Class C | 1510475 |
| Class R | 12554 |
| Transfer agent fees: |  |
| Class A | 502749 |
| Class C | 110808 |
| Class I | 461366 |
| Class R | 4704 |
| Class R6 | 1905 |
| Trustee and CCO fees | 59914 |
| Audit and tax fees | 53532 |
| Custody fees | 157398 |
| Legal fees | 104154 |
| Printing and shareholder reports fees | 93348 |
| Registration fees | 118303 |
| Other | 100076 |
| Total expenses before waiver and/or reimbursement and recapture | 13486377 |
| Expenses waived and/or reimbursed: |  |
| Class R | (2875)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R | 24 |
| Net expenses | 13483526 |
| **Net investment income (loss)** | 21459441 |
| **Net realized gain (loss) on:** |  |
| Investments | 64303122 |
| Futures contracts | 1236239 |
| Net realized gain (loss) | 65539361 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 91690388 |
| Futures contracts | 276564 |
| Net change in unrealized appreciation (depreciation) | 91966952 |
| Net realized and change in unrealized gain (loss) | 157506313 |
| **Net increase (decrease) in net assets resulting from operations** | $178965754 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Multi-Managed Balanced**

------

**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) | $21459441 | &nbsp;&nbsp;&nbsp;&nbsp; $19643058 |
| Net realized gain (loss) | 65539361 | &nbsp;&nbsp;&nbsp;&nbsp; 83571200 |
| Net change in unrealized appreciation (depreciation) | 91966952 | &nbsp;&nbsp;&nbsp;&nbsp; 174146040 |
| Net increase (decrease) in net assets resulting from operations | 178965754 | &nbsp;&nbsp;&nbsp;&nbsp; 277360298 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (57031719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27403348)<br>|
| Class C | (10578591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5402260)<br>|
| Class I | (32949675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15210615)<br>|
| Class R | (159309)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54467)<br>|
| Class R6 | (2481137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1443516)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (103200431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49514206)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 343136081 | &nbsp;&nbsp;&nbsp;&nbsp; 51685125 |
| Class C | 23407433 | &nbsp;&nbsp;&nbsp;&nbsp; 21400133 |
| Class I | 108015578 | &nbsp;&nbsp;&nbsp;&nbsp; 122584361 |
| Class R | 1779176 | &nbsp;&nbsp;&nbsp;&nbsp; 1069985 |
| Class R6 | 8743878 | &nbsp;&nbsp;&nbsp;&nbsp; 6314052 |
|  | 485082146 | &nbsp;&nbsp;&nbsp;&nbsp; 203053656 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 55759981 | &nbsp;&nbsp;&nbsp;&nbsp; 26800651 |
| Class C | 10243058 | &nbsp;&nbsp;&nbsp;&nbsp; 5206284 |
| Class I | 29919245 | &nbsp;&nbsp;&nbsp;&nbsp; 13757601 |
| Class R | 159309 | &nbsp;&nbsp;&nbsp;&nbsp; 54430 |
| Class R6 | 2273058 | &nbsp;&nbsp;&nbsp;&nbsp; 1353229 |
|  | 98354651 | &nbsp;&nbsp;&nbsp;&nbsp; 47172195 |
| Cost of shares redeemed: |  |  |
| Class A | (334092006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92768299)<br>|
| Class C | (24058281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23127450)<br>|
| Class I | (96965896)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73029863)<br>|
| Class R | (1166119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (279070)<br>|
| Class R6 | (21422103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5512387)<br>|
|  | (477704405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194717069)<br>|
| Automatic conversions: |  |  |
| Class A | 20260310 | &nbsp;&nbsp;&nbsp;&nbsp; 19529728 |
| Class C | (20260310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19529728)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 105732392 | &nbsp;&nbsp;&nbsp;&nbsp; 55508782 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1868 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 194 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| **Net increase (decrease) in net assets** | 181497715 | &nbsp;&nbsp;&nbsp;&nbsp; 283356936 |
| **Net assets:** |  |  |
| Beginning of year | 1333013466 | &nbsp;&nbsp;&nbsp;&nbsp; 1049656530 |
| End of year | $1514511181 | &nbsp;&nbsp;&nbsp;&nbsp; $1333013466 |

---

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Multi-Managed Balanced**

------

**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 | 9536379 | &nbsp;&nbsp;&nbsp;&nbsp; 1521934 |
| Class C | 684867 | &nbsp;&nbsp;&nbsp;&nbsp; 646683 |
| Class I | 3049898 | &nbsp;&nbsp;&nbsp;&nbsp; 3638890 |
| Class R | 50199 | &nbsp;&nbsp;&nbsp;&nbsp; 32204 |
| Class R6 | 240577 | &nbsp;&nbsp;&nbsp;&nbsp; 188310 |
|  | 13561920 | &nbsp;&nbsp;&nbsp;&nbsp; 6028021 |
| Shares reinvested: |  |  |
| Class A | 1626629 | &nbsp;&nbsp;&nbsp;&nbsp; 819840 |
| Class C | 307415 | &nbsp;&nbsp;&nbsp;&nbsp; 164789 |
| Class I | 867199 | &nbsp;&nbsp;&nbsp;&nbsp; 416707 |
| Class R | 4642 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 |
| Class R6 | 65955 | &nbsp;&nbsp;&nbsp;&nbsp; 41022 |
|  | 2871840 | &nbsp;&nbsp;&nbsp;&nbsp; 1444020 |
| Shares redeemed: |  |  |
| Class A | (9314289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2759719)<br>|
| Class C | (706412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (709183)<br>|
| Class I | (2763433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2163342)<br>|
| Class R | (32197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8176)<br>|
| Class R6 | (615387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (162781)<br>|
|  | (13431718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5803201)<br>|
| Automatic conversions: |  |  |
| Class A | 579728 | &nbsp;&nbsp;&nbsp;&nbsp; 573229 |
| Class C | (595856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (588135)<br>|
|  | (16128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14906)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 2428447 | &nbsp;&nbsp;&nbsp;&nbsp; 155284 |
| Class C | (309986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (485846)<br>|
| Class I | 1153664 | &nbsp;&nbsp;&nbsp;&nbsp; 1892255 |
| Class R | 22644 | &nbsp;&nbsp;&nbsp;&nbsp; 25690 |
| Class R6 | (308855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66551 |
|  | 2985914 | &nbsp;&nbsp;&nbsp;&nbsp; 1653934 |

---

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Multi-Managed Balanced**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $35.72 | $29.45 | $28.49 | $36.04 | $30.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.54 | 0.54 | 0.45 | 0.29 | 0.22 |
| Net realized and unrealized gain (loss) | 3.96 | 7.10 | 1.52 | (5.41)<br>| 7.06 |
| Total investment operations | 4.50 | 7.64 | 1.97 | (5.12)<br>| 7.28 |
| **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 | (0.54)<br>| (0.54)<br>| (0.45)<br>| (0.27)<br>| (0.22)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.66)<br>| (1.37)<br>| (1.01)<br>| (2.43)<br>| (1.47)<br>|
| **Net asset value, end of year** | $37.56 | $35.72 | $29.45 | $28.49 | $36.04 |
| **Total return** <sup>(E)</sup> <br>| 13.41<br> %<br>| 26.46 %<sup>(C)</sup><br>| 7.02<br> %<br>| (15.21 )%<sup>(D)</sup><br>| 24.80<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $848235 | $719818 | $588884 | $578116 | $725936 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.96<br> %<br>| 0.98<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.96<br> %<br>| 0.98 %<sup>(F)</sup><br>| 0.96 %<sup>(F)</sup><br>| 0.94<br> %<br>|
| Net investment income (loss) to average net assets | 1.54<br> %<br>| 1.61<br> %<br>| 1.51<br> %<br>| 0.90<br> %<br>| 0.65<br> %<br>|
| Portfolio turnover rate <sup>(G)</sup> <br>| 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<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> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&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** | $34.81 | $28.74 | $27.82 | $35.25 | $29.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.27 | 0.28 | 0.22 | 0.04 | (0.03)<br>|
| Net realized and unrealized gain (loss) | 3.86 | 6.92 | 1.48 | (5.27)<br>| 6.92 |
| Total investment operations | 4.13 | 7.20 | 1.70 | (5.23)<br>| 6.89 |
| **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 | (0.28)<br>| (0.30)<br>| (0.22)<br>| (0.04)<br>| (0.01)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.40)<br>| (1.13)<br>| (0.78)<br>| (2.20)<br>| (1.26)<br>|
| **Net asset value, end of year** | $36.54 | $34.81 | $28.74 | $27.82 | $35.25 |
| **Total return** <sup>(E)</sup> <br>| 12.58<br> %<br>| 25.49 %<sup>(C)</sup><br>| 6.21<br> %<br>| (15.84 )%<sup>(D)</sup><br>| 23.88<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $151845 | $155455 | $142279 | $168320 | $236477 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.71<br> %<br>| 1.73<br> %<br>| 1.71<br> %<br>| 1.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.71<br> %<br>| 1.73 %<sup>(F)</sup><br>| 1.71 %<sup>(F)</sup><br>| 1.69<br> %<br>|
| Net investment income (loss) to average net assets | 0.79<br> %<br>| 0.86<br> %<br>| 0.75<br> %<br>| 0.14<br> %<br>| (0.10)%<br>|
| Portfolio turnover rate <sup>(G)</sup> <br>| 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<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> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&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 20**

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**Transamerica Multi-Managed Balanced**

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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** | $35.94 | $29.62 | $28.65 | $36.24 | $30.39 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.62 | 0.62 | 0.52 | 0.36 | 0.29 |
| Net realized and unrealized gain (loss) | 3.99 | 7.15 | 1.52 | (5.45)<br>| 7.10 |
| Total investment operations | 4.61 | 7.77 | 2.04 | (5.09)<br>| 7.39 |
| **Contributions from affiliate** |  |  |  | 0.04 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.62)<br>| (0.62)<br>| (0.51)<br>| (0.38)<br>| (0.29)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.74)<br>| (1.45)<br>| (1.07)<br>| (2.54)<br>| (1.54)<br>|
| **Net asset value, end of year** | $37.81 | $35.94 | $29.62 | $28.65 | $36.24 |
| **Total return** | 13.65<br> %<br>| 26.74<br> %<br>| 7.25<br> %<br>| (14.93 )%<sup>(B)</sup><br>| 25.06<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $485116 | $419585 | $289776 | $325378 | $401468 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | 1.75<br> %<br>| 1.82<br> %<br>| 1.73<br> %<br>| 1.12<br> %<br>| 0.85<br> %<br>|
| Portfolio turnover rate <sup>(C)</sup> <br>| 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<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> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **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** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $35.71 | $29.46 | $28.53 | $32.40 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.45 | 0.46 | 0.40 | 0.16 |
| Net realized and unrealized gain (loss) | 3.97 | 7.10 | 1.52 | (3.88)<br>|
| Total investment operations | 4.42 | 7.56 | 1.92 | (3.72)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.46)<br>| (0.48)<br>| (0.43)<br>| (0.15)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>|  |
| Total dividends and/or distributions to shareholders | (2.58)<br>| (1.31)<br>| (0.99)<br>| (0.15)<br>|
| **Net asset value, end of year** | $37.55 | $35.71 | $29.46 | $28.53 |
| **Total return** | 13.14<br> %<br>| 26.15<br> %<br>| 6.83<br> %<br>| (11.47 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $2868 | $1919 | $826 | $113 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.32<br> %<br>| 1.30<br> %<br>| 1.16<br> %<br>| 1.29 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.21<br> %<br>| 1.20<br> %<br>| 1.16 %<sup>(E)</sup><br>| 1.03 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.28<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 0.81 %<sup>(D)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> <br>| 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>|

---

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

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

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

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

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

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

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133% and 128%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023 and October 31, 2022, respectively.* 

&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 21**

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**Transamerica Multi-Managed Balanced**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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** | $35.95 | $29.63 | $28.66 | $36.25 | $30.39 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.66 | 0.65 | 0.55 | 0.39 | 0.32 |
| Net realized and unrealized gain (loss) | 3.99 | 7.15 | 1.52 | (5.45)<br>| 7.12 |
| Total investment operations | 4.65 | 7.80 | 2.07 | (5.06)<br>| 7.44 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.65)<br>| (0.65)<br>| (0.54)<br>| (0.37)<br>| (0.33)<br>|
| Net realized gains | (2.12)<br>| (0.83)<br>| (0.56)<br>| (2.16)<br>| (1.25)<br>|
| Total dividends and/or distributions to shareholders | (2.77)<br>| (1.48)<br>| (1.10)<br>| (2.53)<br>| (1.58)<br>|
| **Net asset value, end of year** | $37.83 | $35.95 | $29.63 | $28.66 | $36.25 |
| **Total return** | 13.78<br> %<br>| 26.85<br> %<br>| 7.35<br> %<br>| (14.96)%<br>| 25.22<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $26447 | $36236 | $27892 | $23982 | $30794 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.65<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>|
| Net investment income (loss) to average net assets | 1.86<br> %<br>| 1.92<br> %<br>| 1.83<br> %<br>| 1.22<br> %<br>| 0.95<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> <br>| 50<br> %<br>| 41<br> %<br>| 33<br> %<br>| 34<br> %<br>| 40<br> %<br>|

---

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

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

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 148%, 137%, 133%, 128% and 121%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Multi-Managed Balanced**

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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 Multi-Managed Balanced (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class R and Class R6.

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

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

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

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

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Multi-Managed Balanced**

------

**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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

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

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

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $6,545.

**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.

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**Page 24**

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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 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:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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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)**

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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.

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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)**

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 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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $106250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106250 |
| **Total Borrowings** | **$106250** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$106250** |

---

**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.

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**Page 28**

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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)**

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at 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.

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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 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>| $— | $— | $255099 | $— | $— | $255099 |
| **Total** | **$—** | **$—** | **$255099** | **$—** | **$—** | **$255099** |

---

&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  | $— | $— | $1236239 | $— | $— | $1236239 |
| **Total** | **$—** | **$—** | **$1236239** | **$—** | **$—** | **$1236239** |

---

&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  | $— | $— | $276564 | $— | $— | $276564 |
| **Total** | **$—** | **$—** | **$276564** | **$—** | **$—** | **$276564** |

---

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 | $11767554 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

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

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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 class allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Fund's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

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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)**

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

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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)**

may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

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**Transamerica Multi-Managed Balanced**

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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)**

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** |
| $20142999 | 1.33<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million  | 0.61<br> % <br>|
| Over $500 million up to $1 billion  | 0.59 |
| Over $1 billion up to $1.5 billion | 0.56 |
| Over $1.5 billion up to $2 billion | 0.55 |
| Over $2 billion up to $5 billion | 0.52 |
| Over $5 billion  | 0.50 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.02<br> % <br>| March 1, 2026 |
| Class C | 1.78 | March 1, 2026 |
| Class I | 0.79 | March 1, 2026 |
| Class R | 1.21 | March 1, 2026 |
| Class R6 | 0.70 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 34**

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**Transamerica Multi-Managed Balanced**

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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)**

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows. Classes not listed in the subsequent table are not subject to recapture by TAM.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R | $— | $1542 | $2875 | $4417 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |

---

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

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $463457 | &nbsp;&nbsp;&nbsp;&nbsp; $7900 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 13266 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

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**Transamerica Multi-Managed Balanced**

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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)**

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** |
| $1059372 | &nbsp;&nbsp; $94209 |

---

**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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $458060274 | &nbsp;&nbsp; $190560761 | &nbsp;&nbsp; $457894241 | &nbsp;&nbsp; $174113489 |

---

**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, corporate action adjustments, premium amortization adjustments, non-real estate investment trust adjustments and futures contracts mark-to-market. 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>|
| $1158069278 | &nbsp;&nbsp; $499837313 | &nbsp;&nbsp; $(21021232)<br>| &nbsp;&nbsp; $478816081 |

---

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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

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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 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>|
| $33697337 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $69503094 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19710750 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29803456 | &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>|
| $2570650 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66645841 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $478816081 |

---

**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 37**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Multi-Managed Balanced

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Multi-Managed Balanced (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. ![](g67628img4605f3e73.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 38**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $10,119,506 of qualified dividend income.

For corporate shareholders, 38% 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 $69,503,094 for the year ended October 31, 2025.

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 39**

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**Transamerica Multi-Managed Balanced** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 40**

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**Transamerica Multi-Managed Balanced** 

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

**(unaudited)**

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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 41**

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**Transamerica Multi-Managed Balanced** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 42**

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**Transamerica Multi-Managed Balanced** 

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

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – 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 Multi-Managed Balanced (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreements (each a "Sub-Advisory Agreement," collectively the "Sub-Advisory Agreements" and together with the Management Agreement, the "Agreements") for the Fund between TAM and each of Aegon USA Investment Management, LLC and J.P. Morgan Investment Management Inc. (each a "Sub-Adviser" and collectively the "Sub-Advisers").

Following its review and consideration, the Board determined that the terms of the Management Agreement and each 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 each 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 each Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and each 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 each 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 any 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 each 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 each Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each 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 each 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 43**

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**Transamerica Multi-Managed Balanced** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – 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 each 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-, 5- and 10-year periods. 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 Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC ("AUIM"). The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**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-Advisers for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fees 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 medians for its peer group 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-Advisers under the Management Agreement and each 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 44**

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**Transamerica Multi-Managed Balanced** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)**

With respect to J.P. Morgan Investment Management Inc. ("J.P. Morgan"), the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and J.P. Morgan, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, for J.P. Morgan, the Board focused on the profitability of TAM and its affiliates with respect to the Fund. With respect to AUIM, the Board noted that information about AUIM's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and AUIM in the aggregate.

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 a 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 each 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 each 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 fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers 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 and that TAM believes the use of soft dollars by J.P. Morgan is generally appropriate and in the best interests of the Fund. The Board also noted that J.P. Morgan participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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-Advisers. 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 each 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 45**

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![](g67628imgc6e8be294.gif)

![](g67628imgdd222a4a5.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

4886794 TA MMB 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgeec73edd6.gif)

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![](g67628img86fa60b81.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Short-Term Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgecd6449c2.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_SOI-RunningFooter-178_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_FS-RunningFooter-178_1) | 12 |
| [Statement of Operations](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_FS-RunningFooter-178_3) | 14 |
| [Statement of Changes in Net Assets](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_FS-RunningFooter-178_4) | 15 |
| [Financial Highlights](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_FIHI-RunningFooter-178_1) | 17 |
| [Notes to Financial Statements](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_NTF-RunningFooter-178_1) | 21 |
| **[Report of Independent Registered Public Accounting Firm](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_AUD-RunningFooter-178_1)** | 35 |
| **[Supplemental Information](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_STI-RunningFooter-178_1)** | 36 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_DWA-RunningFooter-178_1)**<br> **[Companies](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_DWA-RunningFooter-178_1)**<br>| 37 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_PD-RunningFooter-178_1)** | 38 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_REMU-RunningFooter-178_1)**<br> **[Companies](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_REMU-RunningFooter-178_1)**<br>| 39 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d0c2c5de-3d01-439e-9245-b035b1f925c0_AIAC-RunningFooter-178_1)** | 40 |

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***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Short-Term Bond**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 70.0%**  | **CORPORATE DEBT SECURITIES - 70.0%**  | **CORPORATE DEBT SECURITIES - 70.0%**  |
| **Aerospace & Defense - 2.6%**  | **Aerospace & Defense - 2.6%**  | **Aerospace & Defense - 2.6%**  |
| BAE Systems PLC |  |  |
| 3.40%, 04/15/2030 <sup>(A)</sup> <br>| $12270000 | $11844513 |
| Boeing Co. |  |  |
| 2.25%, 06/15/2026 | 13391000 | 13215900 |
| 3.20%, 03/01/2029 | 13721000 | 13249135 |
| 6.26%, 05/01/2027 | 6919000 | 7109813 |
| HEICO Corp. |  |  |
| 5.25%, 08/01/2028 | 14873000 | 15316881 |
| L3Harris Technologies, Inc. |  |  |
| 3.85%, 12/15/2026 | 11440000 | 11414335 |
| RTX Corp. |  |  |
| 5.00%, 02/27/2026 | 14569000 | 14592430 |
| 5.75%, 11/08/2026 | 6927000 | 7038860 |
|  |  | 93781867 |
| **Automobiles - 2.2%**  | **Automobiles - 2.2%**  | **Automobiles - 2.2%**  |
| Ford Motor Credit Co. LLC |  |  |
| 2.70%, 08/10/2026 | 7541000 | 7434066 |
| 6.95%, 03/06/2026 | 11000000 | 11064685 |
| 7.35%, 11/04/2027 | 7452000 | 7782100 |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 9301000 | 9525136 |
| General Motors Financial Co., Inc. |  |  |
| 4.20%, 10/27/2028 | 3467000 | 3458571 |
| Hyundai Capital America |  |  |
| 4.90%, 06/23/2028 <sup>(A)</sup> <br>| 9497000 | 9630309 |
| 5.95%, 09/21/2026 <sup>(A)</sup> <br>| 14623000 | 14826351 |
| Toyota Motor Credit Corp. |  |  |
| 4.55%, 08/07/2026 | 6975000 | 7003780 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.45%, 09/11/2027 <sup>(A)</sup> <br>| 7550000 | 7565285 |
|  |  | 78290283 |
| **Banks - 19.6%**  | **Banks - 19.6%**  | **Banks - 19.6%**  |
| ABN AMRO Bank NV |  |  |
| 4.20%, 07/07/2028 <sup>(A)</sup> <br>| 17000000 | 17058126 |
| Australia & New Zealand Banking Group <br> Ltd. |  |  |
| 4.40%, 05/19/2026 <sup>(A)</sup> <br>| 16839000 | 16850922 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/24/2027, <br>4.18% <sup>(B)</sup>, 03/24/2028<br>| 7000000 | 6990188 |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 7800000 | 7925071 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/27/2027, <br>4.38% <sup>(B)</sup>, 04/27/2028<br>| 25894000 | 25975234 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 15950000 | 16646816 |
| Bank of Montreal |  |  |
| 2.65%, 03/08/2027 | 1220000 | 1198867 |
| Bank of New York Mellon |  |  |
| &nbsp;&nbsp; Fixed until 04/20/2028, <br>4.73% <sup>(B)</sup>, 04/20/2029<br>| 9575000 | 9730264 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; Fixed until 09/08/2027, <br>4.40% <sup>(B)</sup>, 09/08/2028<br>| 16352000 | 16442125 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.19%, 02/16/2028 <sup>(A)</sup> <br>| $15000000 | $15314235 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/11/2028, <br>4.48% <sup>(B)</sup>, 11/11/2029<br>| 15945000 | 15972042 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 25592000 | 25592000 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2028, <br>6.21% <sup>(B)</sup>, 01/18/2029 <sup>(A)</sup> <br>| 14800000 | 15391844 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2027, <br>4.86% <sup>(B)</sup>, 01/13/2028<br>| 10000000 | 10081441 |
| 5.93%, 10/02/2026 | 8912000 | 9068710 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 06/09/2026, <br>1.46% <sup>(B)</sup>, 06/09/2027<br>| 27000000 | 26551520 |
| &nbsp;&nbsp; Fixed until 07/24/2027, <br>3.67% <sup>(B)</sup>, 07/24/2028<br>| 10400000 | 10311438 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2027, <br>4.63% <sup>(B)</sup>, 09/11/2028 <sup>(A)</sup> <br>| 12832000 | 12902021 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2028, <br>4.15% <sup>(B)</sup>, 10/21/2029<br>| 17952000 | 17898877 |
| &nbsp;&nbsp; Fixed until 08/23/2027, <br>4.48% <sup>(B)</sup>, 08/23/2028<br>| 8243000 | 8285468 |
| &nbsp;&nbsp; Fixed until 04/23/2027, <br>4.94% <sup>(B)</sup>, 04/23/2028<br>| 9028000 | 9125467 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/03/2028, <br>4.90% <sup>(B)</sup>, 03/03/2029<br>| 9774000 | 9908470 |
| &nbsp;&nbsp; Fixed until 11/03/2025, <br>7.34% <sup>(B)</sup>, 11/03/2026<br>| 10358000 | 10358000 |
| ING Groep NV |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2026, <br>6.08% <sup>(B)</sup>, 09/11/2027<br>| 19800000 | 20099172 |
| Intesa Sanpaolo SpA |  |  |
| 3.88%, 01/12/2028 <sup>(A)</sup> <br>| 1714000 | 1695555 |
| 4.00%, 09/23/2029 <sup>(A)</sup> <br>| 7550000 | 7421804 |
| 7.00%, 11/21/2025 <sup>(A)</sup> <br>| 3738000 | 3742636 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 09/22/2026, <br>1.47% <sup>(B)</sup>, 09/22/2027<br>| 1170000 | 1142438 |
| &nbsp;&nbsp; Fixed until 02/24/2027, <br>2.95% <sup>(B)</sup>, 02/24/2028<br>| 20731000 | 20422239 |
| &nbsp;&nbsp; Fixed until 01/24/2028, <br>4.92% <sup>(B)</sup>, 01/24/2029<br>| 19331000 | 19674339 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 06/13/2028, <br>4.82% <sup>(B)</sup>, 06/13/2029<br>| 10412000 | 10558770 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 01/12/2026, <br>1.34% <sup>(B)</sup>, 01/12/2027 <sup>(A)</sup> <br>| 12137000 | 12065906 |
| Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp; Fixed until 07/06/2027, <br>4.76% <sup>(B)</sup>, 07/06/2028<br>| 16000000 | 16146768 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/18/2028, <br>4.13% <sup>(B)</sup>, 10/18/2029<br>| $19932000 | $19885429 |
| Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp; Fixed until 07/06/2027, <br>4.47% <sup>(B)</sup>, 07/06/2028<br>| 17200000 | 17285981 |
| National Australia Bank Ltd. |  |  |
| 4.50%, 10/26/2027 | 14000000 | 14166775 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/10/2025, <br>7.47% <sup>(B)</sup>, 11/10/2026<br>| 10930000 | 10936180 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 06/12/2028, <br>5.58% <sup>(B)</sup>, 06/12/2029<br>| 10461000 | 10825153 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp; Fixed until 11/03/2027, <br>4.00% <sup>(B)</sup>, 11/03/2028 <sup>(C)</sup> <br>| 10000000 | 9976087 |
| &nbsp;&nbsp; Fixed until 10/18/2027, <br>4.52% <sup>(B)</sup>, 10/18/2028<br>| 11964000 | 12069374 |
| Santander U.K. Group Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/22/2028, <br>4.32% <sup>(B)</sup>, 09/22/2029<br>| 22149000 | 22104203 |
| &nbsp;&nbsp; Fixed until 11/21/2025, <br>6.83% <sup>(B)</sup>, 11/21/2026<br>| 10000000 | 10010944 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/24/2027, <br>4.54% <sup>(B)</sup>, 04/24/2028<br>| 4860000 | 4895870 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month SOFR + 0.88%, <br>5.16% <sup>(B)</sup>, 01/14/2027<br>| 1445000 | 1452673 |
| Svenska Handelsbanken AB |  |  |
| 5.50%, 06/15/2028 <sup>(A)</sup> <br>| 15000000 | 15510403 |
| Swedbank AB |  |  |
| 5.34%, 09/20/2027 <sup>(A)</sup> <br>| 21078000 | 21551044 |
| Truist Bank |  |  |
| &nbsp;&nbsp; Fixed until 05/20/2026, <br>4.67% <sup>(B)</sup>, 05/20/2027<br>| 20000000 | 20042117 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 06/08/2026, <br>6.05% <sup>(B)</sup>, 06/08/2027<br>| 9970000 | 10072005 |
| U.S. Bank NA |  |  |
| &nbsp;&nbsp; Fixed until 05/14/2027, <br>4.73% <sup>(B)</sup>, 05/15/2028<br>| 23038000 | 23236421 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 08/11/2027, <br>6.44% <sup>(B)</sup>, 08/11/2028 <sup>(A)</sup> <br>| 15596000 | 16174961 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 03/24/2027, <br>3.53% <sup>(B)</sup>, 03/24/2028<br>| 5989000 | 5938714 |
| &nbsp;&nbsp; Fixed until 05/22/2027, <br>3.58% <sup>(B)</sup>, 05/22/2028<br>| 34017000 | 33724583 |
|  |  | 708407690 |
| **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  |
| Amgen, Inc. |  |  |
| 5.15%, 03/02/2028 | 18644000 | 19060723 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/2026 | 6543000 | 6560351 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/2029 | $18482000 | $18955256 |
|  |  | 44576330 |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.95%, 04/07/2030 <sup>(A)</sup> <br>| 6418000 | 6570200 |
| **Capital Markets - 0.3%**  | **Capital Markets - 0.3%**  | **Capital Markets - 0.3%**  |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(A)</sup> <br>| 11215000 | 11104080 |
| **Chemicals - 0.9%**  | **Chemicals - 0.9%**  | **Chemicals - 0.9%**  |
| Celanese U.S. Holdings LLC |  |  |
| 6.85%, 11/15/2028 | 12383000 | 12826547 |
| EIDP, Inc. |  |  |
| 4.50%, 05/15/2026 | 18343000 | 18358639 |
|  |  | 31185186 |
| **Commercial Services & Supplies - 3.2%**  | **Commercial Services & Supplies - 3.2%**  | **Commercial Services & Supplies - 3.2%**  |
| Ashtead Capital, Inc. |  |  |
| 1.50%, 08/12/2026 <sup>(A)</sup> <br>| 7199000 | 7042371 |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/2027 <sup>(A)</sup> <br>| 11964000 | 12183583 |
| 6.27%, 06/26/2026 <sup>(A)</sup> <br>| 14091000 | 14246544 |
| ERAC USA Finance LLC |  |  |
| 4.60%, 05/01/2028 <sup>(A)</sup> <br>| 20029000 | 20289467 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/2029 | 26132000 | 27466517 |
| Quanta Services, Inc. |  |  |
| 4.75%, 08/09/2027 | 14874000 | 15047467 |
| Veralto Corp. |  |  |
| 5.50%, 09/18/2026 | 19497000 | 19709459 |
|  |  | 115985408 |
| **Communications Equipment - 1.6%**  | **Communications Equipment - 1.6%**  | **Communications Equipment - 1.6%**  |
| AT&T, Inc. |  |  |
| 2.30%, 06/01/2027 | 11451000 | 11130359 |
| 4.25%, 03/01/2027 | 10482000 | 10492538 |
| NTT Finance Corp. |  |  |
| 1.16%, 04/03/2026 <sup>(A)</sup> <br>| 1075000 | 1061429 |
| 4.62%, 07/16/2028 <sup>(A)</sup> <br>| 3998000 | 4042233 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/2026 | 13813000 | 13729743 |
| Verizon Communications, Inc. |  |  |
| 2.10%, 03/22/2028 | 16545000 | 15806290 |
|  |  | 56262592 |
| **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  | **Consumer Staples Distribution & Retail - 0.8%**  |
| Alimentation Couche-Tard, Inc. |  |  |
| 4.15%, 09/29/2028 <sup>(A)</sup> <br>| 14949000 | 14953165 |
| Lowe's Cos., Inc. |  |  |
| 4.00%, 10/15/2028 | 14949000 | 14916126 |
|  |  | 29869291 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  | **Containers & Packaging - 0.2%**  |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/2026 | $4046000 | $4021841 |
| 4.88%, 07/15/2026 <sup>(A)</sup> <br>| 3765000 | 3765364 |
|  |  | 7787205 |
| **Diversified REITs - 0.7%**  | **Diversified REITs - 0.7%**  | **Diversified REITs - 0.7%**  |
| Equinix, Inc. |  |  |
| 2.00%, 05/15/2028 | 9597000 | 9091632 |
| VICI Properties LP |  |  |
| 4.75%, 04/01/2028 | 9067000 | 9153920 |
| Weyerhaeuser Co. |  |  |
| 4.75%, 05/15/2026 | 5952000 | 5970344 |
|  |  | 24215896 |
| **Electric Utilities - 5.2%**  | **Electric Utilities - 5.2%**  | **Electric Utilities - 5.2%**  |
| Calpine Corp. |  |  |
| 5.13%, 03/15/2028 <sup>(A)</sup> <br>| 9946000 | 9944907 |
| DTE Energy Co. |  |  |
| 4.95%, 07/01/2027 | 9432000 | 9546027 |
| Duke Energy Corp. |  |  |
| 4.30%, 03/15/2028 | 2573000 | 2580254 |
| 5.00%, 12/08/2027 | 13791000 | 14026847 |
| Edison International |  |  |
| 5.75%, 06/15/2027 <sup>(D)</sup> <br>| 17373000 | 17576600 |
| ENEL Finance International NV |  |  |
| 4.13%, 09/30/2028 <sup>(A)</sup> <br>| 15556000 | 15511651 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/2028 | 16705000 | 16852118 |
| Eversource Energy |  |  |
| 5.00%, 01/01/2027 | 9892000 | 9978944 |
| FirstEnergy Corp. |  |  |
| 3.90%, 07/15/2027 | 10832000 | 10764242 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/2027 | 7688000 | 7771017 |
| 4.90%, 02/28/2028 | 10919000 | 11108732 |
| Southern California Edison Co. |  |  |
| 4.40%, 09/06/2026 | 6883000 | 6891618 |
| Southern Co. |  |  |
| 4.85%, 06/15/2028 | 14878000 | 15143985 |
| Vistra Operations Co. LLC |  |  |
| 4.30%, 10/15/2028 <sup>(A)</sup> <br>| 9841000 | 9803887 |
| WEC Energy Group, Inc. |  |  |
| 4.75%, 01/09/2026 | 22094000 | 22090867 |
| Xcel Energy, Inc. |  |  |
| 1.75%, 03/15/2027 | 9780000 | 9465668 |
|  |  | 189057364 |
| **Electronic Equipment, Instruments & Components - 1.1%**  | **Electronic Equipment, Instruments & Components - 1.1%**  | **Electronic Equipment, Instruments & Components - 1.1%**  |
| Amphenol Corp. |  |  |
| 5.05%, 04/05/2027 | 6822000 | 6919076 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/2029 | 9907000 | 10115035 |
| Keysight Technologies, Inc. |  |  |
| 4.60%, 04/06/2027 | 21884000 | 21981219 |
|  |  | 39015330 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services - 6.3%**  | **Financial Services - 6.3%**  | **Financial Services - 6.3%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 6.45%, 04/15/2027 | $8703000 | $8959627 |
| Air Lease Corp. |  |  |
| 5.10%, 03/01/2029 | 17399000 | 17642542 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(B)</sup>, 05/15/2029<br>| 3618000 | 3690854 |
| 5.75%, 11/20/2025 | 7384000 | 7382565 |
| American Express Co. |  |  |
| &nbsp;&nbsp; 3-Month SOFR Index + 0.65%, <br>4.95% <sup>(B)</sup>, 11/04/2026<br>| 1210000 | 1214893 |
| &nbsp;&nbsp; Fixed until 07/28/2026, <br>5.39% <sup>(B)</sup>, 07/28/2027<br>| 18084000 | 18237187 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 - 09/20/2026 <sup>(A)</sup> <br>| 21442000 | 21016451 |
| 5.38%, 07/15/2029 <sup>(A)</sup> <br>| 5153000 | 5271367 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.13%, 02/21/2026 <sup>(A)</sup> <br>| 1986000 | 1971508 |
| 6.38%, 05/04/2028 <sup>(A)</sup> <br>| 15415000 | 16058980 |
| Brookfield Finance, Inc. |  |  |
| 4.25%, 06/02/2026 | 19692000 | 19686003 |
| Capital One Financial Corp. |  |  |
| 3.75%, 03/09/2027 | 16143000 | 16058717 |
| &nbsp;&nbsp; Fixed until 05/10/2027, <br>4.93% <sup>(B)</sup>, 05/10/2028<br>| 9916000 | 10011198 |
| Charles Schwab Corp. |  |  |
| 5.88%, 08/24/2026 | 20867000 | 21141502 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(A)</sup> <br>| 6933000 | 7003470 |
| Lazard Group LLC |  |  |
| 4.50%, 09/19/2028 | 16536000 | 16615038 |
| LPL Holdings, Inc. |  |  |
| 4.63%, 11/15/2027 <sup>(A)</sup> <br>| 6469000 | 6448181 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(A)</sup> <br>| 4351000 | 4488070 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 11/15/2025 <sup>(A)</sup> <br>| 14946000 | 14945743 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(A)</sup> <br>| 10551000 | 10532019 |
|  |  | 228375915 |
| **Food Products - 2.7%**  | **Food Products - 2.7%**  | **Food Products - 2.7%**  |
| Altria Group, Inc. |  |  |
| 4.88%, 02/04/2028 | 9983000 | 10143169 |
| Bunge Ltd. Finance Corp. |  |  |
| 2.00%, 04/21/2026 | 11600000 | 11481338 |
| Campbell's Co. |  |  |
| 5.30%, 03/20/2026 | 3895000 | 3909267 |
| General Mills, Inc. |  |  |
| 4.70%, 01/30/2027 | 6924000 | 6976964 |
| Imperial Brands Finance PLC |  |  |
| 4.50%, 06/30/2028 <sup>(A)</sup> <br>| 9450000 | 9514233 |
| J.M. Smucker Co. |  |  |
| 5.90%, 11/15/2028 | 10960000 | 11487664 |
| Mars, Inc. |  |  |
| 4.45%, 03/01/2027 <sup>(A)</sup> <br>| 9778000 | 9841174 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Philip Morris International, Inc. |  |  |
| 3.88%, 10/27/2028 | $15000000 | $14919450 |
| 4.38%, 11/01/2027 | 17972000 | 18096281 |
|  |  | 96369540 |
| **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  |
| National Fuel Gas Co. |  |  |
| 5.50%, 10/01/2026 | 13890000 | 14041804 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/2027 | 14726000 | 14818905 |
| **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  |
| Centene Corp. |  |  |
| 2.45%, 07/15/2028 | 14978000 | 13963491 |
| Elevance Health, Inc. |  |  |
| 4.50%, 10/30/2026 | 14698000 | 14763499 |
| HCA, Inc. |  |  |
| 5.00%, 03/01/2028 | 6974000 | 7103311 |
|  |  | 35830301 |
| **Health Care REITs - 0.6%**  | **Health Care REITs - 0.6%**  | **Health Care REITs - 0.6%**  |
| Healthcare Realty Holdings LP |  |  |
| 3.10%, 02/15/2030 | 14816000 | 13991324 |
| Ventas Realty LP |  |  |
| 3.25%, 10/15/2026 | 8903000 | 8833373 |
| 3.85%, 04/01/2027 | 750000 | 746473 |
|  |  | 23571170 |
| **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  |
| Carnival Corp. |  |  |
| 5.13%, 05/01/2029 <sup>(A)</sup> <br>| 4900000 | 4960577 |
| Hyatt Hotels Corp. |  |  |
| 5.75%, 01/30/2027 | 9902000 | 10071974 |
|  |  | 15032551 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 2136000 | 2115017 |
| **Insurance - 3.9%**  | **Insurance - 3.9%**  | **Insurance - 3.9%**  |
| Aon Corp. |  |  |
| 4.50%, 12/15/2028 | 11385000 | 11510829 |
| Arthur J Gallagher & Co. |  |  |
| 4.60%, 12/15/2027 | 9758000 | 9849013 |
| Athene Global Funding |  |  |
| 5.35%, 07/09/2027 <sup>(A)</sup> <br>| 14248000 | 14478422 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/2028 | 4982000 | 5026051 |
| Corebridge Global Funding |  |  |
| 4.65%, 08/20/2027 <sup>(A)</sup> <br>| 11884000 | 11998413 |
| Equitable Financial Life Global Funding |  |  |
| 4.88%, 11/19/2027 <sup>(A)</sup> <br>| 13954000 | 14162810 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 2620000 | 2720798 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Guardian Life Global Funding |  |  |
| 4.33%, 10/06/2030 <sup>(A)</sup> <br>| $14990000 | $14997851 |
| 5.55%, 10/28/2027 <sup>(A)</sup> <br>| 5000000 | 5149273 |
| Jackson National Life Global Funding |  |  |
| 5.60%, 04/10/2026 <sup>(A)</sup> <br>| 14850000 | 14942369 |
| New York Life Global Funding |  |  |
| 3.90%, 10/01/2027 <sup>(A)</sup> <br>| 9983000 | 9983768 |
| 4.40%, 04/25/2028 <sup>(A)</sup> <br>| 11264000 | 11379581 |
| RGA Global Funding |  |  |
| 4.35%, 08/25/2028 <sup>(A)</sup> <br>| 15965000 | 15994834 |
|  |  | 142194012 |
| **IT Services - 0.8%**  | **IT Services - 0.8%**  | **IT Services - 0.8%**  |
| DXC Technology Co. |  |  |
| 1.80%, 09/15/2026 | 5398000 | 5277840 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.45%, 09/25/2026 | 4957000 | 4975120 |
| 5.25%, 07/01/2028 | 9917000 | 10184801 |
| Seagate Data Storage Technology Pte. <br> Ltd. |  |  |
| 8.25%, 12/15/2029 <sup>(A)</sup> <br>| 8745000 | 9291180 |
|  |  | 29728941 |
| **Machinery - 1.4%**  | **Machinery - 1.4%**  | **Machinery - 1.4%**  |
| Caterpillar Financial Services Corp. |  |  |
| 4.45%, 10/16/2026 | 15860000 | 15945714 |
| CNH Industrial Capital LLC |  |  |
| 4.75%, 03/21/2028 | 9781000 | 9899645 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 8926000 | 8393653 |
| 5.35%, 01/15/2030 | 2990000 | 3086438 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 02/15/2026 | 14898000 | 14941881 |
|  |  | 52267331 |
| **Media - 0.3%**  | **Media - 0.3%**  | **Media - 0.3%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.10%, 06/01/2029 | 9885000 | 10333468 |
| **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 12899000 | 13413804 |
| **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/2028 <sup>(A)</sup> <br>| 2947000 | 2957677 |
| **Oil, Gas & Consumable Fuels - 3.7%**  | **Oil, Gas & Consumable Fuels - 3.7%**  | **Oil, Gas & Consumable Fuels - 3.7%**  |
| Canadian Natural Resources Ltd. |  |  |
| 3.85%, 06/01/2027 | 15000000 | 14914469 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| 5.13%, 06/30/2027 | 14433000 | 14580735 |
| Diamondback Energy, Inc. |  |  |
| 5.20%, 04/18/2027 | 13837000 | 14026374 |
| Enbridge, Inc. |  |  |
| 5.90%, 11/15/2026 | 15154000 | 15406394 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Energy Transfer LP |  |  |
| 4.75%, 01/15/2026 | $1565000 | $1565100 |
| 6.05%, 12/01/2026 | 9899000 | 10067700 |
| Kinder Morgan, Inc. |  |  |
| 4.30%, 03/01/2028 | 13371000 | 13423422 |
| Occidental Petroleum Corp. |  |  |
| 5.00%, 08/01/2027 | 14837000 | 15049565 |
| ONEOK, Inc. |  |  |
| 5.55%, 11/01/2026 | 16687000 | 16887339 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 4.81%, 09/16/2028 <sup>(A)</sup> <br>| 8154000 | 8173410 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/02/2026 | 10898000 | 10938818 |
|  |  | 135033326 |
| **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  |
| Georgia-Pacific LLC |  |  |
| 4.40%, 06/30/2028 <sup>(A)</sup> <br>| 13725000 | 13823813 |
| **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  | **Passenger Airlines - 0.2%**  |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 <sup>(C)</sup> <br>| 7318000 | 7300869 |
| **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  | **Personal Care Products - 0.4%**  |
| Haleon U.S. Capital LLC |  |  |
| 3.38%, 03/24/2027 | 13155000 | 13038243 |
| **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  | **Pharmaceuticals - 1.8%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(A)</sup> <br>| 9737000 | 9702875 |
| Bristol-Myers Squibb Co. |  |  |
| 4.95%, 02/20/2026 | 14713000 | 14749936 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/2029 | 14597000 | 15000670 |
| CVS Health Corp. |  |  |
| 3.25%, 08/15/2029 <sup>(D)</sup> <br>| 17530000 | 16854232 |
| Zoetis, Inc. |  |  |
| 4.15%, 08/17/2028 | 9168000 | 9194998 |
|  |  | 65502711 |
| **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/2029 | 8907000 | 9230727 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| Invitation Homes Operating Partnership LP |  |  |
| 2.30%, 11/15/2028 | 5860000 | 5542656 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| NNN REIT, Inc. |  |  |
| 3.60%, 12/15/2026 | 7606000 | 7556066 |
| **Semiconductors & Semiconductor Equipment - 2.2%**  | **Semiconductors & Semiconductor Equipment - 2.2%**  | **Semiconductors & Semiconductor Equipment - 2.2%**  |
| Advanced Micro Devices, Inc. |  |  |
| 4.32%, 03/24/2028 | 14667000 | 14811769 |
| Broadcom, Inc. |  |  |
| 5.05%, 07/12/2027 | 19275000 | 19594301 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/2030 <sup>(A)</sup> <br>| 7000000 | 7356797 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Intel Corp. |  |  |
| 4.88%, 02/10/2026 | $15000000 | $15022932 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 8932000 | 9105593 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 4.30%, 08/19/2028 | 13851000 | 13871879 |
|  |  | 79763271 |
| **Software - 1.4%**  | **Software - 1.4%**  | **Software - 1.4%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.20%, 09/10/2027 | 4957000 | 4970976 |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/2026 | 1255000 | 1242774 |
| 5.15%, 03/15/2027 | 14888000 | 15010266 |
| Oracle Corp. |  |  |
| 4.80%, 08/03/2028 | 14519000 | 14727528 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/2028 | 6010000 | 6027854 |
| Synopsys, Inc. |  |  |
| 4.55%, 04/01/2027 | 6975000 | 7022950 |
|  |  | 49002348 |
| **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  | **Transportation Infrastructure - 0.5%**  |
| Penske Truck Leasing Co. LP/PTL Finance <br> Corp. |  |  |
| 5.35%, 01/12/2027 <sup>(A)</sup> <br>| 6392000 | 6462927 |
| 5.75%, 05/24/2026 <sup>(A)</sup> <br>| 10910000 | 10982747 |
|  |  | 17445674 |
| **Water Utilities - 0.3%**  | **Water Utilities - 0.3%**  | **Water Utilities - 0.3%**  |
| Essential Utilities, Inc. |  |  |
| 4.80%, 08/15/2027 | 9870000 | 9973860 |
|  |  | 9973860 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $2,504,953,482)**<br>|  | 2530372722 |
| **ASSET-BACKED SECURITIES - 11.2%**  | **ASSET-BACKED SECURITIES - 11.2%**  | **ASSET-BACKED SECURITIES - 11.2%**  |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(A)</sup> <br>| 806394 | 753711 |
| &nbsp;&nbsp; Series 2021-1H, Class B, <br>1.90%, 10/20/2040 <sup>(A)</sup> <br>| 2829411 | 2646709 |
| &nbsp;&nbsp; Series 2021-1H, Class C, <br>2.35%, 10/20/2040 <sup>(A)</sup> <br>| 1281851 | 1202361 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A2, <br>1.94%, 08/15/2046 <sup>(A)</sup> <br>| 10500000 | 10253115 |
| Apex Credit CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-1A, Class AR, <br>3-Month Term SOFR + 0.98%, <br>4.84% <sup>(B)</sup>, 04/25/2031 <sup>(A)</sup> <br>| 5040426 | 5028868 |
| &nbsp;&nbsp; Series 2021-1A, Class ANR, <br>3-Month Term SOFR + 1.22%, <br>5.10% <sup>(B)</sup>, 07/18/2034 <sup>(A)</sup> <br>| 10000000 | 9978170 |
| Apidos CLO XXXI Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-31A, Class BR, <br>3-Month Term SOFR + 1.81%, <br>5.72% <sup>(B)</sup>, 04/15/2031 <sup>(A)</sup> <br>| 12500000 | 12541700 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(A)</sup> <br>| $5909698 | $5446614 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.25%, 04/20/2029 <sup>(A)</sup> <br>| 10705000 | 10919959 |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| 9315000 | 9548593 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2020-A, Class A, <br>1.55%, 02/28/2036 <sup>(A)</sup> <br>| 7079589 | 6865076 |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 3667652 | 3736787 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 8620000 | 8707193 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-1A, Class AR3, <br>3-Month Term SOFR + 1.00%, <br>4.87% <sup>(B)</sup>, 10/21/2031 <sup>(A)</sup> <br>| 8687140 | 8666500 |
| Citibank Credit Card Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A1, <br>5.23%, 12/08/2027<br>| 8540000 | 8548563 |
| Dryden 40 Senior Loan Fund |  |  |
| &nbsp;&nbsp; Series 2015-40A, Class AR2, <br>3-Month Term SOFR + 1.15%, <br>5.36% <sup>(B)</sup>, 08/15/2031 <sup>(A)</sup> <br>| 7797739 | 7799719 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 21499000 | 21592777 |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 11940000 | 12107364 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp; Series 2022-A, Class C, <br>2.14%, 07/15/2029<br>| 1625000 | 1620547 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(A)</sup> <br>| 17025000 | 17306515 |
| Hertz Vehicle Financing III LP |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class A, <br>1.68%, 12/27/2027 <sup>(A)</sup> <br>| 5700000 | 5559431 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2019-AA, Class A, <br>2.34%, 07/25/2033 <sup>(A)</sup> <br>| 1061648 | 1055041 |
| &nbsp;&nbsp; Series 2020-AA, Class A, <br>2.74%, 02/25/2039 <sup>(A)</sup> <br>| 1103395 | 1085355 |
| &nbsp;&nbsp; Series 2022-2A, Class A, <br>4.30%, 01/25/2037 <sup>(A)</sup> <br>| 2704049 | 2689620 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(A)</sup> <br>| 2578280 | 2633799 |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(A)</sup> <br>| 953365 | 968656 |
| &nbsp;&nbsp; Series 2024-1B, Class C, <br>6.62%, 09/15/2039 <sup>(A)</sup> <br>| 267825 | 274113 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 1613591 | 1646236 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(A)</sup> <br>| 9506571 | 9602641 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Hilton Grand Vacations Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.71%, 08/27/2040 <sup>(A)</sup> <br>| $3790762 | $3837450 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(A)</sup> <br>| 7406981 | 7426403 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class B, <br>5.84%, 03/15/2043 <sup>(A)</sup> <br>| 1796006 | 1824914 |
| &nbsp;&nbsp; Series 2024-A, Class C, <br>6.32%, 03/15/2043 <sup>(A)</sup> <br>| 2007448 | 2036946 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.27%, <br>5.15% <sup>(B)</sup>, 04/17/2034 <sup>(A)</sup> <br>| 10500000 | 10485332 |
| KKR CLO 15 Ltd. |  |  |
| &nbsp;&nbsp; Series 15, Class A1R2, <br>3-Month Term SOFR + 1.10%, <br>4.98% <sup>(B)</sup>, 01/18/2032 <sup>(A)</sup> <br>| 5763138 | 5760781 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2019-2A, Class A, <br>2.22%, 10/20/2038 <sup>(A)</sup> <br>| 173995 | 173106 |
| &nbsp;&nbsp; Series 2019-2A, Class B, <br>2.44%, 10/20/2038 <sup>(A)</sup> <br>| 915762 | 910559 |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.74%, 10/20/2037 <sup>(A)</sup> <br>| 1086356 | 1063559 |
| &nbsp;&nbsp; Series 2021-1WA, Class B, <br>1.44%, 01/22/2041 <sup>(A)</sup> <br>| 1566612 | 1502933 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(A)</sup> <br>| 4175446 | 4216052 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>6.18%, 11/20/2040 <sup>(A)</sup> <br>| 6763141 | 6937305 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.32%, 02/20/2043 <sup>(A)</sup> <br>| 8968022 | 9079713 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.51%, 02/20/2043 <sup>(A)</sup> <br>| 1420419 | 1438744 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>4.43%, 03/20/2042 <sup>(A)</sup> <br>| 7559761 | 7562059 |
| Octagon Investment Partners 40 Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A1RR, <br>3-Month Term SOFR + 1.04%, <br>4.92% <sup>(B)</sup>, 01/20/2035 <sup>(A)</sup> <br>| 3000000 | 3002193 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class D, <br>5.43%, 03/17/2031<br>| 4050000 | 4086873 |
| &nbsp;&nbsp; Series 2025-3, Class C, <br>4.68%, 09/15/2031<br>| 8350000 | 8363656 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>4.82%, 07/22/2030 <sup>(A)</sup> <br>| 4242101 | 4253517 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class B, <br>1.34%, 11/20/2037 <sup>(A)</sup> <br>| 1295769 | 1289277 |
| &nbsp;&nbsp; Series 2022-3A, Class A, <br>5.83%, 07/20/2039 <sup>(A)</sup> <br>| 3138711 | 3203835 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 4310108 | 4364444 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 1814081 | 1861062 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 4939501 | 5108953 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; Sierra Timeshare Receivables <br> Funding LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.35%, 01/20/2043 <sup>(A)</sup> <br>| $3067054 | $3096002 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.83%, 08/20/2041 <sup>(A)</sup> <br>| 3300809 | 3324445 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.32%, 08/20/2041 <sup>(A)</sup> <br>| 4046153 | 4064068 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(A)</sup> <br>| 5530797 | 5560803 |
| &nbsp;&nbsp; Series 2025-1A, Class B, <br>5.10%, 01/21/2042 <sup>(A)</sup> <br>| 1999083 | 2012340 |
| &nbsp;&nbsp; Series 2025-1A, Class C, <br>5.39%, 01/21/2042 <sup>(A)</sup> <br>| 3998166 | 4013247 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.72%, 04/20/2044 <sup>(A)</sup> <br>| 3690370 | 3702583 |
| &nbsp;&nbsp; Series 2025-2A, Class B, <br>4.93%, 04/20/2044 <sup>(A)</sup> <br>| 1970993 | 1974519 |
| &nbsp;&nbsp; Series 2025-2A, Class C, <br>5.32%, 04/20/2044 <sup>(A)</sup> <br>| 2080027 | 2083589 |
| Symphony CLO XVIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-18A, Class AR4, <br>3-Month Term SOFR + 1.23%, <br>5.51% <sup>(B)</sup>, 10/23/2037 <sup>(A)</sup> <br>| 15000000 | 15016095 |
| Symphony CLO XXIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-23A, Class AR2, <br>3-Month Term SOFR + 0.90%, <br>4.80% <sup>(B)</sup>, 01/15/2034 <sup>(A)</sup> <br>| 9601214 | 9591709 |
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.07%, 02/27/2034 <sup>(A)</sup> <br>| 12150000 | 12029943 |
| Venture 37 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-37A, Class A1RR, <br>3-Month Term SOFR + 1.25%, <br>5.15% <sup>(B)</sup>, 07/15/2032 <sup>(A)</sup> <br>| 10147542 | 10147714 |
| Venture 38 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-38A, Class ARR, <br>3-Month Term SOFR + 1.00%, <br>4.84% <sup>(B)</sup>, 07/30/2032 <sup>(A)</sup> <br>| 5504100 | 5505619 |
| Venture 44 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-44A, Class A1NR, <br>3-Month Term SOFR + 1.14%, <br>5.02% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 13900000 | 13831501 |
| Voya CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2015-3A, Class A1R4, <br>3-Month Term SOFR + 0.96%, <br>4.84% <sup>(B)</sup>, 10/20/2031 <sup>(A)</sup> <br>| 6469238 | 6473100 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class C, <br>4.85%, 01/15/2031 <sup>(A)</sup> <br>| 10460000 | 10500490 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $401,489,134)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $401,489,134)** | 403503166 |
| **MORTGAGE-BACKED SECURITIES - 8.0%**  | **MORTGAGE-BACKED SECURITIES - 8.0%**  | **MORTGAGE-BACKED SECURITIES - 8.0%**  |
| 20 Times Square Trust |  |  |
| &nbsp;&nbsp; Series 2018-20TS, Class B, <br>3.10% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> <br>| 3000000 | 2827500 |
| &nbsp;&nbsp; Series 2018-20TS, Class C, <br>3.10% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> <br>| 10900000 | 10218750 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-280P, Class C, <br>1-Month Term SOFR + 1.55%, <br>5.63% <sup>(B)</sup>, 09/15/2034 <sup>(A)</sup> <br>| $16000000 | $15820000 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(B)</sup>, 01/25/2070 <sup>(A)</sup> <br>| 9226627 | 9302721 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-TALL, Class C, <br>1-Month Term SOFR + 1.32%, <br>5.35% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 6015000 | 5473650 |
| &nbsp;&nbsp; Series 2018-TALL, Class E, <br>1-Month Term SOFR + 2.63%, <br>6.67% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 7000000 | 5670547 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 3387635 | 3421554 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(B)</sup>, 10/27/2064 <sup>(A)</sup> <br>| 967264 | 972883 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(B)</sup>, 12/25/2064 <sup>(A)</sup> <br>| 7278028 | 7329526 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-VOLT, Class C, <br>1-Month Term SOFR + 1.21%, <br>5.25% <sup>(B)</sup>, 09/15/2036 <sup>(A)</sup> <br>| 4587401 | 4584569 |
| BXP Trust |  |  |
| &nbsp;&nbsp; Series 2017-CQHP, Class D, <br>1-Month Term SOFR + 2.05%, <br>6.08% <sup>(B)</sup>, 11/15/2034 <sup>(A)</sup> <br>| 11825000 | 8730200 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> <br>| 7783930 | 7054473 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2014-A, Class A, <br>4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> <br>| 792675 | 775019 |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> <br>| 969791 | 955123 |
| CLNY Trust |  |  |
| &nbsp;&nbsp; Series 2019-IKPR, Class C, <br>1-Month Term SOFR + 2.04%, <br>6.14% <sup>(B)</sup>, 11/15/2038 <sup>(A)</sup> <br>| 5000000 | 4825000 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 5917633 | 5972720 |
| &nbsp;&nbsp; Series 2024-3, Class A1, <br>6.39% <sup>(B)</sup>, 06/25/2069 <sup>(A)</sup> <br>| 11584583 | 11740355 |
| &nbsp;&nbsp; Series 2024-4, Class A1, <br>5.95% <sup>(B)</sup>, 07/25/2069 <sup>(A)</sup> <br>| 8036038 | 8112314 |
| &nbsp;&nbsp; Series 2024-5, Class A1, <br>5.12% <sup>(B)</sup>, 08/25/2069 <sup>(A)</sup> <br>| 10192400 | 10192871 |
| &nbsp;&nbsp; Series 2024-6, Class A1, <br>5.39% <sup>(B)</sup>, 11/25/2069 <sup>(A)</sup> <br>| 8349137 | 8381246 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 8198805 | 6988044 |
| &nbsp;&nbsp; Series 2021-RPL3, Class A1, <br>2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 4765418 | 4236494 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> <br>| 8112786 | 7383774 |

---

***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 Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.00% <sup>(B)</sup>, 04/25/2055 <sup>(A)</sup> <br>| $2530527 | $2440163 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> <br>| 2223387 | 2040057 |
| MHP Trust |  |  |
| &nbsp;&nbsp; Series 2021-STOR, Class C, <br>1-Month Term SOFR + 1.16%, <br>5.20% <sup>(B)</sup>, 07/15/2038 <sup>(A)</sup> <br>| 3000000 | 2992500 |
| &nbsp;&nbsp; Series 2021-STOR, Class D, <br>1-Month Term SOFR + 1.46%, <br>5.50% <sup>(B)</sup>, 07/15/2038 <sup>(A)</sup> <br>| 5000000 | 4985937 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(B)</sup>, 01/25/2054 <sup>(A)</sup> <br>| 637959 | 621413 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(B)</sup>, 11/25/2054 <sup>(A)</sup> <br>| 829663 | 798487 |
| &nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75% <sup>(B)</sup>, 11/25/2056 <sup>(A)</sup> <br>| 1285606 | 1237381 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> <br>| 2183005 | 2116460 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(B)</sup>, 05/25/2057 <sup>(A)</sup> <br>| 1321903 | 1275430 |
| &nbsp;&nbsp; Series 2017-5A, Class A1, <br>1-Month Term SOFR + 1.61%, <br>5.61% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 1162037 | 1176493 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 1463815 | 1432498 |
| &nbsp;&nbsp; Series 2018-2A, Class A1, <br>4.50% <sup>(B)</sup>, 02/25/2058 <sup>(A)</sup> <br>| 2002902 | 1983647 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 1312298 | 1275345 |
| &nbsp;&nbsp; Series 2019-2A, Class A1, <br>4.25% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 2567085 | 2526260 |
| &nbsp;&nbsp; Series 2019-3A, Class A1A, <br>3.75% <sup>(B)</sup>, 11/25/2058 <sup>(A)</sup> <br>| 3108667 | 3008121 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> <br>| 3463593 | 3258506 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 3215904 | 3066693 |
| &nbsp;&nbsp; Series 2019-RPL2, Class A1, <br>3.25% <sup>(B)</sup>, 02/25/2059 <sup>(A)</sup> <br>| 5290481 | 5153660 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 5405922 | 5420441 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 3847345 | 3889663 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 6449475 | 6510705 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 4954768 | 5034070 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>6.24% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 9447889 | 9564068 |
| &nbsp;&nbsp; Series 2024-NQM8, Class A1, <br>6.23% <sup>(B)</sup>, 05/25/2064 <sup>(A)</sup> <br>| 4937421 | 4997567 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 8540613 | 8606673 |
| SFO Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-555, Class D, <br>1-Month Term SOFR + 2.51%, <br>6.55% <sup>(B)</sup>, 05/15/2038 <sup>(A)</sup> <br>| 4900000 | 4838750 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| $1332946 | $1305390 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 1930213 | 1900714 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> <br>| 586223 | 581582 |
| &nbsp;&nbsp; Series 2018-2, Class A1, <br>3.25% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 2181892 | 2158951 |
| &nbsp;&nbsp; Series 2018-3, Class A1, <br>3.75% <sup>(B)</sup>, 05/25/2058 <sup>(A)</sup> <br>| 1849450 | 1818323 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 5506302 | 5238306 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 3055743 | 2938543 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75% , 10/25/2060 <sup>(A)</sup> <br>| 6842157 | 6250656 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(B)</sup>, 11/25/2061 <sup>(A)</sup> <br>| 5676325 | 5355019 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75% , 01/25/2063 <sup>(A)</sup> <br>| 8692762 | 8440173 |
| VEGAS Trust |  |  |
| 5.52% , 11/10/2039 <sup>(A)</sup> <br>| 12000000 | 12145529 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $301,673,698)**<br>|  | 289353507 |
| **U.S. GOVERNMENT OBLIGATIONS - 7.1%**  | **U.S. GOVERNMENT OBLIGATIONS - 7.1%**  | **U.S. GOVERNMENT OBLIGATIONS - 7.1%**  |
| **U.S. Treasury - 7.1%**  | **U.S. Treasury - 7.1%**  | **U.S. Treasury - 7.1%**  |
| U.S. Treasury Notes |  |  |
| 3.88%, 03/15/2028 | 35416500 | 35648921 |
| 4.00%, 02/28/2030 | 34975000 | 35420385 |
| 4.25%, 02/15/2028 - 02/28/2029 | 78639000 | 79930421 |
| 4.38%, 07/15/2027 | 103985000 | 105256379 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $254,987,354)**<br>|  | 256256106 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.2%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 1-Year RFUCC Treasury + 1.77%, |  |  |
| 6.52% <sup>(B)</sup>, 08/01/2037 | 199067 | 203924 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.12%, 06/25/2027 | 15000000 | 14810751 |
| 3.24%, 04/25/2027 | 10568000 | 10457061 |
| 3.41%, 12/25/2026 | 16986293 | 16862727 |
| Seasoned Loans Structured Transaction |  |  |
| 3.50%, 06/25/2028 | 349970 | 343841 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $41,929,908)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $41,929,908)** | 42678304 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>3.98% <sup>(E)</sup>, 12/16/2025<br>| 18014000 | 17931118 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $17,926,126)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $17,926,126)** | 17931118 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica Short-Term Bond**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(E)</sup> <br>| 1907315 | $1907315 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,907,315)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,907,315)** | 1907315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(E)</sup>, dated 10/31/2025, to be <br> repurchased at $44,762,196 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 $45,651,853.<br>| $44756601 | 44756601 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $44,756,601)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $44,756,601)** | 44756601 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,569,623,618)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,569,623,618)** | 3586758839 |
| **Net Other Assets (Liabilities) - 0.7%** | **Net Other Assets (Liabilities) - 0.7%** | 24284161 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$3611043000** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 2-Year U.S. Treasury Notes | 1663 | &nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp; $346628344 | &nbsp;&nbsp;&nbsp; $346306759 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(321585)<br>|

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $2530372722 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2530372722 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 403503166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 403503166 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 289353507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 289353507 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 256256106 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256256106 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 42678304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42678304 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 17931118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17931118 |
| Other Investment Company | 1907315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1907315 |
| Repurchase Agreement |  | &nbsp;&nbsp; 44756601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44756601 |
| **Total Investments** | **$1907315** | &nbsp;&nbsp; **$3584851524** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3586758839** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $(321585)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(321585)<br>|
| **Total Other Financial Instruments** | **$(321585)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(321585)**<br>|

---

***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 Short-Term Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $1,254,505,814, representing 34.7% of* *the Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(C)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $1,868,085, collateralized by cash collateral of $1,907,315. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(F)</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>(G)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Short-Term Bond**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $3,524,867,017) (including securities loaned of $1,868,085) | $3542002238 |
| Repurchase agreement, at value (cost $44,756,601) | 44756601 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 1995600 |
| Receivables and other assets: |  |
| Net income from securities lending | 3218 |
| Shares of beneficial interest sold  | 15149241 |
| Interest | 34068073 |
| Variation margin receivable on futures contracts | 12 |
| Total assets | 3637974983 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 1907315 |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 17314414 |
| Dividends and/or distributions | 1087518 |
| Shares of beneficial interest redeemed | 4863714 |
| Investment management fees | 1117706 |
| Distribution and service fees | 144266 |
| Transfer agent fees | 267771 |
| Trustee and CCO fees | 1204 |
| Audit and tax fees  | 32148 |
| Custody fees | 38790 |
| Legal fees | 40455 |
| Printing and shareholder reports fees | 49941 |
| Registration fees | 324 |
| Other accrued expenses | 66417 |
| Total liabilities | 26931983 |
| **Net assets**  | $3611043000 |
| **Net assets consist of:** |  |
| Paid-in capital | $3738360346 |
| Total distributable earnings (accumulated losses) | (127317346)<br>|
| **Net assets** | $3611043000 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Short-Term Bond**

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**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $374651874 |
| Class C | 65763183 |
| Class I | 2648688076 |
| Class I2 | 142981598 |
| Class I3 | 69141839 |
| Class R | 3136110 |
| Class R4 | 33099123 |
| Class R6 | 273581197 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 37123788 |
| Class C | 6526671 |
| Class I | 266964392 |
| Class I2 | 14424558 |
| Class I3 | 6975263 |
| Class R | 310739 |
| Class R4 | 3278996 |
| Class R6 | 27577186 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.09 |
| Class C | 10.08 |
| Class I | 9.92 |
| Class I2 | 9.91 |
| Class I3 | 9.91 |
| Class R | 10.09 |
| Class R4 | 10.09 |
| Class R6 | 9.92 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Short-Term Bond**

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**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $160261706 |
| Net income from securities lending | 73794 |
| Withholding taxes on foreign income | (875)<br>|
| Total investment income  | 160334625 |
| **Expenses:** |  |
| Investment management fees | 12362790 |
| Distribution and service fees: |  |
| Class A | 988198 |
| Class C | 705298 |
| Class R | 20310 |
| Class R4 | 77435 |
| Transfer agent fees: |  |
| Class A | 278159 |
| Class C | 54999 |
| Class I | 2520836 |
| Class I2 | 9416 |
| Class I3 | 5232 |
| Class R | 62 |
| Class R4 | 2323 |
| Class R6 | 18021 |
| Trustee and CCO fees | 142814 |
| Audit and tax fees | 70368 |
| Custody fees | 230265 |
| Legal fees | 244900 |
| Printing and shareholder reports fees | 245645 |
| Registration fees | 202377 |
| Other | 152447 |
| Total expenses before waiver and/or reimbursement and recapture | 18331895 |
| Expenses waived and/or reimbursed: |  |
| Class R4 | (4693)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 274 |
| Net expenses | 18327476 |
| **Net investment income (loss)** | 142007149 |
| **Net realized gain (loss) on:** |  |
| Investments | 2578418 |
| Futures contracts | (1917503)<br>|
| Net realized gain (loss) | 660915 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 36551007 |
| Futures contracts | 1262005 |
| Net change in unrealized appreciation (depreciation) | 37813012 |
| Net realized and change in unrealized gain (loss) | 38473927 |
| **Net increase (decrease) in net assets resulting from operations** | $180481076 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Short-Term Bond**

------

**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) | $142007149 | &nbsp;&nbsp;&nbsp;&nbsp; $129529934 |
| Net realized gain (loss) | 660915 | &nbsp;&nbsp;&nbsp;&nbsp; (11347310)<br>|
| Net change in unrealized appreciation (depreciation) | 37813012 | &nbsp;&nbsp;&nbsp;&nbsp; 100406598 |
| Net increase (decrease) in net assets resulting from operations | 180481076 | &nbsp;&nbsp;&nbsp;&nbsp; 218589222 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (16096842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20125612)<br>|
| Class C | (2333360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2487943)<br>|
| Class I | (103834892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87299722)<br>|
| Class I2 | (5495619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5147170)<br>|
| Class I3 | (3055220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3910215)<br>|
| Class R | (156531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (357072)<br>|
| Class R4 | (1286443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1324515)<br>|
| Class R6 | (10558124)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9352436)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (142817031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130004685)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 72104173 | &nbsp;&nbsp;&nbsp;&nbsp; 77444660 |
| Class C | 15180988 | &nbsp;&nbsp;&nbsp;&nbsp; 22318099 |
| Class I | 1291919255 | &nbsp;&nbsp;&nbsp;&nbsp; 1157427113 |
| Class I2 | 116444997 | &nbsp;&nbsp;&nbsp;&nbsp; 114029819 |
| Class I3 | 14913120 | &nbsp;&nbsp;&nbsp;&nbsp; 15283755 |
| Class R | 151558 | &nbsp;&nbsp;&nbsp;&nbsp; 229798 |
| Class R4 | 12455864 | &nbsp;&nbsp;&nbsp;&nbsp; 9036969 |
| Class R6 | 46826355 | &nbsp;&nbsp;&nbsp;&nbsp; 27716434 |
|  | 1569996310 | &nbsp;&nbsp;&nbsp;&nbsp; 1423486647 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 13895809 | &nbsp;&nbsp;&nbsp;&nbsp; 18172846 |
| Class C | 2253089 | &nbsp;&nbsp;&nbsp;&nbsp; 2369680 |
| Class I | 92886418 | &nbsp;&nbsp;&nbsp;&nbsp; 75984020 |
| Class I2 | 5495619 | &nbsp;&nbsp;&nbsp;&nbsp; 5110093 |
| Class I3 | 3055220 | &nbsp;&nbsp;&nbsp;&nbsp; 3910215 |
| Class R | 154708 | &nbsp;&nbsp;&nbsp;&nbsp; 357072 |
| Class R4 | 1286443 | &nbsp;&nbsp;&nbsp;&nbsp; 1324515 |
| Class R6 | 10478728 | &nbsp;&nbsp;&nbsp;&nbsp; 9266436 |
|  | 129506034 | &nbsp;&nbsp;&nbsp;&nbsp; 116494877 |
| Cost of shares redeemed: |  |  |
| Class A | (217055928)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (150802971)<br>|
| Class C | (19352076)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22678500)<br>|
| Class I | (1001339013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1112357792)<br>|
| Class I2 | (113170183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (168776041)<br>|
| Class I3 | (44449245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14289774)<br>|
| Class R | (6160525)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2180714)<br>|
| Class R4 | (15078487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7388484)<br>|
| Class R6 | (16108145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18640537)<br>|
|  | (1432713602)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1497114813)<br>|
| Automatic conversions: |  |  |
| Class A | 9235374 | &nbsp;&nbsp;&nbsp;&nbsp; 9645814 |
| Class C | (9235374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9645814)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 266788742 | &nbsp;&nbsp;&nbsp;&nbsp; 42866711 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 14889 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 322 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15211 |
| **Net increase (decrease) in net assets** | 304452787 | &nbsp;&nbsp;&nbsp;&nbsp; 131466459 |
| **Net assets:** |  |  |
| Beginning of year | 3306590213 | &nbsp;&nbsp;&nbsp;&nbsp; 3175123754 |
| End of year | $3611043000 | &nbsp;&nbsp;&nbsp;&nbsp; $3306590213 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Short-Term Bond**

------

**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 | 7189835 | &nbsp;&nbsp;&nbsp;&nbsp; 7790213 |
| Class C | 1516608 | &nbsp;&nbsp;&nbsp;&nbsp; 2249366 |
| Class I | 131021261 | &nbsp;&nbsp;&nbsp;&nbsp; 118597222 |
| Class I2 | 11784402 | &nbsp;&nbsp;&nbsp;&nbsp; 11666508 |
| Class I3 | 1510903 | &nbsp;&nbsp;&nbsp;&nbsp; 1562897 |
| Class R | 15135 | &nbsp;&nbsp;&nbsp;&nbsp; 23114 |
| Class R4 | 1241127 | &nbsp;&nbsp;&nbsp;&nbsp; 911838 |
| Class R6 | 4734858 | &nbsp;&nbsp;&nbsp;&nbsp; 2851021 |
|  | 159014129 | &nbsp;&nbsp;&nbsp;&nbsp; 145652179 |
| Shares reinvested: |  |  |
| Class A | 1384631 | &nbsp;&nbsp;&nbsp;&nbsp; 1830424 |
| Class C | 224807 | &nbsp;&nbsp;&nbsp;&nbsp; 239091 |
| Class I | 9408332 | &nbsp;&nbsp;&nbsp;&nbsp; 7782260 |
| Class I2 | 557136 | &nbsp;&nbsp;&nbsp;&nbsp; 523837 |
| Class I3 | 309907 | &nbsp;&nbsp;&nbsp;&nbsp; 401004 |
| Class R | 15427 | &nbsp;&nbsp;&nbsp;&nbsp; 35974 |
| Class R4 | 128102 | &nbsp;&nbsp;&nbsp;&nbsp; 133355 |
| Class R6 | 1061512 | &nbsp;&nbsp;&nbsp;&nbsp; 949183 |
|  | 13089854 | &nbsp;&nbsp;&nbsp;&nbsp; 11895128 |
| Shares redeemed: |  |  |
| Class A | (21707328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15201587)<br>|
| Class C | (1933219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2291615)<br>|
| Class I | (101557766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (114152095)<br>|
| Class I2 | (11491892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17341278)<br>|
| Class I3 | (4532962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1468383)<br>|
| Class R | (617893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (220812)<br>|
| Class R4 | (1506193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (743037)<br>|
| Class R6 | (1632949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1932072)<br>|
|  | (144980202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153350879)<br>|
| Automatic conversions: |  |  |
| Class A | 921219 | &nbsp;&nbsp;&nbsp;&nbsp; 972483 |
| Class C | (922769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (974275)<br>|
|  | (1550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1792)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (12211643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4608467)<br>|
| Class C | (1114573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (777433)<br>|
| Class I | 38871827 | &nbsp;&nbsp;&nbsp;&nbsp; 12227387 |
| Class I2 | 849646 | &nbsp;&nbsp;&nbsp;&nbsp; (5150933)<br>|
| Class I3 | (2712152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 495518 |
| Class R | (587331)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161724)<br>|
| Class R4 | (136964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 302156 |
| Class R6 | 4163421 | &nbsp;&nbsp;&nbsp;&nbsp; 1868132 |
|  | 27122231 | &nbsp;&nbsp;&nbsp;&nbsp; 4194636 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Short-Term Bond**

------

**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** | $9.98 | $9.70 | $9.63 | $10.33 | $10.32 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.41 | 0.39 | 0.31 | 0.14 | 0.13 |
| Net realized and unrealized gain (loss) | 0.11 | 0.28 | 0.07 | (0.69)<br>| 0.02 |
| Total investment operations | 0.52 | 0.67 | 0.38 | (0.55)<br>| 0.15 |
| **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 | (0.41)<br>| (0.39)<br>| (0.31)<br>| (0.15)<br>| (0.14)<br>|
| **Net asset value, end of year** | $10.09 | $9.98 | $9.70 | $9.63 | $10.33 |
| **Total return** <sup>(E)</sup> <br>| 5.29<br> %<br>| 7.05 %<sup>(C)</sup><br>| 4.00<br> %<br>| (5.35 )%<sup>(D)</sup><br>| 1.46<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $374652 | $492344 | $523289 | $623306 | $817203 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<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 | 0.73<br> %<br>| 0.72<br> %<br>| 0.72 %<sup>(F)</sup><br>| 0.71 %<sup>(F)</sup><br>| 0.70<br> %<br>|
| Net investment income (loss) to average net assets | 4.05<br> %<br>| 3.95<br> %<br>| 3.14<br> %<br>| 1.40<br> %<br>| 1.27<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *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> *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** | $9.96 | $9.68 | $9.62 | $10.31 | $10.30 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.33 | 0.32 | 0.23 | 0.06 | 0.05 |
| Net realized and unrealized gain (loss) | 0.12 | 0.28 | 0.07 | (0.68)<br>| 0.02 |
| Total investment operations | 0.45 | 0.60 | 0.30 | (0.62)<br>| 0.07 |
| **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 | (0.33)<br>| (0.32)<br>| (0.24)<br>| (0.07)<br>| (0.06)<br>|
| **Net asset value, end of year** | $10.08 | $9.96 | $9.68 | $9.62 | $10.31 |
| **Total return** <sup>(E)</sup> <br>| 4.60<br> %<br>| 6.24 %<sup>(C)</sup><br>| 3.09<br> %<br>| (6.01 )%<sup>(D)</sup><br>| 0.67<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $65763 | $76113 | $81514 | $104042 | $157464 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.48<br> %<br>| 1.49<br> %<br>| 1.50<br> %<br>| 1.49<br> %<br>| 1.48<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.48<br> %<br>| 1.49<br> %<br>| 1.50 %<sup>(F)</sup><br>| 1.49 %<sup>(F)</sup><br>| 1.48<br> %<br>|
| Net investment income (loss) to average net assets | 3.30<br> %<br>| 3.18<br> %<br>| 2.36<br> %<br>| 0.61<br> %<br>| 0.51<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *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> *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 17**

------

**Transamerica Short-Term Bond**

------

**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** | $9.81 | $9.54 | $9.47 | $10.15 | $10.15 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.42 | 0.41 | 0.32 | 0.16 | 0.15 |
| Net realized and unrealized gain (loss) | 0.11 | 0.27 | 0.08 | (0.68)<br>| 0.01 |
| Total investment operations | 0.53 | 0.68 | 0.40 | (0.52)<br>| 0.16 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.42)<br>| (0.41)<br>| (0.33)<br>| (0.17)<br>| (0.16)<br>|
| **Net asset value, end of year** | $9.92 | $9.81 | $9.54 | $9.47 | $10.15 |
| **Total return** | 5.55<br> %<br>| 7.22<br> %<br>| 4.23<br> %<br>| (4.96 )%<sup>(B)</sup><br>| 1.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2648688 | $2237459 | $2058496 | $2205845 | $2398836 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) to average net assets | 4.26<br> %<br>| 4.17<br> %<br>| 3.36<br> %<br>| 1.63<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $9.80 | $9.52 | $9.46 | $10.14 | $10.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.43 | 0.41 | 0.33 | 0.18 | 0.16 |
| Net realized and unrealized gain (loss) | 0.11 | 0.29 | 0.07 | (0.68)<br>| 0.02 |
| Total investment operations | 0.54 | 0.70 | 0.40 | (0.50)<br>| 0.18 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.43)<br>| (0.42)<br>| (0.34)<br>| (0.18)<br>| (0.17)<br>|
| **Net asset value, end of year** | $9.91 | $9.80 | $9.52 | $9.46 | $10.14 |
| **Total return** | 5.65<br> %<br>| 7.42<br> %<br>| 4.22<br> %<br>| (5.00)%<br>| 1.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $142982 | $133049 | $178348 | $337449 | $138031 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) to average net assets | 4.36<br> %<br>| 4.25<br> %<br>| 3.42<br> %<br>| 1.90<br> %<br>| 1.56<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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 18**

------

**Transamerica Short-Term Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.80 | $9.52 | $9.56 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.43 | 0.42 | 0.30 |
| Net realized and unrealized gain (loss) | 0.11 | 0.28 | (0.03 )<sup>(C)</sup><br>|
| Total investment operations | 0.54 | 0.70 | 0.27 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.43)<br>| (0.42)<br>| (0.31)<br>|
| **Net asset value, end of year** | $9.91 | $9.80 | $9.52 |
| **Total return** | 5.65<br> %<br>| 7.44<br> %<br>| 2.91 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $69142 | $94922 | $87545 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.35<br> %<br>| 4.28<br> %<br>| 3.53 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.98 | $9.70 | $9.73 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.38 | 0.37 | 0.26 |
| Net realized and unrealized gain (loss) | 0.12 | 0.29 | (0.02 ) <sup>(C)</sup><br>|
| Total investment operations | 0.50 | 0.66 | 0.24 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.39)<br>| (0.38)<br>| (0.27)<br>|
| **Net asset value, end of year** | $10.09 | $9.98 | $9.70 |
| **Total return** | 5.10<br> %<br>| 6.85<br> %<br>| 2.46 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $3136 | $8962 | $10280 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.91 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.91 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.82<br> %<br>| 3.77<br> %<br>| 3.03 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Short-Term Bond**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.98 | $9.70 | $9.73 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.41 | 0.40 | 0.29 |
| Net realized and unrealized gain (loss) | 0.12 | 0.28 | (0.03 ) <sup>(C)</sup><br>|
| Total investment operations | 0.53 | 0.68 | 0.26 |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.42)<br>| (0.40)<br>| (0.29)<br>|
| **Net asset value, end of year** | $10.09 | $9.98 | $9.70 |
| **Total return** | 5.38<br> %<br>| 7.13<br> %<br>| 2.70 % <sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $33099 | $34088 | $30204 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.66<br> %<br>| 0.66<br> %<br>| 0.67 % <sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.65<br> %<br>| 0.65<br> %<br>| 0.65 % <sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.13<br> %<br>| 4.04<br> %<br>| 3.30 % <sup>(E)</sup><br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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 | $9.54 | $9.47 | $10.15 | $10.14 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.43 | 0.42 | 0.33 | 0.17 | 0.16 |
| Net realized and unrealized gain (loss) | 0.11 | 0.27 | 0.08 | (0.67)<br>| 0.02 |
| Total investment operations | 0.54 | 0.69 | 0.41 | (0.50)<br>| 0.18 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.43)<br>| (0.42)<br>| (0.34)<br>| (0.18)<br>| (0.17)<br>|
| **Net asset value, end of year** | $9.92 | $9.81 | $9.54 | $9.47 | $10.15 |
| **Total return** | 5.65<br> %<br>| 7.32<br> %<br>| 4.33<br> %<br>| (4.99)%<br>| 1.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $273581 | $229653 | $205448 | $201252 | $217665 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) to average net assets | 4.37<br> %<br>| 4.28<br> %<br>| 3.47<br> %<br>| 1.73<br> %<br>| 1.54<br> %<br>|
| Portfolio turnover rate | 58<br> %<br>| 73<br> %<br>| 63<br> %<br>| 56<br> %<br>| 44<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Short-Term Bond**

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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 Short-Term Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Short-Term Bond**

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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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Short-Term Bond**

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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 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:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Short-Term Bond**

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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)**

Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Short-Term Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Short-Term Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $1907315 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1907315 |
| **Total Borrowings** | **$1907315** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1907315** |

---

**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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Short-Term Bond**

------

**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)**

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $(321585)<br>| $— | $— | $— | $— | $(321585)<br>|
| **Total** | **$(321585)**<br>| **$—** | **$—** | **$—** | **$—** | **$(321585)**<br>|

---

&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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $(1917503)<br>| $— | $— | $— | $— | $(1917503)<br>|
| **Total** | **$(1917503)**<br>| **$—** | **$—** | **$—** | **$—** | **$(1917503)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $1262005 | $— | $— | $— | $— | $1262005 |
| **Total** | **$1262005** | **$—** | **$—** | **$—** | **$—** | **$1262005** |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Short-Term Bond**

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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 | $296559063 |
| Average notional value of contracts — short | (19275310)<br>|

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Short-Term Bond**

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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)**

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately placed and other restricted securities risk:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by the Fund could adversely affect the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting the Fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the Fund.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Short-Term Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Short-Term Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $259995096 | 7.20<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.42<br> % <br>|
| Over $250 million up to $500 million | 0.39 |
| Over $500 million up to $1 billion | 0.37 |
| Over $1 billion | 0.36 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.76<br> % <br>| March 1, 2026 |
| Class C | 1.54 | March 1, 2026 |
| Class I | 0.56 | March 1, 2026 |
| Class I2, Class R6 | 0.46 | March 1, 2026 |
| Class I3 | 0.47 | March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Class R4 | 0.65 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 31**

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**Transamerica Short-Term Bond**

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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)**

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 R4 <sup>(A)</sup> <br>| $3164 | $5121 | $4693 | $12978 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on December 9, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

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 | $68767 | &nbsp;&nbsp;&nbsp;&nbsp; $36521 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 14011 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

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**Transamerica Short-Term Bond**

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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)**

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** |
| $2842620 | &nbsp;&nbsp; $259574 |

---

**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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $1464118700 | &nbsp;&nbsp; $597709913 | &nbsp;&nbsp; $1369684878 | &nbsp;&nbsp; $547047417 |

---

**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, straddle loss deferral, premium amortization adjustments, dividends payable and futures contracts mark-to-market. 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>|
| $3571334079 | &nbsp;&nbsp; $31923254 | &nbsp;&nbsp; $(16498494)<br>| &nbsp;&nbsp; $15424760 |

---

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; $45618354 | &nbsp;&nbsp;&nbsp;&nbsp; $96055567 |

---

Please note that the utilization of the capital loss carryforwards is subject to limitations due to prior year merger(s). During the year ended October 31, 2025, the capital loss carryforwards utilized are $2,559,311.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

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**Transamerica Short-Term Bond**

------

**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 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>|
| $142817031 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $130004685 | &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>|
| $760633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(141673921)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1828818)<br>| &nbsp;&nbsp; $15424760 |

---

**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 34**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Short-Term Bond

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Short-Term Bond (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. ![](g67628imgd3ffa7943.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 35**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

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 36**

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**Transamerica Short-Term Bond** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

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**Transamerica Short-Term Bond** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 38**

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**Transamerica Short-Term Bond** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 39**

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**Transamerica Short-Term Bond** 

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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 Short-Term Bond (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 Aegon USA Investment Management, LLC (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 40**

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**Transamerica Short-Term Bond** 

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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 and above the benchmark that TAM utilizes to measure performance of the Fund, each for the past 1-, 3-, 5- and 10-year periods.

**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 medians for its peer group and 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 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.

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 41**

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**Transamerica Short-Term Bond** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

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 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 42**

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![](g67628imgb25ffdf34.gif)

![](g67628img27cd45245.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

4886794 TA STB 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img0c93fbda6.gif)

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![](g67628img3830bc351.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Small Cap Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img4966a85c2.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_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_SOI-RunningFooter-164_1) | 2 |
| [Statement of Assets and Liabilities](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_FS-RunningFooter-164_1) | 4 |
| [Statement of Operations](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_FS-RunningFooter-164_3) | 6 |
| [Statement of Changes in Net Assets](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_FS-RunningFooter-164_4) | 7 |
| [Financial Highlights](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_FIHI-RunningFooter-164_1) | 9 |
| [Notes to Financial Statements](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_NTF-RunningFooter-164_1) | 13 |
| **[Report of Independent Registered Public Accounting Firm](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_AUD-RunningFooter-164_1)** | 23 |
| **[Supplemental Information](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_STI-RunningFooter-164_1)** | 24 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_DWA-RunningFooter-164_1)**<br> **[Companies](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_DWA-RunningFooter-164_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_PD-RunningFooter-164_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_REMU-RunningFooter-164_1)**<br> **[Companies](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_REMU-RunningFooter-164_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_287230a2-3cc8-41a6-9317-ef0e84d6f0b9_AIAC-RunningFooter-164_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 Small Cap Growth**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.5%**  | **COMMON STOCKS - 98.5%**  | **COMMON STOCKS - 98.5%**  |
| **Aerospace & Defense - 1.9%**  | **Aerospace & Defense - 1.9%**  | **Aerospace & Defense - 1.9%**  |
| Karman Holdings, Inc. <sup>(A)</sup> <br>| 18130 | $1527271 |
| **Banks - 4.3%**  | **Banks - 4.3%**  | **Banks - 4.3%**  |
| Bank OZK | 18780 | 844912 |
| Cadence Bank | 24665 | 930857 |
| Coastal Financial Corp. <sup>(A)</sup> <br>| 7070 | 752955 |
| Triumph Financial, Inc. <sup>(A)</sup> <br>| 17745 | 966393 |
|  |  | 3495117 |
| **Beverages - 1.8%**  | **Beverages - 1.8%**  | **Beverages - 1.8%**  |
| Celsius Holdings, Inc. <sup>(A)</sup> <br>| 24730 | 1489488 |
| **Biotechnology - 2.4%**  | **Biotechnology - 2.4%**  | **Biotechnology - 2.4%**  |
| ADMA Biologics, Inc. <sup>(A)</sup> <br>| 125580 | 1943978 |
| **Building Products - 5.8%**  | **Building Products - 5.8%**  | **Building Products - 5.8%**  |
| AAON, Inc. <sup>(B)</sup> <br>| 28865 | 2840027 |
| Simpson Manufacturing Co., Inc. | 10635 | 1877078 |
|  |  | 4717105 |
| **Capital Markets - 2.4%**  | **Capital Markets - 2.4%**  | **Capital Markets - 2.4%**  |
| Lazard, Inc. | 40240 | 1963712 |
| **Commercial Services & Supplies - 3.5%**  | **Commercial Services & Supplies - 3.5%**  | **Commercial Services & Supplies - 3.5%**  |
| Casella Waste Systems, Inc., Class A <sup>(A)</sup> <br>| 23650 | 2094681 |
| MSA Safety, Inc. | 5140 | 807134 |
|  |  | 2901815 |
| **Construction & Engineering - 3.4%**  | **Construction & Engineering - 3.4%**  | **Construction & Engineering - 3.4%**  |
| Argan, Inc. | 5295 | 1621382 |
| WillScot Holdings Corp. | 53470 | 1162972 |
|  |  | 2784354 |
| **Consumer Staples Distribution & Retail - 0.3%**  | **Consumer Staples Distribution & Retail - 0.3%**  | **Consumer Staples Distribution & Retail - 0.3%**  |
| Sprouts Farmers Market, Inc. <sup>(A)</sup> <br>| 3510 | 277150 |
| **Diversified Consumer Services - 1.9%**  | **Diversified Consumer Services - 1.9%**  | **Diversified Consumer Services - 1.9%**  |
| OneSpaWorld Holdings Ltd. | 68010 | 1582593 |
| **Energy Equipment & Services - 3.3%**  | **Energy Equipment & Services - 3.3%**  | **Energy Equipment & Services - 3.3%**  |
| Oceaneering International, Inc. <sup>(A)</sup> <br>| 40815 | 950581 |
| Solaris Energy Infrastructure, Inc. | 32590 | 1734766 |
|  |  | 2685347 |
| **Ground Transportation - 2.0%**  | **Ground Transportation - 2.0%**  | **Ground Transportation - 2.0%**  |
| Saia, Inc. <sup>(A)</sup> <br>| 5550 | 1623375 |
| **Health Care Equipment & Supplies - 3.5%**  | **Health Care Equipment & Supplies - 3.5%**  | **Health Care Equipment & Supplies - 3.5%**  |
| LeMaitre Vascular, Inc. | 19055 | 1650354 |
| Merit Medical Systems, Inc. <sup>(A)</sup> <br>| 13975 | 1223371 |
|  |  | 2873725 |
| **Health Care Providers & Services - 3.6%**  | **Health Care Providers & Services - 3.6%**  | **Health Care Providers & Services - 3.6%**  |
| Chemed Corp. | 2730 | 1177449 |
| HealthEquity, Inc. <sup>(A)</sup> <br>| 18730 | 1771483 |
|  |  | 2948932 |
| **Hotels, Restaurants & Leisure - 4.7%**  | **Hotels, Restaurants & Leisure - 4.7%**  | **Hotels, Restaurants & Leisure - 4.7%**  |
| Life Time Group Holdings, Inc. <sup>(A)</sup> <br>| 29520 | 730030 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Texas Roadhouse, Inc. | 11780 | $1926972 |
| Wingstop, Inc. | 5650 | 1223960 |
|  |  | 3880962 |
| **Household Durables - 3.4%**  | **Household Durables - 3.4%**  | **Household Durables - 3.4%**  |
| Champion Homes, Inc. <sup>(A)</sup> <br>| 13720 | 936116 |
| TopBuild Corp. <sup>(A)</sup> <br>| 4370 | 1846237 |
|  |  | 2782353 |
| **Life Sciences Tools & Services - 8.0%**  | **Life Sciences Tools & Services - 8.0%**  | **Life Sciences Tools & Services - 8.0%**  |
| Medpace Holdings, Inc. <sup>(A)</sup> <br>| 3335 | 1950675 |
| Mesa Laboratories, Inc. | 10194 | 732847 |
| Repligen Corp. <sup>(A)</sup> <br>| 11165 | 1664255 |
| Stevanato Group SpA <sup>(B)</sup> <br>| 87273 | 2201025 |
|  |  | 6548802 |
| **Machinery - 1.9%**  | **Machinery - 1.9%**  | **Machinery - 1.9%**  |
| Federal Signal Corp. | 13280 | 1567438 |
| **Oil, Gas & Consumable Fuels - 3.6%**  | **Oil, Gas & Consumable Fuels - 3.6%**  | **Oil, Gas & Consumable Fuels - 3.6%**  |
| Excelerate Energy, Inc., Class A | 66978 | 1735400 |
| Permian Resources Corp. | 97020 | 1218571 |
|  |  | 2953971 |
| **Pharmaceuticals - 4.7%**  | **Pharmaceuticals - 4.7%**  | **Pharmaceuticals - 4.7%**  |
| ANI Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 12315 | 1115739 |
| Ligand Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 14110 | 2699384 |
|  |  | 3815123 |
| **Professional Services - 5.2%**  | **Professional Services - 5.2%**  | **Professional Services - 5.2%**  |
| Paylocity Holding Corp. <sup>(A)</sup> <br>| 11870 | 1676875 |
| Planet Labs PBC <sup>(A)</sup> <br>| 30460 | 409687 |
| UL Solutions, Inc., Class A | 28280 | 2202164 |
|  |  | 4288726 |
| **Real Estate Management & Development - 1.9%**  | **Real Estate Management & Development - 1.9%**  | **Real Estate Management & Development - 1.9%**  |
| Jones Lang LaSalle, Inc. <sup>(A)</sup> <br>| 5205 | 1587993 |
| **Semiconductors & Semiconductor Equipment - 3.7%**  | **Semiconductors & Semiconductor Equipment - 3.7%**  | **Semiconductors & Semiconductor Equipment - 3.7%**  |
| &nbsp;&nbsp; MACOM Technology Solutions Holdings, <br> Inc. <sup>(A)</sup> <br>| 10200 | 1510926 |
| PDF Solutions, Inc. <sup>(A)</sup> <br>| 52520 | 1529908 |
|  |  | 3040834 |
| **Software - 15.8%**  | **Software - 15.8%**  | **Software - 15.8%**  |
| Appfolio, Inc., Class A <sup>(A)</sup> <br>| 7830 | 1992187 |
| Guidewire Software, Inc. <sup>(A)</sup> <br>| 8205 | 1917016 |
| I3 Verticals, Inc., Class A <sup>(A)(B)</sup> <br>| 40765 | 1253524 |
| Monday.com Ltd. <sup>(A)</sup> <br>| 3860 | 792226 |
| nCino, Inc. <sup>(A)(B)</sup> <br>| 58560 | 1562381 |
| Pegasystems, Inc. | 62040 | 3948846 |
| Workiva, Inc. <sup>(A)</sup> <br>| 17490 | 1486825 |
|  |  | 12953005 |
| **Specialty Retail - 3.5%**  | **Specialty Retail - 3.5%**  | **Specialty Retail - 3.5%**  |
| Boot Barn Holdings, Inc. <sup>(A)</sup> <br>| 9850 | 1868052 |
| Warby Parker, Inc., Class A <sup>(A)</sup> <br>| 51445 | 1007808 |
|  |  | 2875860 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Small Cap Growth**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Textiles, Apparel & Luxury Goods - 1.1%**  | **Textiles, Apparel & Luxury Goods - 1.1%**  | **Textiles, Apparel & Luxury Goods - 1.1%**  |
| Birkenstock Holding PLC <sup>(A)</sup> <br>| 21895 | $873829 |
| **Water Utilities - 0.9%**  | **Water Utilities - 0.9%**  | **Water Utilities - 0.9%**  |
| WaterBridge Infrastructure LLC, Class A <sup>(A)</sup> <br>| 32050 | 769200 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $62,214,376)**<br>|  | 80752058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(C)</sup>, dated 10/31/2025, to be <br> repurchased at $1,332,069 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $1,358,547.<br>| $1331903 | 1331903 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,331,903)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,331,903)** | 1331903 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $63,546,279)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $63,546,279)** | 82083961 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (105277) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$81978684** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $80752058 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $80752058 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1331903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1331903 |
| **Total Investments** | **$80752058** | &nbsp;&nbsp; **$1331903** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$82083961** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $6,226,763, collateralized by non-cash collateral, such as U.S.* *government securities of $6,362,450. The amount on loan indicated may not correspond with the securities on loan identified because a security with* *pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(D)</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 3**

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**Transamerica Small Cap Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $62,214,376) (including securities loaned of $6,226,763) | $80752058 |
| Repurchase agreement, at value (cost $1,331,903) | 1331903 |
| Cash | 146 |
| Receivables and other assets: |  |
| Net income from securities lending | 1025 |
| Shares of beneficial interest sold  | 2177 |
| Interest | 55 |
| Total assets | 82087364 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 12249 |
| Investment management fees | 49970 |
| Distribution and service fees | 7209 |
| Transfer agent fees | 4242 |
| Trustee and CCO fees | 30 |
| Audit and tax fees  | 15780 |
| Custody fees | 2512 |
| Legal fees | 1208 |
| Printing and shareholder reports fees | 2386 |
| Registration fees | 1124 |
| Other accrued expenses | 11970 |
| Total liabilities | 108680 |
| **Net assets**  | $81978684 |
| **Net assets consist of:** |  |
| Paid-in capital | $53940481 |
| Total distributable earnings (accumulated losses) | 28038203 |
| **Net assets** | $81978684 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Small Cap Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $18545055 |
| Class C | 1074019 |
| Class I | 4013040 |
| Class I2 | 39891257 |
| Class I3 | 7402670 |
| Class R | 5535801 |
| Class R4 | 108512 |
| Class R6 | 5408330 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 3419766 |
| Class C | 256024 |
| Class I | 675903 |
| Class I2 | 6471349 |
| Class I3 | 1203237 |
| Class R | 955256 |
| Class R4 | 17912 |
| Class R6 | 877493 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $5.42 |
| Class C | 4.19 |
| Class I | 5.94 |
| Class I2 | 6.16 |
| Class I3 | 6.15 |
| Class R | 5.80 |
| Class R4 | 6.06 |
| Class R6 | 6.16 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $5.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and Class C shares* *equals net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica Small Cap Growth**

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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 | $642799 |
| Interest income | 45483 |
| Net income from securities lending | 6052 |
| Withholding taxes on foreign income | (959)<br>|
| Total investment income  | 693375 |
| **Expenses:** |  |
| Investment management fees | 834977 |
| Distribution and service fees: |  |
| Class A | 45413 |
| Class C | 11291 |
| Class R | 32835 |
| Class R4 | 424 |
| Transfer agent fees: |  |
| Class A | 36995 |
| Class C | 2939 |
| Class I | 12977 |
| Class I2 | 3143 |
| Class I3 | 699 |
| Class R | 101 |
| Class R4 | 13 |
| Class R6 | 469 |
| Trustee and CCO fees | 4090 |
| Audit and tax fees | 30010 |
| Custody fees | 17586 |
| Legal fees | 6644 |
| Printing and shareholder reports fees | 9990 |
| Registration fees | 106620 |
| Other | 31781 |
| Total expenses before waiver and/or reimbursement and recapture | 1188997 |
| Expenses waived and/or reimbursed: |  |
| Class A | (34617)<br>|
| Class C | (2468)<br>|
| Class I | (11838)<br>|
| Class I2 | (40598)<br>|
| Class I3 | (9573)<br>|
| Class R | (7163)<br>|
| Class R4 | (342)<br>|
| Class R6 | (6017)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 9407 |
| Class C | 36 |
| Class I | 716 |
| Class I2 | 1780 |
| Class I3 | 934 |
| Class R | 1573 |
| Class R4 | 16 |
| Class R6 | 227 |
| Net expenses | 1091070 |
| **Net investment income (loss)** | (397695)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 12367189 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (8367891)<br>|
| Net realized and change in unrealized gain (loss) | 3999298 |
| **Net increase (decrease) in net assets resulting from operations** | $3601603 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Small Cap Growth**

------

**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) | $(397695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(584214)<br>|
| Net realized gain (loss) | 12367189 | &nbsp;&nbsp;&nbsp;&nbsp; 13936680 |
| Net change in unrealized appreciation (depreciation) | (8367891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13788974 |
| Net increase (decrease) in net assets resulting from operations | 3601603 | &nbsp;&nbsp;&nbsp;&nbsp; 27141440 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2537032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (712266)<br>|
| Class C | (210663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102287)<br>|
| Class I | (2214202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1156463)<br>|
| Class I2 | (4936809)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3749302)<br>|
| Class I3 | (859752)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (882279)<br>|
| Class R | (717430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (567870)<br>|
| Class R4 | (18530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8123)<br>|
| Class R6 | (672086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (272085)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (12166504)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7450675)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 15412202 | &nbsp;&nbsp;&nbsp;&nbsp; 5220913 |
| Class C | 243023 | &nbsp;&nbsp;&nbsp;&nbsp; 219355 |
| Class I | 3609943 | &nbsp;&nbsp;&nbsp;&nbsp; 15420084 |
| Class I2 | 6227677 | &nbsp;&nbsp;&nbsp;&nbsp; 5426000 |
| Class I3 | 1432469 | &nbsp;&nbsp;&nbsp;&nbsp; 510665 |
| Class R | 508779 | &nbsp;&nbsp;&nbsp;&nbsp; 746474 |
| Class R4 | 70370 | &nbsp;&nbsp;&nbsp;&nbsp; 41307 |
| Class R6 | 3018065 | &nbsp;&nbsp;&nbsp;&nbsp; 355085 |
|  | 30522528 | &nbsp;&nbsp;&nbsp;&nbsp; 27939883 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2537032 | &nbsp;&nbsp;&nbsp;&nbsp; 710820 |
| Class C | 210663 | &nbsp;&nbsp;&nbsp;&nbsp; 102287 |
| Class I | 2214061 | &nbsp;&nbsp;&nbsp;&nbsp; 1156165 |
| Class I2 | 4386497 | &nbsp;&nbsp;&nbsp;&nbsp; 2129811 |
| Class I3 | 859752 | &nbsp;&nbsp;&nbsp;&nbsp; 882279 |
| Class R | 717430 | &nbsp;&nbsp;&nbsp;&nbsp; 567870 |
| Class R4 | 18530 | &nbsp;&nbsp;&nbsp;&nbsp; 8123 |
| Class R6 | 672086 | &nbsp;&nbsp;&nbsp;&nbsp; 272085 |
|  | 11616051 | &nbsp;&nbsp;&nbsp;&nbsp; 5829440 |
| Cost of shares redeemed: |  |  |
| Class A | (11513406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6670582)<br>|
| Class C | (185626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (370890)<br>|
| Class I | (19369610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19326701)<br>|
| Class I2 | (11334080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48361665)<br>|
| Class I3 | (14174046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2668716)<br>|
| Class R | (6710351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2406945)<br>|
| Class R4 | (129939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67450)<br>|
| Class R6 | (3718298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (843580)<br>|
|  | (67135356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80716529)<br>|
| Automatic conversions: |  |  |
| Class A | 449722 | &nbsp;&nbsp;&nbsp;&nbsp; 281828 |
| Class C | (449722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (281828)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (24996777)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46947206)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 24 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 20 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| **Net increase (decrease) in net assets** | (33561678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27256397)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Small Cap Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Net assets:** |  |  |
| Beginning of year | $115540362 | &nbsp;&nbsp;&nbsp;&nbsp; $142796759 |
| End of year | $81978684 | &nbsp;&nbsp;&nbsp;&nbsp; $115540362 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 2479316 | &nbsp;&nbsp;&nbsp;&nbsp; 858746 |
| Class C | 58821 | &nbsp;&nbsp;&nbsp;&nbsp; 44586 |
| Class I | 612468 | &nbsp;&nbsp;&nbsp;&nbsp; 2343171 |
| Class I2 | 973333 | &nbsp;&nbsp;&nbsp;&nbsp; 810662 |
| Class I3 | 226443 | &nbsp;&nbsp;&nbsp;&nbsp; 75627 |
| Class R | 81803 | &nbsp;&nbsp;&nbsp;&nbsp; 117929 |
| Class R4 | 11897 | &nbsp;&nbsp;&nbsp;&nbsp; 6233 |
| Class R6 | 481635 | &nbsp;&nbsp;&nbsp;&nbsp; 53732 |
|  | 4925716 | &nbsp;&nbsp;&nbsp;&nbsp; 4310686 |
| Shares reinvested: |  |  |
| Class A | 457123 | &nbsp;&nbsp;&nbsp;&nbsp; 118866 |
| Class C | 48765 | &nbsp;&nbsp;&nbsp;&nbsp; 21090 |
| Class I | 364755 | &nbsp;&nbsp;&nbsp;&nbsp; 179250 |
| Class I2 | 697376 | &nbsp;&nbsp;&nbsp;&nbsp; 320755 |
| Class I3 | 136903 | &nbsp;&nbsp;&nbsp;&nbsp; 132873 |
| Class R | 120779 | &nbsp;&nbsp;&nbsp;&nbsp; 89428 |
| Class R4 | 2993 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| Class R6 | 106850 | &nbsp;&nbsp;&nbsp;&nbsp; 40977 |
|  | 1935544 | &nbsp;&nbsp;&nbsp;&nbsp; 904477 |
| Shares redeemed: |  |  |
| Class A | (1932755)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1107197)<br>|
| Class C | (38083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75419)<br>|
| Class I | (3318011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2945031)<br>|
| Class I2 | (1796230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7176580)<br>|
| Class I3 | (2022249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (400159)<br>|
| Class R | (1011743)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (374841)<br>|
| Class R4 | (21452)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10040)<br>|
| Class R6 | (598124)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126597)<br>|
|  | (10738647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12215864)<br>|
| Automatic conversions: |  |  |
| Class A | 81103 | &nbsp;&nbsp;&nbsp;&nbsp; 47212 |
| Class C | (104402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58180)<br>|
|  | (23299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10968)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1084787 | &nbsp;&nbsp;&nbsp;&nbsp; (82373)<br>|
| Class C | (34899)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67923)<br>|
| Class I | (2340788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (422610)<br>|
| Class I2 | (125521)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6045163)<br>|
| Class I3 | (1658903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (191659)<br>|
| Class R | (809161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (167484)<br>|
| Class R4 | (6562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2569)<br>|
| Class R6 | (9639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31888)<br>|
|  | (3900686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7011669)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Small Cap Growth**

------

**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** | $6.00 | $5.32 | $5.66 | $9.13 | $6.55 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.04)<br>| (0.04)<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.24 | 1.02 | (0.05)<br>| (2.44)<br>| 3.32 |
| Total investment operations | 0.20 | 0.98 | (0.10)<br>| (2.50)<br>| 3.25 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $5.42 | $6.00 | $5.32 | $5.66 | $9.13 |
| **Total return** <sup>(E)</sup> <br>| 3.04<br> %<br>| 18.36 %<sup>(C)</sup><br>| (1.70)%<br>| (30.18 )%<sup>(D)</sup><br>| 51.78<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $18545 | $14000 | $12854 | $14396 | $24973 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.54<br> %<br>| 1.47<br> %<br>| 1.47<br> %<br>| 1.42<br> %<br>| 1.34<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.40<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>| 1.38<br> %<br>|
| Net investment income (loss) to average net assets | (0.70)%<br>| (0.69)%<br>| (0.85)%<br>| (0.94)%<br>| (0.91)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<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.*

&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** | $4.83 | $4.37 | $4.73 | $7.83 | $5.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.06)<br>| (0.07)<br>| (0.07)<br>| (0.10)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 0.20 | 0.83 | (0.05)<br>| (2.04)<br>| 2.89 |
| Total investment operations | 0.14 | 0.76 | (0.12)<br>| (2.14)<br>| 2.77 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $4.19 | $4.83 | $4.37 | $4.73 | $7.83 |
| **Total return** <sup>(E)</sup> <br>| 2.42<br> %<br>| 17.27 %<sup>(C)</sup><br>| (2.50)%<br>| (30.50 )%<sup>(D)</sup><br>| 50.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1074 | $1406 | $1567 | $2041 | $4305 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.35<br> %<br>| 2.24<br> %<br>| 2.23<br> %<br>| 2.16<br> %<br>| 2.08<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.13<br> %<br>| 2.13<br> %<br>| 2.13<br> %<br>| 2.14<br> %<br>| 2.11<br> %<br>|
| Net investment income (loss) to average net assets | (1.41)%<br>| (1.42)%<br>| (1.58)%<br>| (1.69)%<br>| (1.64)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<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 0.20%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

&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 Small Cap Growth**

------

**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** | $6.48 | $5.71 | $6.05 | $9.65 | $6.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.03)<br>| (0.03)<br>| (0.05)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 0.26 | 1.10 | (0.07)<br>| (2.58)<br>| 3.50 |
| Total investment operations | 0.24 | 1.07 | (0.10)<br>| (2.63)<br>| 3.45 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $5.94 | $6.48 | $5.71 | $6.05 | $9.65 |
| **Total return** | 3.45<br> %<br>| 18.69<br> %<br>| (1.59)%<br>| (29.87)%<br>| 52.32<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4013 | $19559 | $19647 | $21199 | $48376 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.19<br> %<br>| 1.12<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.06<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.08<br> %<br>| 1.06<br> %<br>|
| Net investment income (loss) to average net assets | (0.38)%<br>| (0.41)%<br>| (0.55)%<br>| (0.64)%<br>| (0.59)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $6.69 | $5.88 | $6.21 | $9.88 | $7.02 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.27 | 1.13 | (0.06)<br>| (2.66)<br>| 3.57 |
| Total investment operations | 0.25 | 1.11 | (0.09)<br>| (2.70)<br>| 3.53 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.16 | $6.69 | $5.88 | $6.21 | $9.88 |
| **Total return** | 3.50<br> %<br>| 18.85<br> %<br>| (1.38)%<br>| (29.89)%<br>| 52.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $39891 | $44131 | $74348 | $70676 | $142112 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>| 0.97<br> %<br>|
| Net investment income (loss) to average net assets | (0.28)%<br>| (0.28)%<br>| (0.45)%<br>| (0.54)%<br>| (0.49)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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 Small Cap Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **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** | $6.68 | $5.88 | $6.21 | $9.87 | $7.01 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.05)<br>|
| Net realized and unrealized gain (loss) | 0.26 | 1.12 | (0.06)<br>| (2.65)<br>| 3.58 |
| Total investment operations | 0.25 | 1.10 | (0.09)<br>| (2.69)<br>| 3.53 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.15 | $6.68 | $5.88 | $6.21 | $9.87 |
| **Total return** | 3.51<br> %<br>| 18.67<br> %<br>| (1.38)%<br>| (29.81)%<br>| 52.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7403 | $19127 | $17942 | $22433 | $34682 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.99<br> %<br>|
| Net investment income (loss) to average net assets | (0.22)%<br>| (0.29)%<br>| (0.45)%<br>| (0.53)%<br>| (0.51)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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** | $6.36 | $5.63 | $5.99 | $9.60 | $6.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.04)<br>| (0.05)<br>| (0.06)<br>| (0.07)<br>| (0.08)<br>|
| Net realized and unrealized gain (loss) | 0.26 | 1.08 | (0.06)<br>| (2.57)<br>| 3.48 |
| Total investment operations | 0.22 | 1.03 | (0.12)<br>| (2.64)<br>| 3.40 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $5.80 | $6.36 | $5.63 | $5.99 | $9.60 |
| **Total return** | 3.18<br> %<br>| 18.23<br> %<br>| (1.96)%<br>| (30.16)%<br>| 51.54<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5536 | $11224 | $10880 | $13897 | $21336 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.59<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.49<br> %<br>| 1.46<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.50<br> %<br>| 1.50<br> %<br>| 1.50<br> %<br>| 1.49<br> %<br>| 1.46<br> %<br>|
| Net investment income (loss) to average net assets | (0.74)%<br>| (0.79)%<br>| (0.95)%<br>| (1.03)%<br>| (0.98)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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 Small Cap Growth**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $6.59 | $5.81 | $6.15 | $9.80 | $6.98 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.03)<br>| (0.03)<br>| (0.04)<br>| (0.05)<br>| (0.06)<br>|
| Net realized and unrealized gain (loss) | 0.28 | 1.11 | (0.06)<br>| (2.63)<br>| 3.55 |
| Total investment operations | 0.25 | 1.08 | (0.10)<br>| (2.68)<br>| 3.49 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.06 | $6.59 | $5.81 | $6.15 | $9.80 |
| **Total return** | 3.55<br> %<br>| 18.54<br> %<br>| (1.57)%<br>| (29.93)%<br>| 52.06<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $109 | $161 | $157 | $186 | $249 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.34<br> %<br>| 1.27<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.21<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>|
| Net investment income (loss) to average net assets | (0.42)%<br>| (0.44)%<br>| (0.60)%<br>| (0.69)%<br>| (0.65)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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** | $6.69 | $5.88 | $6.21 | $9.87 | $7.01 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.02)<br>| (0.02)<br>| (0.03)<br>| (0.04)<br>| (0.04)<br>|
| Net realized and unrealized gain (loss) | 0.27 | 1.13 | (0.06)<br>| (2.65)<br>| 3.57 |
| Total investment operations | 0.25 | 1.11 | (0.09)<br>| (2.69)<br>| 3.53 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (0.78)<br>| (0.30)<br>| (0.24)<br>| (0.97)<br>| (0.67)<br>|
| **Net asset value, end of year** | $6.16 | $6.69 | $5.88 | $6.21 | $9.87 |
| **Total return** | 3.50<br> %<br>| 18.85<br> %<br>| (1.38)%<br>| (29.82)%<br>| 52.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5408 | $5932 | $5402 | $5477 | $121 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.96<br> %<br>|
| Net investment income (loss) to average net assets | (0.30)%<br>| (0.29)%<br>| (0.45)%<br>| (0.54)%<br>| (0.48)%<br>|
| Portfolio turnover rate | 47<br> %<br>| 47<br> %<br>| 37<br> %<br>| 38<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Small Cap Growth**

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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 Small Cap Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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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**Transamerica Small Cap Growth**

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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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $938.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Small Cap Growth**

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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 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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the 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 15**

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**Transamerica Small Cap Growth**

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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.

**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 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.

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Small Cap Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Small Cap Growth**

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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)**

methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $48416611 | 59.06<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $300 million | 0.87<br> % <br>|
| Over $300 million | 0.83 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Small Cap Growth**

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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)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.40<br> % <br>| March 1, 2026 |
| Class C | 2.13 | March 1, 2026 |
| Class I | 1.10 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 1.00 | March 1, 2026 |
| Class R | 1.54 | March 1, 2026 |
| Class R4 | 1.15 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 A | $2668 | $11255 | $34617 | $48540 |
| Class C | 1979 | 1745 | 2468 | 6192 |
| Class I | 4059 | 3987 | 11838 | 19884 |
| Class I2 | 8992 | 14130 | 40598 | 63720 |
| Class I3 | 2277 | 4115 | 9573 | 15965 |
| Class R |  |  | 3064 | 3064 |
| Class R4 | 183 | 240 | 342 | 765 |
| Class R6 | 557 | 1265 | 6017 | 7839 |

---

**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 19**

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**Transamerica Small Cap Growth**

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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)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $7200 | &nbsp;&nbsp;&nbsp;&nbsp; $10 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 19 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the 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** |
| $56718 | &nbsp;&nbsp; $4146 |

---

**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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $43935195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79626311 | &nbsp;&nbsp; $— |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Small Cap Growth**

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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**

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 late year loss deferral. 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 a portion of the payments made to redeeming shareholders as a distribution for income tax purposes, net operating losses and basis adjustments related to a prior 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; $409752 | &nbsp;&nbsp;&nbsp;&nbsp; $(409752)<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>|
| $64325604 | &nbsp;&nbsp; $22678629 | &nbsp;&nbsp; $(4920272)<br>| &nbsp;&nbsp; $17758357 |

---

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>|
|  $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12166504 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7450675 | &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>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10656995 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(358933)<br>| &nbsp;&nbsp; $(18216)<br>| &nbsp;&nbsp; $17758357 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Small Cap Growth**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 22**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Small Cap Growth

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Small Cap Growth (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. ![](g67628img2f05d3913.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**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made a long-term capital gain designation of $12,166,504 for the year ended October 31, 2025.

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 Small Cap Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Small Cap Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Small Cap Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Small Cap Growth** 

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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 Small Cap Growth (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 Ranger Investment 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 28**

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**Transamerica Small Cap Growth** 

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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 10-year period and below the median for the past 1-, 3- and 5-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 10-year period and below the benchmark for the past 1-, 3- and 5-year periods. The Trustees observed that the performance of the Fund had improved during the first quarter of 2025.

**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 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 I Shares of the Fund were above 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 29**

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**Transamerica Small Cap Growth** 

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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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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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![](g67628imgaf9727fe5.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

4886773 TA SCG 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgb27d91a46.gif)

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![](g67628img382f51e61.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Small Cap Value**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img84e07cb42.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_d532bd45-c33c-4780-a300-59206b96544e_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d532bd45-c33c-4780-a300-59206b96544e_SOI-RunningFooter-163_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d532bd45-c33c-4780-a300-59206b96544e_FS-RunningFooter-163_1) | 6 |
| [Statement of Operations](#xx_d532bd45-c33c-4780-a300-59206b96544e_FS-RunningFooter-163_3) | 8 |
| [Statement of Changes in Net Assets](#xx_d532bd45-c33c-4780-a300-59206b96544e_FS-RunningFooter-163_4) | 9 |
| [Financial Highlights](#xx_d532bd45-c33c-4780-a300-59206b96544e_FIHI-RunningFooter-163_1) | 11 |
| [Notes to Financial Statements](#xx_d532bd45-c33c-4780-a300-59206b96544e_NTF-RunningFooter-163_1) | 15 |
| **[Report of Independent Registered Public Accounting Firm](#xx_d532bd45-c33c-4780-a300-59206b96544e_AUD-RunningFooter-163_1)** | 25 |
| **[Supplemental Information](#xx_d532bd45-c33c-4780-a300-59206b96544e_STI-RunningFooter-163_1)** | 26 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d532bd45-c33c-4780-a300-59206b96544e_DWA-RunningFooter-163_1)**<br> **[Companies](#xx_d532bd45-c33c-4780-a300-59206b96544e_DWA-RunningFooter-163_1)**<br>| 27 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d532bd45-c33c-4780-a300-59206b96544e_PD-RunningFooter-163_1)** | 28 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d532bd45-c33c-4780-a300-59206b96544e_REMU-RunningFooter-163_1)**<br> **[Companies](#xx_d532bd45-c33c-4780-a300-59206b96544e_REMU-RunningFooter-163_1)**<br>| 29 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d532bd45-c33c-4780-a300-59206b96544e_AIAC-RunningFooter-163_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**

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**Transamerica Small Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.9%**  | **COMMON STOCKS - 98.9%**  | **COMMON STOCKS - 98.9%**  |
| **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  | **Aerospace & Defense - 1.3%**  |
| Curtiss-Wright Corp. | 645 | $384246 |
| Elbit Systems Ltd. | 625 | 297969 |
| V2X, Inc. <sup>(A)</sup> <br>| 8000 | 456720 |
|  |  | 1138935 |
| **Automobile Components - 1.1%**  | **Automobile Components - 1.1%**  | **Automobile Components - 1.1%**  |
| Gentex Corp. | 10000 | 234500 |
| Visteon Corp. | 6150 | 659034 |
|  |  | 893534 |
| **Banks - 16.0%**  | **Banks - 16.0%**  | **Banks - 16.0%**  |
| Atlantic Union Bankshares Corp. | 38000 | 1235760 |
| Beacon Financial Corp. | 26150 | 636491 |
| Columbia Banking System, Inc. | 41200 | 1104160 |
| Community West Bancshares | 5450 | 115431 |
| Dime Community Bancshares, Inc. | 27700 | 727125 |
| Eastern Bankshares, Inc. | 44200 | 774826 |
| First Citizens BancShares, Inc., Class A | 350 | 638687 |
| First Community Bankshares, Inc. | 8150 | 263571 |
| First Merchants Corp. | 19900 | 706052 |
| Hancock Whitney Corp. | 2600 | 148486 |
| OceanFirst Financial Corp. | 26150 | 475407 |
| Princeton Bancorp, Inc. | 3350 | 104118 |
| Provident Financial Services, Inc. | 48600 | 888894 |
| TrustCo Bank Corp. | 30350 | 1144498 |
| UMB Financial Corp. | 10275 | 1098192 |
| United Bankshares, Inc. | 10250 | 366848 |
| United Community Banks, Inc. | 22850 | 667220 |
| WaFd, Inc. | 35850 | 1040725 |
| Webster Financial Corp. | 25250 | 1440260 |
|  |  | 13576751 |
| **Biotechnology - 1.8%**  | **Biotechnology - 1.8%**  | **Biotechnology - 1.8%**  |
| BioMarin Pharmaceutical, Inc. <sup>(A)</sup> <br>| 4650 | 249101 |
| Catalyst Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 15800 | 336066 |
| Exelixis, Inc. <sup>(A)</sup> <br>| 23850 | 922279 |
|  |  | 1507446 |
| **Building Products - 2.9%**  | **Building Products - 2.9%**  | **Building Products - 2.9%**  |
| American Woodmark Corp. <sup>(A)</sup> <br>| 8400 | 535332 |
| Gibraltar Industries, Inc. <sup>(A)</sup> <br>| 2100 | 131019 |
| Hayward Holdings, Inc. <sup>(A)</sup> <br>| 31850 | 540494 |
| Owens Corning | 5725 | 728850 |
| Quanex Building Products Corp. | 36200 | 514402 |
|  |  | 2450097 |
| **Capital Markets - 2.8%**  | **Capital Markets - 2.8%**  | **Capital Markets - 2.8%**  |
| Piper Sandler Cos. | 4000 | 1277040 |
| Stifel Financial Corp. | 9425 | 1116203 |
|  |  | 2393243 |
| **Chemicals - 0.4%**  | **Chemicals - 0.4%**  | **Chemicals - 0.4%**  |
| LSB Industries, Inc. <sup>(A)</sup> <br>| 44100 | 371763 |
| **Commercial Services & Supplies - 0.7%**  | **Commercial Services & Supplies - 0.7%**  | **Commercial Services & Supplies - 0.7%**  |
| HNI Corp. | 12850 | 525822 |
| Tetra Tech, Inc. | 1300 | 41574 |
|  |  | 567396 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Communications Equipment - 0.4%**  | **Communications Equipment - 0.4%**  | **Communications Equipment - 0.4%**  |
| Harmonic, Inc. <sup>(A)</sup> <br>| 24650 | $263755 |
| KVH Industries, Inc. <sup>(A)</sup> <br>| 1000 | 5970 |
| Silicom Ltd. <sup>(A)</sup> <br>| 1850 | 30396 |
|  |  | 300121 |
| **Construction & Engineering - 4.7%**  | **Construction & Engineering - 4.7%**  | **Construction & Engineering - 4.7%**  |
| Comfort Systems USA, Inc. | 1010 | 975236 |
| EMCOR Group, Inc. | 2800 | 1892184 |
| Granite Construction, Inc. | 10800 | 1111428 |
|  |  | 3978848 |
| **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  | **Consumer Staples Distribution & Retail - 0.7%**  |
| Ingles Markets, Inc., Class A | 5000 | 345500 |
| Village Super Market, Inc., Class A | 6650 | 208611 |
|  |  | 554111 |
| **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  |
| Greif, Inc., Class A | 7300 | 415297 |
| **Diversified Consumer Services - 0.6%**  | **Diversified Consumer Services - 0.6%**  | **Diversified Consumer Services - 0.6%**  |
| American Public Education, Inc. <sup>(A)</sup> <br>| 1350 | 45212 |
| Stride, Inc. <sup>(A)</sup> <br>| 6650 | 452466 |
|  |  | 497678 |
| **Diversified REITs - 0.6%**  | **Diversified REITs - 0.6%**  | **Diversified REITs - 0.6%**  |
| Broadstone Net Lease, Inc. | 28100 | 503552 |
| **Electric Utilities - 0.8%**  | **Electric Utilities - 0.8%**  | **Electric Utilities - 0.8%**  |
| Portland General Electric Co. | 14400 | 657792 |
| **Electrical Equipment - 2.5%**  | **Electrical Equipment - 2.5%**  | **Electrical Equipment - 2.5%**  |
| Acuity, Inc. | 500 | 182525 |
| LSI Industries, Inc. | 60100 | 1375689 |
| Regal Rexnord Corp. | 4000 | 563560 |
|  |  | 2121774 |
| **Electronic Equipment, Instruments & Components - 3.8%**  | **Electronic Equipment, Instruments & Components - 3.8%**  | **Electronic Equipment, Instruments & Components - 3.8%**  |
| Coherent Corp. <sup>(A)</sup> <br>| 4850 | 640006 |
| IPG Photonics Corp. <sup>(A)</sup> <br>| 2100 | 178752 |
| Itron, Inc. <sup>(A)</sup> <br>| 2600 | 260858 |
| OSI Systems, Inc. <sup>(A)</sup> <br>| 5775 | 1608106 |
| Vishay Intertechnology, Inc. | 31850 | 540813 |
|  |  | 3228535 |
| **Energy Equipment & Services - 2.1%**  | **Energy Equipment & Services - 2.1%**  | **Energy Equipment & Services - 2.1%**  |
| Helix Energy Solutions Group, Inc. <sup>(A)</sup> <br>| 65000 | 436800 |
| Helmerich & Payne, Inc. | 13500 | 354510 |
| Noble Corp. PLC | 13250 | 388887 |
| Seadrill Ltd. <sup>(A)</sup> <br>| 10500 | 331380 |
| Select Water Solutions, Inc. | 25250 | 291890 |
|  |  | 1803467 |
| **Entertainment - 2.2%**  | **Entertainment - 2.2%**  | **Entertainment - 2.2%**  |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp. <sup>(A)</sup> <br>| 17200 | 759552 |
| Madison Square Garden Sports Corp. <sup>(A)</sup> <br>| 3225 | 691408 |
| Sphere Entertainment Co. <sup>(A)(B)</sup> <br>| 6000 | 410880 |
|  |  | 1861840 |

---

***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 Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products - 0.9%**  | **Food Products - 0.9%**  | **Food Products - 0.9%**  |
| Nomad Foods Ltd. | 37300 | $421490 |
| Smithfield Foods, Inc. | 13900 | 308024 |
|  |  | 729514 |
| **Ground Transportation - 0.4%**  | **Ground Transportation - 0.4%**  | **Ground Transportation - 0.4%**  |
| U-Haul Holding Co. | 6250 | 303063 |
| **Health Care Equipment & Supplies - 1.7%**  | **Health Care Equipment & Supplies - 1.7%**  | **Health Care Equipment & Supplies - 1.7%**  |
| AngioDynamics, Inc. <sup>(A)</sup> <br>| 44650 | 537139 |
| Inmode Ltd. <sup>(A)</sup> <br>| 25600 | 378112 |
| Integra LifeSciences Holdings Corp. <sup>(A)</sup> <br>| 21600 | 259416 |
| Omnicell, Inc. <sup>(A)</sup> <br>| 2300 | 77211 |
| OraSure Technologies, Inc. <sup>(A)</sup> <br>| 33600 | 92064 |
| QuidelOrtho Corp. <sup>(A)</sup> <br>| 3750 | 101213 |
|  |  | 1445155 |
| **Health Care Providers & Services - 2.2%**  | **Health Care Providers & Services - 2.2%**  | **Health Care Providers & Services - 2.2%**  |
| AMN Healthcare Services, Inc. <sup>(A)</sup> <br>| 4900 | 96481 |
| Cross Country Healthcare, Inc. <sup>(A)</sup> <br>| 8400 | 102984 |
| Encompass Health Corp. | 9550 | 1087267 |
| Enhabit, Inc. <sup>(A)</sup> <br>| 34450 | 280079 |
| National HealthCare Corp. | 2450 | 292628 |
|  |  | 1859439 |
| **Health Care REITs - 2.3%**  | **Health Care REITs - 2.3%**  | **Health Care REITs - 2.3%**  |
| Community Healthcare Trust, Inc. | 28900 | 423674 |
| Healthpeak Properties, Inc. | 35000 | 628250 |
| Sabra Health Care, Inc. | 49250 | 877635 |
|  |  | 1929559 |
| **Hotel & Resort REITs - 1.1%**  | **Hotel & Resort REITs - 1.1%**  | **Hotel & Resort REITs - 1.1%**  |
| Apple Hospitality, Inc. | 48850 | 546631 |
| DiamondRock Hospitality Co. | 39600 | 309672 |
| Summit Hotel Properties, Inc. | 18100 | 93034 |
|  |  | 949337 |
| **Hotels, Restaurants & Leisure - 1.0%**  | **Hotels, Restaurants & Leisure - 1.0%**  | **Hotels, Restaurants & Leisure - 1.0%**  |
| Bloomin' Brands, Inc. | 12600 | 86058 |
| Churchill Downs, Inc. | 4325 | 429040 |
| Golden Entertainment, Inc. | 13250 | 267650 |
| &nbsp;&nbsp; Lucky Strike Entertainment Corp., <br> Class C <sup>(B)</sup> <br>| 12850 | 107683 |
|  |  | 890431 |
| **Household Durables - 2.4%**  | **Household Durables - 2.4%**  | **Household Durables - 2.4%**  |
| Helen of Troy Ltd. <sup>(A)</sup> <br>| 7500 | 139725 |
| KB Home | 11000 | 686620 |
| La-Z-Boy, Inc. | 11400 | 361380 |
| M/I Homes, Inc. <sup>(A)</sup> <br>| 550 | 68855 |
| PulteGroup, Inc. | 2250 | 269707 |
| Sonos, Inc. <sup>(A)</sup> <br>| 27350 | 469599 |
|  |  | 1995886 |
| **Household Products - 0.5%**  | **Household Products - 0.5%**  | **Household Products - 0.5%**  |
| Spectrum Brands Holdings, Inc. | 7500 | 404100 |
| **Industrial REITs - 0.7%**  | **Industrial REITs - 0.7%**  | **Industrial REITs - 0.7%**  |
| LXP Industrial Trust | 66250 | 628713 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance - 3.0%**  | **Insurance - 3.0%**  | **Insurance - 3.0%**  |
| Everest Group Ltd. | 2650 | $833478 |
| Old Republic International Corp. | 20000 | 789200 |
| Selective Insurance Group, Inc. | 6900 | 519846 |
| United Fire Group, Inc. | 14450 | 436823 |
|  |  | 2579347 |
| **IT Services - 0.5%**  | **IT Services - 0.5%**  | **IT Services - 0.5%**  |
| ASGN, Inc. <sup>(A)</sup> <br>| 8850 | 396126 |
| **Leisure Products - 1.2%**  | **Leisure Products - 1.2%**  | **Leisure Products - 1.2%**  |
| BRP, Inc. | 5500 | 345510 |
| MasterCraft Boat Holdings, Inc. <sup>(A)</sup> <br>| 20850 | 418251 |
| Polaris, Inc. | 3800 | 251180 |
|  |  | 1014941 |
| **Life Sciences Tools & Services - 0.3%**  | **Life Sciences Tools & Services - 0.3%**  | **Life Sciences Tools & Services - 0.3%**  |
| Azenta, Inc. <sup>(A)</sup> <br>| 7150 | 215930 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A <sup>(A)</sup> <br>| 22450 | 70493 |
|  |  | 286423 |
| **Machinery - 3.8%**  | **Machinery - 3.8%**  | **Machinery - 3.8%**  |
| Columbus McKinnon Corp. | 4000 | 64920 |
| Douglas Dynamics, Inc. | 6800 | 205564 |
| Flowserve Corp. | 3600 | 245700 |
| Gencor Industries, Inc. <sup>(A)</sup> <br>| 14150 | 192298 |
| Miller Industries, Inc. | 7700 | 309078 |
| Mueller Industries, Inc. | 18000 | 1905660 |
| Oshkosh Corp. | 2275 | 280485 |
|  |  | 3203705 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| Perion Network Ltd. <sup>(A)</sup> <br>| 12100 | 112530 |
| **Metals & Mining - 2.1%**  | **Metals & Mining - 2.1%**  | **Metals & Mining - 2.1%**  |
| Commercial Metals Co. | 11450 | 679672 |
| Kaiser Aluminum Corp. | 6300 | 570339 |
| Metallus, Inc. <sup>(A)</sup> <br>| 30450 | 535615 |
|  |  | 1785626 |
| **Multi-Utilities - 1.8%**  | **Multi-Utilities - 1.8%**  | **Multi-Utilities - 1.8%**  |
| Northwestern Energy Group, Inc. | 25500 | 1521585 |
| **Office REITs - 0.3%**  | **Office REITs - 0.3%**  | **Office REITs - 0.3%**  |
| Piedmont Realty Trust, Inc., Class A | 29100 | 234546 |
| **Oil, Gas & Consumable Fuels - 5.1%**  | **Oil, Gas & Consumable Fuels - 5.1%**  | **Oil, Gas & Consumable Fuels - 5.1%**  |
| Delek U.S. Holdings, Inc. | 15850 | 598496 |
| Gulfport Energy Corp. <sup>(A)</sup> <br>| 1875 | 348769 |
| Magnolia Oil & Gas Corp., Class A | 66300 | 1489098 |
| Ovintiv, Inc. | 17700 | 663927 |
| REX American Resources Corp. <sup>(A)</sup> <br>| 28700 | 919261 |
| Teekay Tankers Ltd., Class A | 5600 | 341600 |
|  |  | 4361151 |
| **Pharmaceuticals - 3.7%**  | **Pharmaceuticals - 3.7%**  | **Pharmaceuticals - 3.7%**  |
| Amphastar Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 9250 | 235875 |
| Innoviva, Inc. <sup>(A)</sup> <br>| 43300 | 788060 |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 8300 | 1142412 |

---

***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 Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Perrigo Co. PLC | 29150 | $604571 |
| Supernus Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 7300 | 402449 |
|  |  | 3173367 |
| **Professional Services - 2.8%**  | **Professional Services - 2.8%**  | **Professional Services - 2.8%**  |
| FTI Consulting, Inc. <sup>(A)</sup> <br>| 1025 | 169135 |
| Heidrick & Struggles International, Inc. | 5900 | 344383 |
| ICF International, Inc. | 2650 | 212742 |
| KBR, Inc. | 16000 | 685440 |
| Leidos Holdings, Inc. | 3150 | 599980 |
| Science Applications International Corp. | 3925 | 367812 |
|  |  | 2379492 |
| **Real Estate Management & Development - 0.7%**  | **Real Estate Management & Development - 0.7%**  | **Real Estate Management & Development - 0.7%**  |
| Newmark Group, Inc., Class A | 33200 | 591956 |
| **Residential REITs - 0.4%**  | **Residential REITs - 0.4%**  | **Residential REITs - 0.4%**  |
| Centerspace | 5850 | 346613 |
| **Retail REITs - 1.2%**  | **Retail REITs - 1.2%**  | **Retail REITs - 1.2%**  |
| Agree Realty Corp. | 7300 | 532973 |
| Kite Realty Group Trust | 21150 | 468261 |
|  |  | 1001234 |
| **Semiconductors & Semiconductor Equipment - 6.2%**  | **Semiconductors & Semiconductor Equipment - 6.2%**  | **Semiconductors & Semiconductor Equipment - 6.2%**  |
| Cohu, Inc. <sup>(A)</sup> <br>| 31600 | 751764 |
| Kulicke & Soffa Industries, Inc. | 4700 | 187671 |
| MKS, Inc. | 5375 | 772441 |
| Onto Innovation, Inc. <sup>(A)</sup> <br>| 3775 | 509474 |
| Silicon Motion Technology Corp., ADR | 13150 | 1290147 |
| Tower Semiconductor Ltd. <sup>(A)</sup> <br>| 15650 | 1332910 |
| Universal Display Corp. | 2800 | 412384 |
|  |  | 5256791 |
| **Software - 2.0%**  | **Software - 2.0%**  | **Software - 2.0%**  |
| Adeia, Inc. | 50400 | 858816 |
| Progress Software Corp. <sup>(A)</sup> <br>| 19600 | 835744 |
|  |  | 1694560 |
| **Specialty Retail - 3.3%**  | **Specialty Retail - 3.3%**  | **Specialty Retail - 3.3%**  |
| Abercrombie & Fitch Co., Class A <sup>(A)</sup> <br>| 7650 | 555008 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Academy Sports & Outdoors, Inc. | 4600 | $220294 |
| American Eagle Outfitters, Inc. | 20500 | 342555 |
| Urban Outfitters, Inc. <sup>(A)</sup> <br>| 14975 | 967535 |
| Williams-Sonoma, Inc. | 3475 | 675331 |
|  |  | 2760723 |
| **Textiles, Apparel & Luxury Goods - 1.3%**  | **Textiles, Apparel & Luxury Goods - 1.3%**  | **Textiles, Apparel & Luxury Goods - 1.3%**  |
| Steven Madden Ltd. | 10000 | 339100 |
| Tapestry, Inc. | 7325 | 804431 |
|  |  | 1143531 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $78,575,953)**<br>|  | 83801624 |
| **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  |
| **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(C)</sup> <br>| 111309 | 111309 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $111,309)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $111,309)** | 111309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  | **REPURCHASE AGREEMENT - 1.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(C)</sup>, dated 10/31/2025, to be <br> repurchased at $1,018,052 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $1,038,321.<br>| $1017925 | 1017925 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,017,925)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,017,925)** | 1017925 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $79,705,187)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $79,705,187)** | 84930858 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (214964) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$84715894** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $83801624 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83801624 |
| Other Investment Company | 111309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111309 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1017925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1017925 |
| **Total Investments** | **$83912933** | &nbsp;&nbsp; **$1017925** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$84930858** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $513,373, collateralized by cash collateral of $111,309 and non-cash* *collateral, such as U.S. government securities of $415,800. The amount on loan indicated may not correspond with the securities on loan identified* *because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(D)</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.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Small Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $78,687,262) (including securities loaned of $513,373) | $83912933 |
| Repurchase agreement, at value (cost $1,017,925) | 1017925 |
| Receivables and other assets: |  |
| Net income from securities lending | 1173 |
| Shares of beneficial interest sold  | 416 |
| Dividends  | 19715 |
| Interest | 43 |
| Total assets | 84952205 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 111309 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 34739 |
| Investment management fees | 50094 |
| Distribution and service fees | 3820 |
| Transfer agent fees | 2431 |
| Trustee and CCO fees | 30 |
| Audit and tax fees  | 15756 |
| Custody fees | 2767 |
| Legal fees | 1100 |
| Printing and shareholder reports fees | 1257 |
| Registration fees | 983 |
| Other accrued expenses | 12025 |
| Total liabilities | 236311 |
| **Net assets**  | $84715894 |
| **Net assets consist of:** |  |
| Paid-in capital | $76127931 |
| Total distributable earnings (accumulated losses) | 8587963 |
| **Net assets** | $84715894 |

---

***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 Small Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $10221931 |
| Class C | 324636 |
| Class I | 2259188 |
| Class I2 | 55947979 |
| Class I3 | 7354734 |
| Class R | 2950650 |
| Class R4 | 198622 |
| Class R6 | 5458154 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 2054622 |
| Class C | 70058 |
| Class I | 425068 |
| Class I2 | 10893628 |
| Class I3 | 1422439 |
| Class R | 569369 |
| Class R4 | 38418 |
| Class R6 | 1045348 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $4.98 |
| Class C | 4.63 |
| Class I | 5.31 |
| Class I2 | 5.14 |
| Class I3 | 5.17 |
| Class R | 5.18 |
| Class R4 | 5.17 |
| Class R6 | 5.22 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $5.27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Small Cap Value**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $1760892 |
| Interest income | 26685 |
| Net income from securities lending | 24378 |
| Withholding taxes on foreign income | (714)<br>|
| Total investment income  | 1811241 |
| **Expenses:** |  |
| Investment management fees | 716980 |
| Distribution and service fees: |  |
| Class A | 22777 |
| Class C | 4094 |
| Class R | 17530 |
| Class R4 | 418 |
| Transfer agent fees: |  |
| Class A | 18510 |
| Class C | 690 |
| Class I | 2804 |
| Class I2 | 4072 |
| Class I3 | 687 |
| Class R | 54 |
| Class R4 | 13 |
| Class R6 | 771 |
| Trustee and CCO fees | 3787 |
| Audit and tax fees | 30046 |
| Custody fees | 37223 |
| Legal fees | 31224 |
| Printing and shareholder reports fees | 12957 |
| Registration fees | 94002 |
| Other | 32312 |
| Total expenses before waiver and/or reimbursement and recapture | 1030951 |
| Expenses waived and/or reimbursed: |  |
| Class A | (27071)<br>|
| Class C | (816)<br>|
| Class I | (5098)<br>|
| Class I2 | (105570)<br>|
| Class I3 | (17919)<br>|
| Class R | (6622)<br>|
| Class R4 | (395)<br>|
| Class R6 | (20122)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 6135 |
| Class C | 59 |
| Class I | 233 |
| Class I2 | 5590 |
| Class I3 | 1051 |
| Class R | 430 |
| Class R4 | 20 |
| Class R6 | 1198 |
| Net expenses | 862054 |
| **Net investment income (loss)** | 949187 |
| **Net realized gain (loss) on:** |  |
| Investments | 4795625 |
| Foreign currency transactions | 3 |
| Net realized gain (loss) | 4795628 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (1281071)<br>|
| Net realized and change in unrealized gain (loss) | 3514557 |
| **Net increase (decrease) in net assets resulting from operations** | $4463744 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Small Cap Value**

------

**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) | $949187 | &nbsp;&nbsp;&nbsp;&nbsp; $954944 |
| Net realized gain (loss) | 4795628 | &nbsp;&nbsp;&nbsp;&nbsp; 28742685 |
| Net change in unrealized appreciation (depreciation) | (1281071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11822048 |
| Net increase (decrease) in net assets resulting from operations | 4463744 | &nbsp;&nbsp;&nbsp;&nbsp; 41519677 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (2276259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (209787)<br>|
| Class C | (109023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10543)<br>|
| Class I | (629048)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | (12235960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2740221)<br>|
| Class I3 | (1639477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (570906)<br>|
| Class R | (643460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158802)<br>|
| Class R4 | (35321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5280)<br>|
| Class R6 | (4764440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (629520)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (22332988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4325059)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 8971385 | &nbsp;&nbsp;&nbsp;&nbsp; 1735604 |
| Class C | 39646 | &nbsp;&nbsp;&nbsp;&nbsp; 74152 |
| Class I | 956963 | &nbsp;&nbsp;&nbsp;&nbsp; 1956986 |
| Class I2 | 4543637 | &nbsp;&nbsp;&nbsp;&nbsp; 3806818 |
| Class I3 | 1267403 | &nbsp;&nbsp;&nbsp;&nbsp; 432951 |
| Class R | 199426 | &nbsp;&nbsp;&nbsp;&nbsp; 543035 |
| Class R4 | 27599 | &nbsp;&nbsp;&nbsp;&nbsp; 2799 |
| Class R6 | 3405512 | &nbsp;&nbsp;&nbsp;&nbsp; 15073846 |
|  | 19411571 | &nbsp;&nbsp;&nbsp;&nbsp; 23626191 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2276259 | &nbsp;&nbsp;&nbsp;&nbsp; 209787 |
| Class C | 109023 | &nbsp;&nbsp;&nbsp;&nbsp; 10543 |
| Class I | 629048 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 12235960 | &nbsp;&nbsp;&nbsp;&nbsp; 2740221 |
| Class I3 | 1639477 | &nbsp;&nbsp;&nbsp;&nbsp; 570906 |
| Class R | 643460 | &nbsp;&nbsp;&nbsp;&nbsp; 158802 |
| Class R4 | 35321 | &nbsp;&nbsp;&nbsp;&nbsp; 5280 |
| Class R6 | 4764440 | &nbsp;&nbsp;&nbsp;&nbsp; 629520 |
|  | 22332988 | &nbsp;&nbsp;&nbsp;&nbsp; 4325059 |
| Cost of shares redeemed: |  |  |
| Class A | (5114055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5203496)<br>|
| Class C | (202694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23526)<br>|
| Class I | (1093756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13645696)<br>|
| Class I2 | (6484288)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (152600534)<br>|
| Class I3 | (14560786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2557881)<br>|
| Class R | (4084096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1092932)<br>|
| Class R4 |  | &nbsp;&nbsp;&nbsp;&nbsp; (57996)<br>|
| Class R6 | (21232374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3772811)<br>|
|  | (52772049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (178954872)<br>|
| Automatic conversions: |  |  |
| Class A | 13301 | &nbsp;&nbsp;&nbsp;&nbsp; 126616 |
| Class C | (13301)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126616)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (11027490)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151003622)<br>|
| **Net increase (decrease) in net assets** | (28896734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (113809004)<br>|
| **Net assets:** |  |  |
| Beginning of year | 113612628 | &nbsp;&nbsp;&nbsp;&nbsp; 227421632 |
| End of year | $84715894 | &nbsp;&nbsp;&nbsp;&nbsp; $113612628 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Small Cap Value**

------

**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 | 1564327 | &nbsp;&nbsp;&nbsp;&nbsp; 305279 |
| Class C | 9381 | &nbsp;&nbsp;&nbsp;&nbsp; 13074 |
| Class I | 164566 | &nbsp;&nbsp;&nbsp;&nbsp; 303850 |
| Class I2 | 907468 | &nbsp;&nbsp;&nbsp;&nbsp; 662838 |
| Class I3 | 238781 | &nbsp;&nbsp;&nbsp;&nbsp; 72990 |
| Class R | 38684 | &nbsp;&nbsp;&nbsp;&nbsp; 92602 |
| Class R4 | 5660 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
| Class R6 | 673059 | &nbsp;&nbsp;&nbsp;&nbsp; 2972814 |
|  | 3601926 | &nbsp;&nbsp;&nbsp;&nbsp; 4423944 |
| Shares reinvested: |  |  |
| Class A | 474221 | &nbsp;&nbsp;&nbsp;&nbsp; 38423 |
| Class C | 24227 | &nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| Class I | 123101 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class I2 | 2476915 | &nbsp;&nbsp;&nbsp;&nbsp; 491960 |
| Class I3 | 329875 | &nbsp;&nbsp;&nbsp;&nbsp; 101948 |
| Class R | 128692 | &nbsp;&nbsp;&nbsp;&nbsp; 28307 |
| Class R4 | 7093 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
| Class R6 | 947205 | &nbsp;&nbsp;&nbsp;&nbsp; 111419 |
|  | 4511329 | &nbsp;&nbsp;&nbsp;&nbsp; 775025 |
| Shares redeemed: |  |  |
| Class A | (959808)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (887867)<br>|
| Class C | (44656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4491)<br>|
| Class I | (217705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2763693)<br>|
| Class I2 | (1357382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29894499)<br>|
| Class I3 | (2345232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (446418)<br>|
| Class R | (658344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (187158)<br>|
| Class R4 |  | &nbsp;&nbsp;&nbsp;&nbsp; (9315)<br>|
| Class R6 | (4069087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (648424)<br>|
|  | (9652214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34841865)<br>|
| Automatic conversions: |  |  |
| Class A | 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 23673 |
| Class C | (2305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24851)<br>|
|  | (135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1178)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1080910 | &nbsp;&nbsp;&nbsp;&nbsp; (520492)<br>|
| Class C | (13353)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14241)<br>|
| Class I | 69962 | &nbsp;&nbsp;&nbsp;&nbsp; (2459843)<br>|
| Class I2 | 2027001 | &nbsp;&nbsp;&nbsp;&nbsp; (28739701)<br>|
| Class I3 | (1776576)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (271480)<br>|
| Class R | (490968)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (66249)<br>|
| Class R4 | 12753 | &nbsp;&nbsp;&nbsp;&nbsp; (7877)<br>|
| Class R6 | (2448823)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2435809 |
|  | (1539094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29644074)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Small Cap Value**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $6.12 | $4.66 | $6.55 | $12.91 | $8.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.02 | 0.02 | 0.03 | (0.00 )<sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.21 | 1.59 | (0.77)<br>| (0.64)<br>| 4.78 |
| Total investment operations | 0.24 | 1.61 | (0.75)<br>| (0.61)<br>| 4.78 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.15)<br>| (0.05)<br>| (0.05)<br>|  |
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.38)<br>| (0.15)<br>| (1.14)<br>| (5.75)<br>|  |
| **Net asset value, end of year** | $4.98 | $6.12 | $4.66 | $6.55 | $12.91 |
| **Total return** <sup>(D)</sup> <br>| 4.65<br> %<br>| 34.85<br> %<br>| (13.43)%<br>| (7.92 )%<sup>(C)</sup><br>| 58.79<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $10222 | $5962 | $6957 | $8559 | $9240 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.39<br> %<br>| 1.28<br> %<br>| 1.24<br> %<br>| 1.19<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.21<br> %<br>| 1.26<br> %<br>|
| Net investment income (loss) to average net assets | 0.67<br> %<br>| 0.39<br> %<br>| 0.36<br> %<br>| 0.48<br> %<br>| 0.00 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Rounds to less than 0.01% or (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** | $5.80 | $4.42 | $6.28 | $12.60 | $7.99 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.00 <br><sup>(B)</sup><br>| (0.02)<br>| (0.02)<br>| (0.02)<br>| (0.07)<br>|
| Net realized and unrealized gain (loss) | 0.17 | 1.51 | (0.73)<br>| (0.63)<br>| 4.68 |
| Total investment operations | 0.17 | 1.49 | (0.75)<br>| (0.65)<br>| 4.61 |
| **Contributions from affiliate** |  |  |  | 0.03 <br><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.11)<br>| (0.02)<br>|  |  |
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.11)<br>| (1.11)<br>| (5.70)<br>|  |
| **Net asset value, end of year** | $4.63 | $5.80 | $4.42 | $6.28 | $12.60 |
| **Total return** <sup>(D)</sup> <br>| 3.52<br> %<br>| 33.95<br> %<br>| (13.99)%<br>| (8.28 )%<sup>(C)</sup><br>| 57.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $325 | $484 | $431 | $572 | $756 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.24<br> %<br>| 2.13<br> %<br>| 2.03<br> %<br>| 1.99<br> %<br>| 1.93<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.05<br> %<br>| 2.05<br> %<br>| 2.03<br> %<br>| 1.99 %<sup>(E)</sup><br>| 1.95<br> %<br>|
| Net investment income (loss) to average net assets | (0.02)%<br>| (0.35)%<br>| (0.40)%<br>| (0.29)%<br>| (0.61)%<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.39%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *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 Small Cap Value**

------

**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** | $6.45 | $4.77 | $6.67 | $13.06 | $8.22 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.05 | 0.07 | 0.04 | 0.06 | 0.05 |
| Net realized and unrealized gain (loss) | 0.20 | 1.61 | (0.79)<br>| (0.66)<br>| 4.81 |
| Total investment operations | 0.25 | 1.68 | (0.75)<br>| (0.60)<br>| 4.86 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.05)<br>|  | (0.06)<br>| (0.09)<br>| (0.02)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.39)<br>|  | (1.15)<br>| (5.79)<br>| (0.02)<br>|
| **Net asset value, end of year** | $5.31 | $6.45 | $4.77 | $6.67 | $13.06 |
| **Total return** | 4.71<br> %<br>| 35.22<br> %<br>| (13.10)%<br>| (7.72)%<br>| 59.14<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2259 | $2291 | $13415 | $17023 | $19027 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.17<br> %<br>| 1.07<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.90<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.99<br> %<br>| 0.99<br> %<br>| 0.96<br> %<br>| 0.94<br> %<br>| 0.91<br> %<br>|
| Net investment income (loss) to average net assets | 1.04<br> %<br>| 1.11<br> %<br>| 0.67<br> %<br>| 0.75<br> %<br>| 0.41<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $6.27 | $4.77 | $6.68 | $13.08 | $8.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.05 | 0.05 | 0.06 | 0.07 |
| Net realized and unrealized gain (loss) | 0.21 | 1.62 | (0.80)<br>| (0.66)<br>| 4.81 |
| Total investment operations | 0.27 | 1.67 | (0.75)<br>| (0.60)<br>| 4.88 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>|
| **Net asset value, end of year** | $5.14 | $6.27 | $4.77 | $6.68 | $13.08 |
| **Total return** | 5.06<br> %<br>| 35.41<br> %<br>| (13.13)%<br>| (7.63)%<br>| 59.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $55948 | $55629 | $179319 | $360477 | $643658 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 1.11<br> %<br>| 0.88<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.60<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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 12**

------

**Transamerica Small Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **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** | $6.31 | $4.79 | $6.70 | $13.10 | $8.24 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.04 | 0.04 | 0.06 | 0.06 |
| Net realized and unrealized gain (loss) | 0.20 | 1.65 | (0.79)<br>| (0.66)<br>| 4.83 |
| Total investment operations | 0.26 | 1.69 | (0.75)<br>| (0.60)<br>| 4.89 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>|
| **Net asset value, end of year** | $5.17 | $6.31 | $4.79 | $6.70 | $13.10 |
| **Total return** | 4.86<br> %<br>| 35.70<br> %<br>| (13.12)%<br>| (7.70)%<br>| 59.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7355 | $20179 | $16635 | $23917 | $31764 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>|
| Net investment income (loss) to average net assets | 1.20<br> %<br>| 0.78<br> %<br>| 0.80<br> %<br>| 0.85<br> %<br>| 0.52<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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** | $6.29 | $4.78 | $6.68 | $13.05 | $8.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.02 | 0.02 | 0.03 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.19 | 1.63 | (0.80)<br>| (0.67)<br>| 4.82 |
| Total investment operations | 0.23 | 1.65 | (0.78)<br>| (0.64)<br>| 4.82 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.14)<br>| (0.03)<br>| (0.03)<br>|  |
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.14)<br>| (1.12)<br>| (5.73)<br>|  |
| **Net asset value, end of year** | $5.18 | $6.29 | $4.78 | $6.68 | $13.05 |
| **Total return** | 4.35<br> %<br>| 34.91<br> %<br>| (13.54)%<br>| (8.16)%<br>| 58.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2951 | $6672 | $5388 | $7613 | $10125 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.57<br> %<br>| 1.47<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.29<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.39<br> %<br>| 1.39<br> %<br>| 1.36<br> %<br>| 1.34<br> %<br>| 1.29<br> %<br>|
| Net investment income (loss) to average net assets | 0.67<br> %<br>| 0.27<br> %<br>| 0.29<br> %<br>| 0.36<br> %<br>| 0.02<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<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).*

&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 13**

------

**Transamerica Small Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $6.30 | $4.79 | $6.70 | $13.07 | $8.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.05 | 0.03 | 0.03 | 0.04 | 0.02 |
| Net realized and unrealized gain (loss) | 0.20 | 1.64 | (0.79)<br>| (0.66)<br>| 4.83 |
| Total investment operations | 0.25 | 1.67 | (0.76)<br>| (0.62)<br>| 4.85 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.16)<br>| (0.06)<br>| (0.05)<br>| (0.01)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.38)<br>| (0.16)<br>| (1.15)<br>| (5.75)<br>| (0.01)<br>|
| **Net asset value, end of year** | $5.17 | $6.30 | $4.79 | $6.70 | $13.07 |
| **Total return** | 4.73<br> %<br>| 35.20<br> %<br>| (13.32)%<br>| (7.85)%<br>| 58.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $198 | $162 | $161 | $162 | $184 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.33<br> %<br>| 1.22<br> %<br>| 1.12<br> %<br>| 1.09<br> %<br>| 1.05<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) to average net assets | 0.89<br> %<br>| 0.57<br> %<br>| 0.50<br> %<br>| 0.59<br> %<br>| 0.20<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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** | $6.36 | $4.83 | $6.75 | $13.16 | $8.28 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.04 | 0.04 | 0.06 | 0.06 |
| Net realized and unrealized gain (loss) | 0.20 | 1.66 | (0.80)<br>| (0.67)<br>| 4.85 |
| Total investment operations | 0.26 | 1.70 | (0.76)<br>| (0.61)<br>| 4.91 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.06)<br>| (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.03)<br>|
| Net realized gains | (1.34)<br>|  | (1.09)<br>| (5.70)<br>|  |
| Total dividends and/or distributions to shareholders | (1.40)<br>| (0.17)<br>| (1.16)<br>| (5.80)<br>| (0.03)<br>|
| **Net asset value, end of year** | $5.22 | $6.36 | $4.83 | $6.75 | $13.16 |
| **Total return** | 4.77<br> %<br>| 35.62<br> %<br>| (13.15)%<br>| (7.68)%<br>| 59.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5458 | $22234 | $5116 | $6373 | $80 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 0.97<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 1.18<br> %<br>| 0.77<br> %<br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.50<br> %<br>|
| Portfolio turnover rate | 27<br> %<br>| 102<br> %<br>| 33<br> %<br>| 38<br> %<br>| 94<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Small Cap Value**

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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 Small Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**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;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $7,875.

**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;

**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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Small Cap Value**

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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)**

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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.

**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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Small Cap Value**

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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)**

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 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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $111309 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111309 |
| **Total Borrowings** | **$111309** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$111309** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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

**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;

**6. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $66984857 | 79.07<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $300 million | 0.80<br> % <br>|
| Over $300 million up to $800 million | 0.75 |
| Over $800 million | 0.71 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.29<br> % <br>| March 1, 2026 |
| Class C | 2.05 | March 1, 2026 |
| Class I | 0.99 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.89 | March 1, 2026 |
| Class R | 1.40 | March 1, 2026 |
| Class R4 | 1.10 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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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**Transamerica Small Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended 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 A | $— | $1869 | $27071 | $28940 |
| Class C |  | 305 | 816 | 1121 |
| Class I |  | 165 | 5098 | 5263 |
| Class I2 |  | 48861 | 105570 | 154431 |
| Class I3 |  | 14563 | 17919 | 32482 |
| Class R |  | 3772 | 6326 | 10098 |
| Class R4 | 33 | 265 | 395 | 693 |
| Class R6 |  | 16103 | 20122 | 36225 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $2139 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 113 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

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** |
| $27357 | &nbsp;&nbsp; $2388 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $24246785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54635225 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, passive foreign investment companies and organizational expense. 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 a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. 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; $1256549 | &nbsp;&nbsp;&nbsp;&nbsp; $(1256549)<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>|
| $80445374 | &nbsp;&nbsp; $13082237 | &nbsp;&nbsp; $(8596753)<br>| &nbsp;&nbsp; $4485484 |

---

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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

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>|
| $1831587 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20501401 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4325059 | &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>|
| $832492 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3273944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3957)<br>| &nbsp;&nbsp; $4485484 |

---

**10. 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 24**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Small Cap Value

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Small Cap Value (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. ![](g67628img7bbaecb33.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 $1,463,572 of qualified dividend income.

For corporate shareholders, 78% 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 $20,501,401 for the year ended October 31, 2025.

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 Small Cap Value** 

------

**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 Small Cap Value** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

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**Transamerica Small Cap Value** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

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**Transamerica Small Cap Value** 

------

**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 Small Cap Value (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 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 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 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Small Cap Value** 

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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 I Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-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-, 3- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on August 30, 2024 pursuant to its current investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of three Transamerica Partners funds on April 21, 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 Partners Institutional Small Value, effective as of that date in place of its own historical performance record. The Trustees noted that a new portfolio manager for the Fund was named effective May 2025.

**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 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 Fund's 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 below the median for its peer group and 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 in line with the median 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 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Small Cap Value** 

------

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

**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 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 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 and oversee the portfolio management activities of the Fund's 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 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 32**

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![](g67628img59028c884.gif)

![](g67628img4242cbbf5.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

4886794 TA SCV 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img3ee8134d6.gif)

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![](g67628imgcd071d081.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Small/Mid Cap Value**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imge55edde52.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_94345ea1-908a-4870-b717-58d29592eea6_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_94345ea1-908a-4870-b717-58d29592eea6_SOI-RunningFooter-177_1) | 2 |
| [Statement of Assets and Liabilities](#xx_94345ea1-908a-4870-b717-58d29592eea6_FS-RunningFooter-177_1) | 7 |
| [Statement of Operations](#xx_94345ea1-908a-4870-b717-58d29592eea6_FS-RunningFooter-177_2) | 8 |
| [Statement of Changes in Net Assets](#xx_94345ea1-908a-4870-b717-58d29592eea6_FS-RunningFooter-177_3) | 9 |
| [Financial Highlights](#xx_94345ea1-908a-4870-b717-58d29592eea6_FIHI-RunningFooter-177_1) | 11 |
| [Notes to Financial Statements](#xx_94345ea1-908a-4870-b717-58d29592eea6_NTF-RunningFooter-177_1) | 14 |
| **[Report of Independent Registered Public Accounting Firm](#xx_94345ea1-908a-4870-b717-58d29592eea6_AUD-RunningFooter-177_1)** | 24 |
| **[Supplemental Information](#xx_94345ea1-908a-4870-b717-58d29592eea6_STI-RunningFooter-177_1)** | 25 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_94345ea1-908a-4870-b717-58d29592eea6_DWA-RunningFooter-177_1)**<br> **[Companies](#xx_94345ea1-908a-4870-b717-58d29592eea6_DWA-RunningFooter-177_1)**<br>| 26 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_94345ea1-908a-4870-b717-58d29592eea6_PD-RunningFooter-177_1)** | 27 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_94345ea1-908a-4870-b717-58d29592eea6_REMU-RunningFooter-177_1)**<br> **[Companies](#xx_94345ea1-908a-4870-b717-58d29592eea6_REMU-RunningFooter-177_1)**<br>| 28 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_94345ea1-908a-4870-b717-58d29592eea6_AIAC-RunningFooter-177_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**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.8%**  | **COMMON STOCKS - 96.8%**  | **COMMON STOCKS - 96.8%**  |
| **Aerospace & Defense - 1.8%**  | **Aerospace & Defense - 1.8%**  | **Aerospace & Defense - 1.8%**  |
| Curtiss-Wright Corp. | 1930 | $1149759 |
| Elbit Systems Ltd. | 2450 | 1168038 |
| Huntington Ingalls Industries, Inc. | 22721 | 7316616 |
| V2X, Inc. <sup>(A)</sup> <br>| 24050 | 1373014 |
|  |  | 11007427 |
| **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  |
| Gentex Corp. | 25450 | 596803 |
| Visteon Corp. | 18750 | 2009250 |
|  |  | 2606053 |
| **Banks - 7.4%**  | **Banks - 7.4%**  | **Banks - 7.4%**  |
| Atlantic Union Bankshares Corp. | 105750 | 3438990 |
| Beacon Financial Corp. | 76750 | 1868095 |
| Columbia Banking System, Inc. | 88700 | 2377160 |
| Community West Bancshares | 14950 | 316641 |
| Dime Community Bancshares, Inc. | 80900 | 2123625 |
| Eastern Bankshares, Inc. | 134000 | 2349020 |
| First Citizens BancShares, Inc., Class A | 5275 | 9625925 |
| First Community Bankshares, Inc. | 37700 | 1219218 |
| First Merchants Corp. | 53750 | 1907050 |
| Hancock Whitney Corp. | 8600 | 491146 |
| OceanFirst Financial Corp. | 73850 | 1342593 |
| Princeton Bancorp, Inc. | 9900 | 307692 |
| Provident Financial Services, Inc. | 143200 | 2619128 |
| TrustCo Bank Corp. | 82800 | 3122388 |
| UMB Financial Corp. | 24650 | 2634592 |
| United Bankshares, Inc. | 30550 | 1093385 |
| United Community Banks, Inc. | 72050 | 2103860 |
| WaFd, Inc. | 103700 | 3010411 |
| Webster Financial Corp. | 75850 | 4326484 |
|  |  | 46277403 |
| **Beverages - 2.7%**  | **Beverages - 2.7%**  | **Beverages - 2.7%**  |
| Brown-Forman Corp., Class B <sup>(B)</sup> <br>| 103900 | 2829197 |
| Constellation Brands, Inc., Class A | 50600 | 6647828 |
| Molson Coors Beverage Co., Class B | 171200 | 7484864 |
|  |  | 16961889 |
| **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  | **Biotechnology - 1.5%**  |
| Biogen, Inc. <sup>(A)</sup> <br>| 30900 | 4766943 |
| BioMarin Pharmaceutical, Inc. <sup>(A)</sup> <br>| 7700 | 412489 |
| Catalyst Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 48800 | 1037976 |
| Exelixis, Inc. <sup>(A)</sup> <br>| 74050 | 2863513 |
|  |  | 9080921 |
| **Building Products - 1.2%**  | **Building Products - 1.2%**  | **Building Products - 1.2%**  |
| American Woodmark Corp. <sup>(A)</sup> <br>| 25450 | 1621929 |
| Gibraltar Industries, Inc. <sup>(A)</sup> <br>| 6150 | 383699 |
| Hayward Holdings, Inc. <sup>(A)</sup> <br>| 101250 | 1718212 |
| Owens Corning | 16850 | 2145173 |
| Quanex Building Products Corp. | 110000 | 1563100 |
|  |  | 7432113 |
| **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  |
| Piper Sandler Cos. | 12500 | 3990750 |
| Stifel Financial Corp. | 28550 | 3381176 |
|  |  | 7371926 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals - 3.2%**  | **Chemicals - 3.2%**  | **Chemicals - 3.2%**  |
| LSB Industries, Inc. <sup>(A)</sup> <br>| 129500 | $1091685 |
| Mosaic Co. | 286884 | 7874966 |
| PPG Industries, Inc. | 74900 | 7321475 |
| Westlake Corp. | 54400 | 3743264 |
|  |  | 20031390 |
| **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  | **Commercial Services & Supplies - 0.3%**  |
| HNI Corp. | 38400 | 1571328 |
| Tetra Tech, Inc. | 13250 | 423735 |
|  |  | 1995063 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| Harmonic, Inc. <sup>(A)</sup> <br>| 77450 | 828715 |
| KVH Industries, Inc. <sup>(A)</sup> <br>| 73450 | 438497 |
| Silicom Ltd. <sup>(A)</sup> <br>| 21600 | 354888 |
|  |  | 1622100 |
| **Construction & Engineering - 2.3%**  | **Construction & Engineering - 2.3%**  | **Construction & Engineering - 2.3%**  |
| Comfort Systems USA, Inc. | 3050 | 2945019 |
| EMCOR Group, Inc. | 8445 | 5706962 |
| Fluor Corp. <sup>(A)</sup> <br>| 41100 | 2004447 |
| Granite Construction, Inc. | 36650 | 3771652 |
|  |  | 14428080 |
| **Consumer Finance - 0.3%**  | **Consumer Finance - 0.3%**  | **Consumer Finance - 0.3%**  |
| Ally Financial, Inc. | 45405 | 1769433 |
| **Consumer Staples Distribution & Retail - 1.5%**  | **Consumer Staples Distribution & Retail - 1.5%**  | **Consumer Staples Distribution & Retail - 1.5%**  |
| Dollar General Corp. | 29200 | 2880872 |
| Dollar Tree, Inc. <sup>(A)</sup> <br>| 44300 | 4391016 |
| Ingles Markets, Inc., Class A | 15600 | 1077960 |
| Village Super Market, Inc., Class A | 23300 | 730921 |
|  |  | 9080769 |
| **Containers & Packaging - 2.7%**  | **Containers & Packaging - 2.7%**  | **Containers & Packaging - 2.7%**  |
| Crown Holdings, Inc. | 65500 | 6365290 |
| Graphic Packaging Holding Co. | 578630 | 9252294 |
| Greif, Inc., Class A | 22050 | 1254424 |
|  |  | 16872008 |
| **Distributors - 1.5%**  | **Distributors - 1.5%**  | **Distributors - 1.5%**  |
| LKQ Corp. | 303300 | 9693468 |
| **Diversified Consumer Services - 0.2%**  | **Diversified Consumer Services - 0.2%**  | **Diversified Consumer Services - 0.2%**  |
| American Public Education, Inc. <sup>(A)</sup> <br>| 4000 | 133960 |
| Stride, Inc. <sup>(A)</sup> <br>| 20500 | 1394820 |
|  |  | 1528780 |
| **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  | **Diversified REITs - 0.2%**  |
| Broadstone Net Lease, Inc. | 85300 | 1528576 |
| **Diversified Telecommunication Services - 0.6%**  | **Diversified Telecommunication Services - 0.6%**  | **Diversified Telecommunication Services - 0.6%**  |
| GCI Liberty, Inc. <sup>(A)(C)(D)(E)</sup> <br>| 83400 | 0 |
| Liberty Global Ltd., Class A <sup>(A)</sup> <br>| 323114 | 3554254 |
|  |  | 3554254 |
| **Electric Utilities - 2.3%**  | **Electric Utilities - 2.3%**  | **Electric Utilities - 2.3%**  |
| Evergy, Inc. | 106500 | 8180265 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| OGE Energy Corp. | 103000 | $4546420 |
| Portland General Electric Co. | 41500 | 1895720 |
|  |  | 14622405 |
| **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  |
| Acuity, Inc. | 1500 | 547575 |
| LSI Industries, Inc. | 179100 | 4099599 |
| Regal Rexnord Corp. | 12000 | 1690680 |
|  |  | 6337854 |
| **Electronic Equipment, Instruments & Components - 3.5%**  | **Electronic Equipment, Instruments & Components - 3.5%**  | **Electronic Equipment, Instruments & Components - 3.5%**  |
| Coherent Corp. <sup>(A)</sup> <br>| 16750 | 2210330 |
| IPG Photonics Corp. <sup>(A)</sup> <br>| 8650 | 736288 |
| Itron, Inc. <sup>(A)</sup> <br>| 7825 | 785082 |
| OSI Systems, Inc. <sup>(A)</sup> <br>| 18175 | 5061011 |
| TD SYNNEX Corp. | 33400 | 5226766 |
| Vishay Intertechnology, Inc. | 96200 | 1633476 |
| Vontier Corp. | 165227 | 6361239 |
|  |  | 22014192 |
| **Energy Equipment & Services - 2.1%**  | **Energy Equipment & Services - 2.1%**  | **Energy Equipment & Services - 2.1%**  |
| Halliburton Co. | 199900 | 5365316 |
| Helix Energy Solutions Group, Inc. <sup>(A)</sup> <br>| 193100 | 1297632 |
| Helmerich & Payne, Inc. | 40000 | 1050400 |
| Noble Corp. PLC | 129400 | 3797890 |
| Seadrill Ltd. <sup>(A)</sup> <br>| 28850 | 910506 |
| Select Water Solutions, Inc. | 77450 | 895322 |
|  |  | 13317066 |
| **Entertainment - 1.0%**  | **Entertainment - 1.0%**  | **Entertainment - 1.0%**  |
| &nbsp;&nbsp; Madison Square Garden Entertainment <br> Corp. <sup>(A)</sup> <br>| 57600 | 2543616 |
| Madison Square Garden Sports Corp. <sup>(A)</sup> <br>| 9750 | 2090302 |
| Sphere Entertainment Co. <sup>(A)(B)</sup> <br>| 21850 | 1496288 |
|  |  | 6130206 |
| **Financial Services - 2.5%**  | **Financial Services - 2.5%**  | **Financial Services - 2.5%**  |
| Corpay, Inc. <sup>(A)</sup> <br>| 25200 | 6560820 |
| Fiserv, Inc. <sup>(A)</sup> <br>| 42900 | 2861001 |
| Global Payments, Inc. | 80900 | 6290784 |
|  |  | 15712605 |
| **Food Products - 6.2%**  | **Food Products - 6.2%**  | **Food Products - 6.2%**  |
| Archer-Daniels-Midland Co. | 90800 | 5496124 |
| Campbell's Co. | 92900 | 2799077 |
| Conagra Brands, Inc. | 505400 | 8687826 |
| Kraft Heinz Co. | 418800 | 10356924 |
| Nomad Foods Ltd. | 98600 | 1114180 |
| Post Holdings, Inc. <sup>(A)</sup> <br>| 38187 | 3968775 |
| Smithfield Foods, Inc. | 46850 | 1038196 |
| Tyson Foods, Inc., Class A | 107500 | 5526575 |
|  |  | 38987677 |
| **Ground Transportation - 1.0%**  | **Ground Transportation - 1.0%**  | **Ground Transportation - 1.0%**  |
| U-Haul Holding Co. | 130750 | 6340067 |
| **Health Care Equipment & Supplies - 3.0%**  | **Health Care Equipment & Supplies - 3.0%**  | **Health Care Equipment & Supplies - 3.0%**  |
| Align Technology, Inc. <sup>(A)</sup> <br>| 14000 | 1930320 |
| AngioDynamics, Inc. <sup>(A)</sup> <br>| 133350 | 1604200 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Baxter International, Inc. | 335557 | $6197738 |
| Inmode Ltd. <sup>(A)</sup> <br>| 74900 | 1106273 |
| Integra LifeSciences Holdings Corp. <sup>(A)</sup> <br>| 68450 | 822084 |
| Omnicell, Inc. <sup>(A)</sup> <br>| 7850 | 263525 |
| OraSure Technologies, Inc. <sup>(A)</sup> <br>| 99600 | 272904 |
| QuidelOrtho Corp. <sup>(A)</sup> <br>| 12000 | 323880 |
| Zimmer Biomet Holdings, Inc. | 62100 | 6244776 |
|  |  | 18765700 |
| **Health Care Providers & Services - 2.8%**  | **Health Care Providers & Services - 2.8%**  | **Health Care Providers & Services - 2.8%**  |
| AMN Healthcare Services, Inc. <sup>(A)</sup> <br>| 14900 | 293381 |
| Centene Corp. <sup>(A)</sup> <br>| 184000 | 6508080 |
| Cross Country Healthcare, Inc. <sup>(A)</sup> <br>| 45600 | 559056 |
| Encompass Health Corp. | 28725 | 3270341 |
| Enhabit, Inc. <sup>(A)</sup> <br>| 113650 | 923975 |
| Henry Schein, Inc. <sup>(A)</sup> <br>| 77500 | 4898000 |
| National HealthCare Corp. | 7650 | 913716 |
|  |  | 17366549 |
| **Health Care REITs - 0.9%**  | **Health Care REITs - 0.9%**  | **Health Care REITs - 0.9%**  |
| Community Healthcare Trust, Inc. | 64700 | 948502 |
| Healthpeak Properties, Inc. | 106850 | 1917957 |
| Sabra Health Care, Inc. | 153400 | 2733588 |
|  |  | 5600047 |
| **Hotel & Resort REITs - 0.4%**  | **Hotel & Resort REITs - 0.4%**  | **Hotel & Resort REITs - 0.4%**  |
| Apple Hospitality, Inc. | 144250 | 1614158 |
| DiamondRock Hospitality Co. | 115550 | 903601 |
| Summit Hotel Properties, Inc. | 55700 | 286298 |
|  |  | 2804057 |
| **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  | **Hotels, Restaurants & Leisure - 0.4%**  |
| Bloomin' Brands, Inc. | 36700 | 250661 |
| Churchill Downs, Inc. | 13050 | 1294560 |
| Golden Entertainment, Inc. | 23700 | 478740 |
| &nbsp;&nbsp; Lucky Strike Entertainment Corp., <br> Class C <sup>(B)</sup> <br>| 39100 | 327658 |
|  |  | 2351619 |
| **Household Durables - 1.0%**  | **Household Durables - 1.0%**  | **Household Durables - 1.0%**  |
| Helen of Troy Ltd. <sup>(A)</sup> <br>| 24000 | 447120 |
| KB Home | 33900 | 2116038 |
| La-Z-Boy, Inc. | 35350 | 1120595 |
| M/I Homes, Inc. <sup>(A)</sup> <br>| 1700 | 212823 |
| PulteGroup, Inc. | 7100 | 851077 |
| Sonos, Inc. <sup>(A)</sup> <br>| 81250 | 1395062 |
|  |  | 6142715 |
| **Household Products - 0.2%**  | **Household Products - 0.2%**  | **Household Products - 0.2%**  |
| Spectrum Brands Holdings, Inc. | 22775 | 1227117 |
| **Industrial REITs - 0.3%**  | **Industrial REITs - 0.3%**  | **Industrial REITs - 0.3%**  |
| LXP Industrial Trust | 195250 | 1852923 |
| **Insurance - 3.5%**  | **Insurance - 3.5%**  | **Insurance - 3.5%**  |
| Everest Group Ltd. | 8025 | 2524023 |
| Fidelity National Financial, Inc. | 94200 | 5203608 |
| Markel Group, Inc. <sup>(A)</sup> <br>| 3313 | 6541618 |
| Old Republic International Corp. | 60550 | 2389303 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Selective Insurance Group, Inc. | 21100 | $1589674 |
| United Fire Group, Inc. | 41700 | 1260591 |
| Willis Towers Watson PLC | 7200 | 2254320 |
|  |  | 21763137 |
| **Interactive Media & Services - 1.9%**  | **Interactive Media & Services - 1.9%**  | **Interactive Media & Services - 1.9%**  |
| IAC, Inc. <sup>(A)</sup> <br>| 203041 | 6541981 |
| Match Group, Inc. | 170500 | 5513970 |
|  |  | 12055951 |
| **IT Services - 1.1%**  | **IT Services - 1.1%**  | **IT Services - 1.1%**  |
| ASGN, Inc. <sup>(A)</sup> <br>| 27250 | 1219710 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 76700 | 5589896 |
|  |  | 6809606 |
| **Leisure Products - 0.5%**  | **Leisure Products - 0.5%**  | **Leisure Products - 0.5%**  |
| BRP, Inc. | 16750 | 1052235 |
| MasterCraft Boat Holdings, Inc. <sup>(A)</sup> <br>| 68200 | 1368092 |
| Polaris, Inc. | 12900 | 852690 |
|  |  | 3273017 |
| **Life Sciences Tools & Services - 1.9%**  | **Life Sciences Tools & Services - 1.9%**  | **Life Sciences Tools & Services - 1.9%**  |
| Azenta, Inc. <sup>(A)</sup> <br>| 26000 | 785200 |
| Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> <br>| 15124 | 4832874 |
| IQVIA Holdings, Inc. <sup>(A)</sup> <br>| 27600 | 5974296 |
| &nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A <sup>(A)</sup> <br>| 89250 | 280245 |
|  |  | 11872615 |
| **Machinery - 2.2%**  | **Machinery - 2.2%**  | **Machinery - 2.2%**  |
| CNH Industrial NV | 366200 | 3841438 |
| Columbus McKinnon Corp. | 9350 | 151751 |
| Douglas Dynamics, Inc. | 16000 | 483680 |
| Flowserve Corp. | 10850 | 740512 |
| Gencor Industries, Inc. <sup>(A)</sup> <br>| 52250 | 710078 |
| Miller Industries, Inc. | 23750 | 953325 |
| Mueller Industries, Inc. | 54250 | 5743447 |
| Oshkosh Corp. | 6975 | 859948 |
|  |  | 13484179 |
| **Media - 2.3%**  | **Media - 2.3%**  | **Media - 2.3%**  |
| News Corp., Class A | 209800 | 5559700 |
| Omnicom Group, Inc. | 38000 | 2850760 |
| Perion Network Ltd. <sup>(A)</sup> <br>| 36800 | 342240 |
| Sirius XM Holdings, Inc. <sup>(B)</sup> <br>| 274740 | 5959111 |
|  |  | 14711811 |
| **Metals & Mining - 1.8%**  | **Metals & Mining - 1.8%**  | **Metals & Mining - 1.8%**  |
| Commercial Metals Co. | 138850 | 8242136 |
| Kaiser Aluminum Corp. | 18650 | 1688384 |
| Metallus, Inc. <sup>(A)</sup> <br>| 85950 | 1511861 |
|  |  | 11442381 |
| **Multi-Utilities - 2.2%**  | **Multi-Utilities - 2.2%**  | **Multi-Utilities - 2.2%**  |
| Dominion Energy, Inc. | 155087 | 9102056 |
| Northwestern Energy Group, Inc. | 77700 | 4636359 |
|  |  | 13738415 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| Piedmont Realty Trust, Inc., Class A | 86450 | $696787 |
| **Oil, Gas & Consumable Fuels - 4.0%**  | **Oil, Gas & Consumable Fuels - 4.0%**  | **Oil, Gas & Consumable Fuels - 4.0%**  |
| Delek U.S. Holdings, Inc. | 48200 | 1820032 |
| Expand Energy Corp. | 25800 | 2665398 |
| Gulfport Energy Corp. <sup>(A)</sup> <br>| 5650 | 1050957 |
| HF Sinclair Corp. | 101100 | 5216760 |
| Kinder Morgan, Inc. | 164900 | 4318731 |
| Magnolia Oil & Gas Corp., Class A | 199150 | 4472909 |
| Ovintiv, Inc. | 49400 | 1852994 |
| REX American Resources Corp. <sup>(A)</sup> <br>| 87250 | 2794617 |
| Teekay Tankers Ltd., Class A | 14550 | 887550 |
|  |  | 25079948 |
| **Pharmaceuticals - 4.4%**  | **Pharmaceuticals - 4.4%**  | **Pharmaceuticals - 4.4%**  |
| Amphastar Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 28600 | 729300 |
| Innoviva, Inc. <sup>(A)</sup> <br>| 132650 | 2414230 |
| Jazz Pharmaceuticals PLC <sup>(A)</sup> <br>| 52300 | 7198572 |
| Perrigo Co. PLC | 442050 | 9168117 |
| Supernus Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 18200 | 1003366 |
| Viatris, Inc. | 701100 | 7263396 |
|  |  | 27776981 |
| **Professional Services - 3.6%**  | **Professional Services - 3.6%**  | **Professional Services - 3.6%**  |
| Amentum Holdings, Inc. <sup>(A)</sup> <br>| 266880 | 5980781 |
| Clarivate PLC <sup>(A)</sup> <br>| 1157300 | 3934820 |
| FTI Consulting, Inc. <sup>(A)</sup> <br>| 3150 | 519782 |
| Heidrick & Struggles International, Inc. | 17600 | 1027312 |
| ICF International, Inc. | 8150 | 654282 |
| Jacobs Solutions, Inc. | 11600 | 1807396 |
| KBR, Inc. | 49150 | 2105586 |
| Leidos Holdings, Inc. | 9600 | 1828512 |
| Science Applications International Corp. | 12175 | 1140919 |
| SS&C Technologies Holdings, Inc. | 39900 | 3388308 |
|  |  | 22387698 |
| **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  |
| Newmark Group, Inc., Class A | 84550 | 1507527 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| Centerspace | 17500 | 1036875 |
| **Retail REITs - 0.5%**  | **Retail REITs - 0.5%**  | **Retail REITs - 0.5%**  |
| Agree Realty Corp. | 25050 | 1828901 |
| Kite Realty Group Trust | 63550 | 1406997 |
|  |  | 3235898 |
| **Semiconductors & Semiconductor Equipment - 2.8%**  | **Semiconductors & Semiconductor Equipment - 2.8%**  | **Semiconductors & Semiconductor Equipment - 2.8%**  |
| Cohu, Inc. <sup>(A)</sup> <br>| 95100 | 2262429 |
| Kulicke & Soffa Industries, Inc. | 14250 | 569003 |
| MKS, Inc. | 16625 | 2389179 |
| ON Semiconductor Corp. <sup>(A)</sup> <br>| 33700 | 1687696 |
| Onto Innovation, Inc. <sup>(A)</sup> <br>| 11400 | 1538544 |
| Silicon Motion Technology Corp., ADR | 39150 | 3841006 |
| Tower Semiconductor Ltd. <sup>(A)</sup> <br>| 47450 | 4041316 |
| Universal Display Corp. | 8400 | 1237152 |
|  |  | 17566325 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software - 0.8%**  | **Software - 0.8%**  | **Software - 0.8%**  |
| Adeia, Inc. | 144000 | $2453760 |
| Progress Software Corp. <sup>(A)</sup> <br>| 59500 | 2537080 |
|  |  | 4990840 |
| **Specialized REITs - 1.2%**  | **Specialized REITs - 1.2%**  | **Specialized REITs - 1.2%**  |
| Gaming & Leisure Properties, Inc. | 165026 | 7370061 |
| **Specialty Retail - 2.1%**  | **Specialty Retail - 2.1%**  | **Specialty Retail - 2.1%**  |
| Abercrombie & Fitch Co., Class A <sup>(A)</sup> <br>| 23150 | 1679533 |
| Academy Sports & Outdoors, Inc. | 14450 | 692011 |
| American Eagle Outfitters, Inc. | 63000 | 1052730 |
| Lithia Motors, Inc. | 8800 | 2763904 |
| Ulta Beauty, Inc. <sup>(A)</sup> <br>| 3500 | 1819580 |
| Urban Outfitters, Inc. <sup>(A)</sup> <br>| 44750 | 2891297 |
| Williams-Sonoma, Inc. | 10525 | 2045428 |
|  |  | 12944483 |
| **Textiles, Apparel & Luxury Goods - 1.0%**  | **Textiles, Apparel & Luxury Goods - 1.0%**  | **Textiles, Apparel & Luxury Goods - 1.0%**  |
| Lululemon Athletica, Inc. <sup>(A)</sup> <br>| 14900 | 2541046 |
| Steven Madden Ltd. | 30700 | 1041037 |
| Tapestry, Inc. | 22425 | 2462713 |
|  |  | 6044796 |
| **Trading Companies & Distributors - 0.6%**  | **Trading Companies & Distributors - 0.6%**  | **Trading Companies & Distributors - 0.6%**  |
| WESCO International, Inc. | 14300 | 3711279 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $493,802,499)**<br>|  | 605915062 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.7%**  | **OTHER INVESTMENT COMPANY - 0.7%**  | **OTHER INVESTMENT COMPANY - 0.7%**  |
| **Securities Lending Collateral - 0.7%**  | **Securities Lending Collateral - 0.7%**  | **Securities Lending Collateral - 0.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(F)</sup> <br>| 4252635 | $4252635 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,252,635)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,252,635)** | 4252635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(F)</sup>, dated 10/31/2025, to be <br> repurchased at $20,618,110 on 11/03/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 4.13%, <br> due 10/29/2026 - 10/31/2026, and with a <br> total value of $21,028,001.<br>| $20615533 | 20615533 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $20,615,533)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $20,615,533)** | 20615533 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $518,670,667)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $518,670,667)** | 630783230 |
| **Net Other Assets (Liabilities) - (0.8)%** | **Net Other Assets (Liabilities) - (0.8)%** | (4874123) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$625909107** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(H)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $605915062 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $605915062 |
| Other Investment Company | 4252635 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4252635 |
| Repurchase Agreement |  | &nbsp;&nbsp; 20615533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20615533 |
| **Total Investments** | **$610167697** | &nbsp;&nbsp; **$20615533** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$630783230** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $9,093,363, collateralized by cash collateral of $4,252,635 and* *non-cash collateral, such as U.S. government securities of $5,080,674. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Security is Level 3 of the fair value hierarchy. At October 31, 2025, the total value of the securities is $0, representing 0.0% of the Fund's net assets.*

<sup>(D)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At October 31, 2025, the total value of the securities is $0, representing* *0.0% of the Fund's net assets.* 

<sup>(E)</sup> *Security deemed worthless.*

<sup>(F)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(G)</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>(H)</sup> *Level 3 security was not considered significant to the Fund.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Small/Mid Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Small/Mid Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $498,055,134) (including securities loaned of $9,093,363) | $610167697 |
| Repurchase agreement, at value (cost $20,615,533) | 20615533 |
| Receivables and other assets: |  |
| Net income from securities lending | 4178 |
| Shares of beneficial interest sold  | 218388 |
| Dividends  | 319081 |
| Interest | 859 |
| Total assets | 631325736 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 4252635 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 555728 |
| Investment management fees | 401849 |
| Distribution and service fees | 78681 |
| Transfer agent fees | 61987 |
| Trustee and CCO fees | 220 |
| Audit and tax fees  | 16730 |
| Custody fees | 7819 |
| Legal fees | 8044 |
| Printing and shareholder reports fees | 12689 |
| Registration fees | 700 |
| Other accrued expenses | 19547 |
| Total liabilities | 5416629 |
| **Net assets**  | $625909107 |
| **Net assets consist of:** |  |
| Paid-in capital | $471638599 |
| Total distributable earnings (accumulated losses) | 154270508 |
| **Net assets** | $625909107 |
| **Net assets by class:** |  |
| Class A | $299654390 |
| Class C | 15847317 |
| Class I | 244361943 |
| Class I2 | 6086353 |
| Class R6 | 59959104 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 10946380 |
| Class C | 755593 |
| Class I | 8428992 |
| Class I2 | 209169 |
| Class R6 | 2047888 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $27.37 |
| Class C | 20.97 |
| Class I | 28.99 |
| Class I2 | 29.10 |
| Class R6 | 29.28 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $28.96 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Small/Mid Cap Value**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $13552743 |
| Interest income | 407381 |
| Net income from securities lending | 94143 |
| Withholding taxes on foreign income | (2755)<br>|
| Total investment income  | 14051512 |
| **Expenses:** |  |
| Investment management fees | 4878054 |
| Distribution and service fees: |  |
| Class A | 770542 |
| Class C | 203545 |
| Transfer agent fees: |  |
| Class A | 438244 |
| Class C | 30047 |
| Class I | 264599 |
| Class I2 | 426 |
| Class R6 | 4877 |
| Trustee and CCO fees | 27672 |
| Audit and tax fees | 33142 |
| Custody fees | 45186 |
| Legal fees | 48645 |
| Printing and shareholder reports fees | 58795 |
| Registration fees | 101152 |
| Other | 58686 |
| Total expenses before waiver and/or reimbursement and recapture | 6963612 |
| Expenses waived and/or reimbursed: |  |
| Class A | (20207)<br>|
| Net expenses | 6943405 |
| **Net investment income (loss)** | 7108107 |
| **Net realized gain (loss) on:** |  |
| Investments | 57017878 |
| Foreign currency transactions | 29 |
| Net realized gain (loss) | 57017907 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (32237840)<br>|
| Net realized and change in unrealized gain (loss) | 24780067 |
| **Net increase (decrease) in net assets resulting from operations** | $31888174 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Small/Mid Cap Value**

------

**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) | $7108107 | &nbsp;&nbsp;&nbsp;&nbsp; $6147895 |
| Net realized gain (loss) | 57017907 | &nbsp;&nbsp;&nbsp;&nbsp; 82345748 |
| Net change in unrealized appreciation (depreciation) | (32237840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60018728 |
| Net increase (decrease) in net assets resulting from operations | 31888174 | &nbsp;&nbsp;&nbsp;&nbsp; 148512371 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (36374150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15336257)<br>|
| Class C | (3292468)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1568233)<br>|
| Class I | (29383627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12959654)<br>|
| Class I2 | (600267)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (224541)<br>|
| Class R6 | (7784355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4032328)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (77434867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34121013)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 41880684 | &nbsp;&nbsp;&nbsp;&nbsp; 18762470 |
| Class C | 1739223 | &nbsp;&nbsp;&nbsp;&nbsp; 2382828 |
| Class I | 53401866 | &nbsp;&nbsp;&nbsp;&nbsp; 36360380 |
| Class I2 | 724867 | &nbsp;&nbsp;&nbsp;&nbsp; 556649 |
| Class R6 | 10058021 | &nbsp;&nbsp;&nbsp;&nbsp; 13899344 |
|  | 107804661 | &nbsp;&nbsp;&nbsp;&nbsp; 71961671 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 33777277 | &nbsp;&nbsp;&nbsp;&nbsp; 14221405 |
| Class C | 3181686 | &nbsp;&nbsp;&nbsp;&nbsp; 1520500 |
| Class I | 25636498 | &nbsp;&nbsp;&nbsp;&nbsp; 11508736 |
| Class I2 | 600267 | &nbsp;&nbsp;&nbsp;&nbsp; 224541 |
| Class R6 | 7607405 | &nbsp;&nbsp;&nbsp;&nbsp; 3963858 |
|  | 70803133 | &nbsp;&nbsp;&nbsp;&nbsp; 31439040 |
| Cost of shares redeemed: |  |  |
| Class A | (75730004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69868123)<br>|
| Class C | (7467887)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7556781)<br>|
| Class I | (92405572)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67117114)<br>|
| Class I2 | (323554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (324394)<br>|
| Class R6 | (24825538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33961072)<br>|
|  | (200752555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (178827484)<br>|
| Automatic conversions: |  |  |
| Class A | 5048812 | &nbsp;&nbsp;&nbsp;&nbsp; 3665066 |
| Class C | (5048812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3665066)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (22144761)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75426773)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 7280 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 2076 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9356 |
| **Net increase (decrease) in net assets** | (67691454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38973941 |
| **Net assets:** |  |  |
| Beginning of year | 693600561 | &nbsp;&nbsp;&nbsp;&nbsp; 654626620 |
| End of year | $625909107 | &nbsp;&nbsp;&nbsp;&nbsp; $693600561 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Small/Mid Cap Value**

------

**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 | 1494366 | &nbsp;&nbsp;&nbsp;&nbsp; 673254 |
| Class C | 85452 | &nbsp;&nbsp;&nbsp;&nbsp; 108645 |
| Class I | 1917390 | &nbsp;&nbsp;&nbsp;&nbsp; 1249468 |
| Class I2 | 25557 | &nbsp;&nbsp;&nbsp;&nbsp; 19118 |
| Class R6 | 357610 | &nbsp;&nbsp;&nbsp;&nbsp; 473813 |
|  | 3880375 | &nbsp;&nbsp;&nbsp;&nbsp; 2524298 |
| Shares reinvested: |  |  |
| Class A | 1300126 | &nbsp;&nbsp;&nbsp;&nbsp; 530848 |
| Class C | 158767 | &nbsp;&nbsp;&nbsp;&nbsp; 71251 |
| Class I | 933934 | &nbsp;&nbsp;&nbsp;&nbsp; 409127 |
| Class I2 | 21804 | &nbsp;&nbsp;&nbsp;&nbsp; 7962 |
| Class R6 | 274636 | &nbsp;&nbsp;&nbsp;&nbsp; 139769 |
|  | 2689267 | &nbsp;&nbsp;&nbsp;&nbsp; 1158957 |
| Shares redeemed: |  |  |
| Class A | (2797066)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2499201)<br>|
| Class C | (369685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (340394)<br>|
| Class I | (3277578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2299267)<br>|
| Class I2 | (11284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11042)<br>|
| Class R6 | (892712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1163983)<br>|
|  | (7348325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6313887)<br>|
| Automatic conversions: |  |  |
| Class A | 186509 | &nbsp;&nbsp;&nbsp;&nbsp; 132099 |
| Class C | (241119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166017)<br>|
|  | (54610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33918)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 183935 | &nbsp;&nbsp;&nbsp;&nbsp; (1163000)<br>|
| Class C | (366585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (326515)<br>|
| Class I | (426254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (640672)<br>|
| Class I2 | 36077 | &nbsp;&nbsp;&nbsp;&nbsp; 16038 |
| Class R6 | (260466)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (550401)<br>|
|  | (833293)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2664550)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Small/Mid Cap Value**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $29.38 | $24.94 | $27.73 | $32.73 | $21.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.26 | 0.21 | 0.18 | 0.12 | 0.06 |
| Net realized and unrealized gain (loss) | 1.05 | 5.54 | (0.51)<br>| (1.80)<br>| 11.02 |
| Total investment operations | 1.31 | 5.75 | (0.33)<br>| (1.68)<br>| 11.08 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.24)<br>| (0.16)<br>| (0.02)<br>| (0.13)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.32)<br>| (1.31)<br>| (2.46)<br>| (3.32)<br>| (0.13)<br>|
| **Net asset value, end of year** | $27.37 | $29.38 | $24.94 | $27.73 | $32.73 |
| **Total return** <sup>(E)</sup> <br>| 5.06<br> %<br>| 23.55 %<sup>(C)</sup><br>| (1.30)%<br>| (5.72 )%<sup>(D)</sup><br>| 51.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $299655 | $316253 | $297422 | $334241 | $386681 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.20<br> %<br>| 1.20<br> %<br>| 1.22<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.19 %<sup>(F)</sup><br>| 1.20<br> %<br>| 1.22 %<sup>(G)</sup><br>| 1.21 %<sup>(G)</sup><br>| 1.23<br> %<br>|
| Net investment income (loss) to average net assets | 0.96<br> %<br>| 0.75<br> %<br>| 0.68<br> %<br>| 0.41<br> %<br>| 0.18<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, 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> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(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** | $23.26 | $19.97 | $22.69 | $27.55 | $18.37 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.05 | 0.00 | (0.01)<br>| (0.08)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 0.79 | 4.43 | (0.41)<br>| (1.48)<br>| 9.30 |
| Total investment operations | 0.84 | 4.43 | (0.42)<br>| (1.56)<br>| 9.18 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.07)<br>|  |  |  |
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.13)<br>| (1.14)<br>| (2.30)<br>| (3.30)<br>|  |
| **Net asset value, end of year** | $20.97 | $23.26 | $19.97 | $22.69 | $27.55 |
| **Total return** <sup>(E)</sup> <br>| 4.23<br> %<br>| 22.67 %<sup>(C)</sup><br>| (2.04)%<br>| (6.43 )%<sup>(D)</sup><br>| 49.97<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15847 | $26099 | $28931 | $39700 | $51556 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.95<br> %<br>| 1.95<br> %<br>| 1.97<br> %<br>| 1.97<br> %<br>| 1.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.95<br> %<br>| 1.95<br> %<br>| 1.97 %<sup>(F)</sup><br>| 1.96<br> %<br>| 1.96<br> %<br>|
| Net investment income (loss) to average net assets | 0.23<br> %<br>| 0.01<br> %<br>| (0.04)%<br>| (0.33)%<br>| (0.49)%<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.01%.* 

<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, 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> *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 Small/Mid Cap Value**

------

**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** | $30.93 | $26.18 | $29.00 | $34.08 | $22.67 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.35 | 0.30 | 0.27 | 0.21 | 0.15 |
| Net realized and unrealized gain (loss) | 1.11 | 5.84 | (0.55)<br>| (1.87)<br>| 11.47 |
| Total investment operations | 1.46 | 6.14 | (0.28)<br>| (1.66)<br>| 11.62 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.32)<br>| (0.24)<br>| (0.14)<br>| (0.21)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.40)<br>| (1.39)<br>| (2.54)<br>| (3.44)<br>| (0.21)<br>|
| **Net asset value, end of year** | $28.99 | $30.93 | $26.18 | $29.00 | $34.08 |
| **Total return** | 5.34<br> %<br>| 23.96<br> %<br>| (1.05)%<br>| (5.36 )%<sup>(B)</sup><br>| 51.51<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $244362 | $273853 | $248649 | $304806 | $364551 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Net investment income (loss) to average net assets | 1.25<br> %<br>| 1.03<br> %<br>| 0.99<br> %<br>| 0.70<br> %<br>| 0.47<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $31.03 | $26.27 | $29.09 | $34.18 | $22.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.38 | 0.33 | 0.30 | 0.24 | 0.24 |
| Net realized and unrealized gain (loss) | 1.12 | 5.85 | (0.55)<br>| (1.88)<br>| 11.45 |
| Total investment operations | 1.50 | 6.18 | (0.25)<br>| (1.64)<br>| 11.69 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.27)<br>| (0.15)<br>| (0.24)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.43)<br>| (1.42)<br>| (2.57)<br>| (3.45)<br>| (0.24)<br>|
| **Net asset value, end of year** | $29.10 | $31.03 | $26.27 | $29.09 | $34.18 |
| **Total return** | 5.47<br> %<br>| 24.04<br> %<br>| (0.93)%<br>| (5.36)%<br>| 51.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6086 | $5371 | $4126 | $4277 | $4725 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 1.32<br> %<br>| 1.13<br> %<br>| 1.07<br> %<br>| 0.79<br> %<br>| 0.83<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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 12**

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**Transamerica Small/Mid Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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** | $31.20 | $26.41 | $29.23 | $34.33 | $22.83 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.38 | 0.34 | 0.30 | 0.24 | 0.19 |
| Net realized and unrealized gain (loss) | 1.13 | 5.87 | (0.55)<br>| (1.89)<br>| 11.55 |
| Total investment operations | 1.51 | 6.21 | (0.25)<br>| (1.65)<br>| 11.74 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.27)<br>| (0.15)<br>| (0.24)<br>|
| Net realized gains | (3.09)<br>| (1.07)<br>| (2.30)<br>| (3.30)<br>|  |
| Total dividends and/or distributions to shareholders | (3.43)<br>| (1.42)<br>| (2.57)<br>| (3.45)<br>| (0.24)<br>|
| **Net asset value, end of year** | $29.28 | $31.20 | $26.41 | $29.23 | $34.33 |
| **Total return** | 5.47<br> %<br>| 24.03<br> %<br>| (0.93)%<br>| (5.36)%<br>| 51.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $59959 | $72025 | $75499 | $86703 | $93544 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 1.34<br> %<br>| 1.14<br> %<br>| 1.08<br> %<br>| 0.79<br> %<br>| 0.59<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 46<br> %<br>| 32<br> %<br>| 44<br> %<br>| 53<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Small/Mid Cap Value**

------

**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 Small/Mid Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Small/Mid Cap Value**

------

**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. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $19,041.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica Small/Mid Cap Value**

------

**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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Small/Mid Cap Value**

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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)**

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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.

**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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Small/Mid Cap Value**

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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)**

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 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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $4252635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4252635 |
| **Total Borrowings** | **$4252635** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4252635** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Small/Mid Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Small/Mid Cap Value**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $51825274 | 8.28<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $100 million | 0.775<br> % <br>|
| Over $100 million up to $350 million | 0.755 |
| Over $350 million up to $500 million | 0.735 |
| Over $500 million up to $750 million | 0.725 |
| Over $750 million up to $1 billion | 0.715 |
| Over $1 billion up to $1.5 billion | 0.690 |
| Over $1.5 billion up to $2 billion | 0.680 |
| Over $2 billion | 0.670 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.23<br> % <br>| March 1, 2026 |
| Class C | 1.99 | March 1, 2026 |
| Class I | 0.96 | March 1, 2026 |
| Class I2, Class R6 | 0.85 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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.

As of October 31, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $89366 | &nbsp;&nbsp;&nbsp;&nbsp; $116 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 299 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and

**Transamerica Funds**

**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;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

For the 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** |
| $728998 | &nbsp;&nbsp; $60416 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $300570336 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $390104215 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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. The primary permanent differences are due to a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. 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; $2137160 | &nbsp;&nbsp;&nbsp;&nbsp; $(2137160)<br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. 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>|
| $535306516 | &nbsp;&nbsp; $137982564 | &nbsp;&nbsp; $(42505850)<br>| &nbsp;&nbsp; $95476714 |

---

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; **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>|
| $10402857 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $67032010 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6920469 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $27200544 | &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>|
| $10730636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48063158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $95476714 |

---

**10. 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 23**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Small/Mid Cap Value

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Small/Mid Cap Value (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. ![](g67628img825f57593.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**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $10,402,858 of qualified dividend income.

For corporate shareholders, 100% 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 $67,032,010 for the year ended October 31, 2025.

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**

------

**Transamerica Small/Mid Cap Value** 

------

**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**

------

**Transamerica Small/Mid Cap Value** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Small/Mid Cap Value** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Small/Mid Cap Value** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — 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 Small/Mid Cap Value (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreements (each a "Sub-Advisory Agreement," collectively the "Sub-Advisory Agreements" and together with the Management Agreement, the "Agreements") for the Fund between TAM and each of Systematic Financial Management, L.P. and Thompson, Siegel & Walmsley (each a "Sub-Adviser" and collectively the "Sub-Advisers").

Following its review and consideration, the Board determined that the terms of the Management Agreement and each 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 each 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 each Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and each 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 each 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 any 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 each 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 each Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each 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 each 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**

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Small/Mid Cap Value** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)**

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 and each 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 10-year period and below the median for the past 1-, 3- and 5-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 3- and 10-year periods and below the benchmark for the past 1- and 5-year periods. The Trustees observed that the performance of the Fund had improved during the first quarter of 2025. The Board also noted that Thompson, Siegel & Walmsley LLC had commenced sub-advising the Fund's mid-cap sleeve and Systematic Financial Management, L.P. had continued sub-advising the Fund's small-cap sleeve on December 4, 2016 pursuant to the Fund's current investment strategies.

The Trustees noted that a new portfolio manager for the Fund for Systematic Financial Management, L.P. was named effective May 2025.

**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-Advisers for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fees 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 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 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-Advisers under the Management Agreement and each 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

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**Transamerica Small/Mid Cap Value** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)**

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-Advisers, the Board noted that the sub-advisory fees are the product of arm's-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM, and are 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 a 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 each 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 each 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 fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers 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 and that TAM believes the use of soft dollars by each Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that each Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Advisers may engage in with respect to the Fund's brokerage transactions.

**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-Advisers. 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 each 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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![](g67628imgc8e427ab4.gif)

![](g67628img5bf23d965.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

4886794 TA S/M CV 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img953ac5936.gif)

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![](g67628img8d068b1b1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Strategic Income**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img042db8602.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_SOI-RunningFooter-176_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_FS-RunningFooter-176_1) | 26 |
| [Statement of Operations](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_FS-RunningFooter-176_3) | 28 |
| [Statement of Changes in Net Assets](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_FS-RunningFooter-176_4) | 29 |
| [Financial Highlights](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_FIHI-RunningFooter-176_1) | 31 |
| [Notes to Financial Statements](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_NTF-RunningFooter-176_1) | 33 |
| **[Report of Independent Registered Public Accounting Firm](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_AUD-RunningFooter-176_1)** | 50 |
| **[Supplemental Information](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_STI-RunningFooter-176_1)** | 51 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_DWA-RunningFooter-176_1)**<br> **[Companies](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_DWA-RunningFooter-176_1)**<br>| 52 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_PD-RunningFooter-176_1)** | 53 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_REMU-RunningFooter-176_1)**<br> **[Companies](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_REMU-RunningFooter-176_1)**<br>| 54 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d2c741bd-c1e3-4763-98a5-55b6dfac2598_AIAC-RunningFooter-176_1)** | 55 |

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***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Strategic Income**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 47.0%**  | **CORPORATE DEBT SECURITIES - 47.0%**  | **CORPORATE DEBT SECURITIES - 47.0%**  |
| **Aerospace & Defense - 0.5%**  | **Aerospace & Defense - 0.5%**  | **Aerospace & Defense - 0.5%**  |
| ATI, Inc. |  |  |
| 5.13%, 10/01/2031 | $50000 | $49573 |
| 7.25%, 08/15/2030 | 150000 | 157511 |
| Boeing Co. |  |  |
| 5.15%, 05/01/2030 | 293000 | 301391 |
| 6.26%, 05/01/2027 | 37000 | 38020 |
| Embraer Netherlands Finance BV |  |  |
| 5.40%, 01/09/2038 | 245000 | 245000 |
| General Electric Co. |  |  |
| 4.90%, 01/29/2036 | 24000 | 24446 |
| L3Harris Technologies, Inc. |  |  |
| 5.25%, 06/01/2031 | 52000 | 54118 |
| 5.40%, 07/31/2033 | 46000 | 47966 |
| Lockheed Martin Corp. |  |  |
| 4.70%, 12/15/2031 | 69000 | 70606 |
| Northrop Grumman Corp. |  |  |
| 4.90%, 06/01/2034 | 364000 | 369451 |
|  |  | 1358082 |
| **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  | **Automobile Components - 0.1%**  |
| American Axle & Manufacturing, Inc. |  |  |
| 6.38%, 10/15/2032 <sup>(A)</sup> <br>| 132000 | 132392 |
| 7.75%, 10/15/2033 <sup>(A)</sup> <br>| 110000 | 110155 |
|  |  | 242547 |
| **Automobiles - 0.4%**  | **Automobiles - 0.4%**  | **Automobiles - 0.4%**  |
| BMW U.S. Capital LLC |  |  |
| 4.50%, 08/11/2030 <sup>(A)</sup> <br>| 25000 | 25100 |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 57000 | 58374 |
| General Motors Financial Co., Inc. |  |  |
| 5.60%, 06/18/2031 | 148000 | 153925 |
| 5.75%, 02/08/2031 | 17000 | 17818 |
| Hyundai Capital America |  |  |
| 4.50%, 09/18/2030 <sup>(A)</sup> <br>| 62000 | 61872 |
| 4.85%, 03/25/2027 <sup>(A)</sup> <br>| 38000 | 38285 |
| 4.88%, 11/01/2027 <sup>(A)</sup> <br>| 73000 | 73809 |
| 5.40%, 06/23/2032 <sup>(A)</sup> <br>| 56000 | 57898 |
| Hyundai Capital Services, Inc. |  |  |
| 5.13%, 02/05/2027 - 02/05/2029 <sup>(B)</sup> <br>| 400000 | 406351 |
|  |  | 893432 |
| **Banks - 7.6%**  | **Banks - 7.6%**  | **Banks - 7.6%**  |
| ABQ Finance Ltd. |  |  |
| 2.00%, 07/06/2026 <sup>(B)</sup> <br>| 400000 | 393270 |
| Abu Dhabi Commercial Bank PJSC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2029, <br>5.36% <sup>(C)</sup>, 03/10/2035 <sup>(B)</sup><sup>(D)</sup> <br>| 200000 | 204191 |
| Al Rajhi Sukuk Ltd. |  |  |
| 4.87%, 05/19/2030 <sup>(B)</sup> <br>| 200000 | 203036 |
| Banco de Credito e Inversiones SA |  |  |
| &nbsp;&nbsp; Fixed until 05/08/2029 <sup>(E)</sup>, <br>8.75% <sup>(A)</sup><sup>(C)</sup> <br>| 755000 | 811625 |
| Banco General SA |  |  |
| 4.13%, 08/07/2027 <sup>(B)</sup> <br>| 200000 | 198700 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp; Fixed until 05/20/2035 <sup>(E)</sup>, <br>8.75% <sup>(A)</sup><sup>(C)</sup> <br>| $1500000 | $1603716 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 05/21/2033 <sup>(E)</sup>, <br>9.63% <sup>(C)</sup><sup>(D)</sup> <br>| 800000 | 975478 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/08/2032, <br>3.85% <sup>(C)</sup>, 03/08/2037<br>| 468000 | 439078 |
| &nbsp;&nbsp; Fixed until 04/27/2032, <br>4.57% <sup>(C)</sup>, 04/27/2033<br>| 285000 | 284531 |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.16% <sup>(C)</sup>, 01/24/2031<br>| 371000 | 383072 |
| &nbsp;&nbsp; Fixed until 08/15/2034, <br>5.43% <sup>(C)</sup>, 08/15/2035<br>| 59000 | 60325 |
| &nbsp;&nbsp; Fixed until 10/25/2034, <br>5.52% <sup>(C)</sup>, 10/25/2035<br>| 192000 | 196842 |
| &nbsp;&nbsp; Fixed until 09/15/2026, <br>5.93% <sup>(C)</sup>, 09/15/2027<br>| 346000 | 350985 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2030, <br>4.94% <sup>(C)</sup>, 02/11/2031<br>| 107000 | 109905 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp; Fixed until 02/04/2032, <br>4.59% <sup>(C)</sup>, 05/04/2037<br>| 104000 | 101179 |
| BankUnited, Inc. |  |  |
| 5.13%, 06/11/2030 | 91000 | 90642 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2029, <br>4.94% <sup>(C)</sup>, 09/10/2030<br>| 200000 | 203357 |
| &nbsp;&nbsp; Fixed until 12/15/2025 <sup>(E)</sup>, <br>6.13% <sup>(C)</sup><sup>(D)</sup> <br>| 220000 | 220252 |
| BPCE SA |  |  |
| &nbsp;&nbsp; Fixed until 10/19/2041, <br>3.58% <sup>(C)</sup>, 10/19/2042 <sup>(A)</sup> <br>| 250000 | 187213 |
| CBQ Finance Ltd. |  |  |
| 2.00%, 05/12/2026 <sup>(B)</sup> <br>| 400000 | 394597 |
| Citigroup, Inc. |  |  |
| 4.45%, 09/29/2027 | 117000 | 117371 |
| &nbsp;&nbsp; Fixed until 09/19/2029, <br>4.54% <sup>(C)</sup>, 09/19/2030<br>| 98000 | 98641 |
| &nbsp;&nbsp; Fixed until 05/24/2032, <br>4.91% <sup>(C)</sup>, 05/24/2033<br>| 346000 | 350138 |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.17% <sup>(C)</sup>, 09/11/2036<br>| 51000 | 51635 |
| &nbsp;&nbsp; Fixed until 09/19/2034, <br>5.41% <sup>(C)</sup>, 09/19/2039<br>| 147000 | 147821 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/23/2031, <br>5.72% <sup>(C)</sup>, 07/23/2032<br>| 145000 | 151300 |
| Cooperatieve Rabobank UA |  |  |
| 4.88%, 01/21/2028 | 250000 | 255593 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp; Fixed until 05/27/2030, <br>5.22% <sup>(C)</sup>, 05/27/2031 <sup>(A)</sup> <br>| 250000 | 256354 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2028, <br>6.72% <sup>(C)</sup>, 01/18/2029<br>| 250000 | 262065 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| First Abu Dhabi Bank PJSC |  |  |
| &nbsp;&nbsp; Fixed until 10/04/2028, <br>6.32% <sup>(C)</sup>, 04/04/2034 <sup>(B)</sup> <br>| $200000 | $208480 |
| First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/05/2030, <br>5.60% <sup>(C)</sup>, 09/05/2035<br>| 59000 | 58786 |
| &nbsp;&nbsp; Fixed until 12/12/2034, <br>6.25% <sup>(C)</sup>, 03/12/2040<br>| 38000 | 38575 |
| First Horizon Bank |  |  |
| 5.75%, 05/01/2030 | 500000 | 517002 |
| FNB Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/11/2029, <br>5.72% <sup>(C)</sup>, 12/11/2030<br>| 140000 | 142735 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2026, <br>1.54% <sup>(C)</sup>, 09/10/2027<br>| 225000 | 219847 |
| &nbsp;&nbsp; Fixed until 07/21/2031, <br>2.38% <sup>(C)</sup>, 07/21/2032<br>| 327000 | 291398 |
| &nbsp;&nbsp; Fixed until 05/01/2028, <br>4.22% <sup>(C)</sup>, 05/01/2029<br>| 18000 | 18008 |
| &nbsp;&nbsp; Fixed until 10/21/2030, <br>4.37% <sup>(C)</sup>, 10/21/2031<br>| 53000 | 52772 |
| &nbsp;&nbsp; Fixed until 10/23/2029, <br>4.69% <sup>(C)</sup>, 10/23/2030<br>| 41000 | 41518 |
| 6.75%, 10/01/2037 | 56000 | 62791 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2035, <br>5.74% <sup>(C)</sup>, 09/10/2036<br>| 200000 | 204338 |
| &nbsp;&nbsp; Fixed until 03/09/2028, <br>6.16% <sup>(C)</sup>, 03/09/2029<br>| 200000 | 208368 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 11/08/2031, <br>2.55% <sup>(C)</sup>, 11/08/2032<br>| 383000 | 344276 |
| &nbsp;&nbsp; Fixed until 05/01/2027, <br>3.54% <sup>(C)</sup>, 05/01/2028<br>| 283000 | 280518 |
| 4.13%, 12/15/2026 | 72000 | 72036 |
| &nbsp;&nbsp; Fixed until 10/22/2027, <br>4.51% <sup>(C)</sup>, 10/22/2028<br>| 62000 | 62479 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(C)</sup>, 07/23/2036<br>| 65000 | 67396 |
| &nbsp;&nbsp; Fixed until 10/23/2033, <br>6.25% <sup>(C)</sup>, 10/23/2034<br>| 123000 | 135464 |
| KeyCorp |  |  |
| &nbsp;&nbsp; Fixed until 04/04/2030, <br>5.12% <sup>(C)</sup>, 04/04/2031 <sup>(D)</sup> <br>| 49000 | 50207 |
| Kookmin Bank |  |  |
| 4.50%, 02/01/2029 <sup>(B)</sup> <br>| 200000 | 200324 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/27/2035 <sup>(E)</sup>, <br>6.63% <sup>(C)</sup><sup>(F)</sup> <br>| 400000 | 397666 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/30/2030, <br>5.40% <sup>(C)</sup>, 07/30/2035<br>| 52000 | 52375 |
| Mashreqbank PSC |  |  |
| &nbsp;&nbsp; Fixed until 11/24/2027, <br>7.88% <sup>(C)</sup>, 02/24/2033 <sup>(B)</sup> <br>| 200000 | 210750 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/22/2030, <br>5.48% <sup>(C)</sup>, 02/22/2031<br>| 400000 | 417180 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/26/2034, <br>5.58% <sup>(C)</sup>, 05/26/2035<br>| $200000 | $209753 |
| &nbsp;&nbsp; Fixed until 07/06/2028, <br>5.78% <sup>(C)</sup>, 07/06/2029<br>| 200000 | 208045 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 09/16/2031, <br>2.48% <sup>(C)</sup>, 09/16/2036<br>| 62000 | 54116 |
| &nbsp;&nbsp; Fixed until 04/01/2030, <br>3.62% <sup>(C)</sup>, 04/01/2031<br>| 291000 | 282619 |
| &nbsp;&nbsp; Fixed until 10/18/2029, <br>4.65% <sup>(C)</sup>, 10/18/2030<br>| 25000 | 25298 |
| &nbsp;&nbsp; Fixed until 04/20/2032, <br>5.30% <sup>(C)</sup>, 04/20/2037<br>| 32000 | 32541 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 50000 | 51421 |
| &nbsp;&nbsp; Fixed until 02/07/2034, <br>5.94% <sup>(C)</sup>, 02/07/2039<br>| 79000 | 82920 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/15/2029, <br>4.96% <sup>(C)</sup>, 08/15/2030<br>| 200000 | 203834 |
| Nbk Tier 2 Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 11/30/2025, <br>2.50% <sup>(C)</sup>, 11/24/2030 <sup>(B)</sup><sup>(D)</sup> <br>| 330000 | 329217 |
| Nordea Bank Abp |  |  |
| 5.38%, 09/22/2027 <sup>(A)</sup> <br>| 200000 | 204909 |
| Oversea-Chinese Banking Corp. Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/15/2027, <br>4.60% <sup>(C)</sup>, 06/15/2032 <sup>(B)</sup> <br>| 200000 | 200580 |
| &nbsp;&nbsp; Fixed until 05/21/2029, <br>5.52% <sup>(C)</sup>, 05/21/2034 <sup>(B)</sup> <br>| 200000 | 207043 |
| Regions Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/06/2034, <br>5.50% <sup>(C)</sup>, 09/06/2035 <sup>(D)</sup> <br>| 50000 | 51214 |
| &nbsp;&nbsp; Fixed until 06/06/2029, <br>5.72% <sup>(C)</sup>, 06/06/2030<br>| 67000 | 69639 |
| 7.38%, 12/10/2037 | 16000 | 18418 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp; Fixed until 03/27/2027, <br>4.72% <sup>(C)</sup>, 03/27/2028<br>| 106000 | 106972 |
| 4.90%, 01/12/2028 | 171000 | 174404 |
| Saudi Awwal Bank |  |  |
| &nbsp;&nbsp; Fixed until 09/04/2030, <br>5.95% <sup>(C)</sup>, 09/04/2035 <sup>(B)</sup> <br>| 200000 | 202286 |
| Shinhan Bank Co. Ltd. |  |  |
| 4.50%, 03/26/2028 <sup>(B)</sup> <br>| 200000 | 200547 |
| SNB Funding Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/24/2030, <br>6.00% <sup>(C)</sup>, 06/24/2035 <sup>(B)</sup> <br>| 200000 | 205726 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp; Fixed until 10/15/2029, <br>5.01% <sup>(C)</sup>, 10/15/2030 <sup>(B)</sup> <br>| 200000 | 203707 |
| &nbsp;&nbsp; Fixed until 08/15/2027 <sup>(E)</sup>, <br>7.75% <sup>(B)</sup><sup>(C)</sup> <br>| 200000 | 207298 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2032, <br>4.95% <sup>(C)</sup>, 07/08/2033<br>| 200000 | 204109 |
| Sumitomo Mitsui Trust Bank Ltd. |  |  |
| 4.45%, 09/10/2027 <sup>(A)</sup> <br>| 200000 | 201417 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Texas Capital Bancshares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/06/2026, <br>4.00% <sup>(C)</sup>, 05/06/2031<br>| $172000 | $169210 |
| Toronto-Dominion Bank |  |  |
| 4.93%, 10/15/2035 | 53000 | 53112 |
| Truist Bank |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>4.14% <sup>(C)</sup>, 10/23/2029<br>| 250000 | 249015 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp; Fixed until 11/03/2031, <br>2.49% <sup>(C)</sup>, 11/03/2036<br>| 228000 | 197023 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 05/12/2027, <br>4.75% <sup>(C)</sup>, 05/12/2028 <sup>(A)</sup> <br>| 275000 | 277088 |
| &nbsp;&nbsp; Fixed until 04/12/2031 <sup>(E)</sup>, <br>7.75% <sup>(A)</sup><sup>(C)</sup> <br>| 413000 | 439660 |
| United Overseas Bank Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 10/07/2027, <br>3.86% <sup>(C)</sup>, 10/07/2032 <sup>(B)</sup> <br>| 200000 | 198188 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/2033 <sup>(A)</sup> <br>| 150000 | 153503 |
| Webster Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2030, <br>5.78% <sup>(C)</sup>, 09/11/2035<br>| 80000 | 79988 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2030, <br>2.57% <sup>(C)</sup>, 02/11/2031<br>| 59000 | 55013 |
| &nbsp;&nbsp; Fixed until 10/30/2029, <br>2.88% <sup>(C)</sup>, 10/30/2030<br>| 25000 | 23704 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>4.08% <sup>(C)</sup>, 09/15/2029<br>| 106000 | 105708 |
| &nbsp;&nbsp; Fixed until 01/23/2034, <br>5.50% <sup>(C)</sup>, 01/23/2035<br>| 23000 | 24010 |
|  |  | 19421456 |
| **Beverages - 0.4%**  | **Beverages - 0.4%**  | **Beverages - 0.4%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 3.50%, 06/01/2030 | 302000 | 294898 |
| Becle SAB de CV |  |  |
| 2.50%, 10/14/2031 <sup>(B)</sup> <br>| 200000 | 172918 |
| Constellation Brands, Inc. |  |  |
| 4.35%, 05/09/2027 | 28000 | 28083 |
| PepsiCo, Inc. |  |  |
| 1.95%, 10/21/2031 | 364000 | 321513 |
| 4.45%, 02/07/2028 | 71000 | 71930 |
| 4.65%, 07/23/2032 | 53000 | 54124 |
|  |  | 943466 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 5.15%, 03/02/2028 | 308000 | 314884 |
| Gilead Sciences, Inc. |  |  |
| 4.80%, 11/15/2029 | 71000 | 72871 |
| 5.10%, 06/15/2035 | 49000 | 50479 |
| Royalty Pharma PLC |  |  |
| 2.15%, 09/02/2031 | 135000 | 117718 |
| 5.15%, 09/02/2029 | 46000 | 47178 |
|  |  | 603130 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products - 0.5%**  | **Building Products - 0.5%**  | **Building Products - 0.5%**  |
| Carlisle Cos., Inc. |  |  |
| 5.55%, 09/15/2040 | $22000 | $22350 |
| Carrier Global Corp. |  |  |
| 3.38%, 04/05/2040 | 100000 | 81472 |
| Cemex SAB de CV |  |  |
| 5.20%, 09/17/2030 <sup>(B)</sup> <br>| 300000 | 303953 |
| CRH SMW Finance DAC |  |  |
| 5.20%, 05/21/2029 | 200000 | 206172 |
| GCC SAB de CV |  |  |
| 3.61%, 04/20/2032 <sup>(B)</sup> <br>| 200000 | 184341 |
| Martin Marietta Materials, Inc. |  |  |
| 2.40%, 07/15/2031 | 48000 | 43105 |
| Owens Corning |  |  |
| 5.50%, 06/15/2027 | 46000 | 46931 |
| St. Mary's Cement, Inc. |  |  |
| 5.75%, 04/02/2034 <sup>(B)</sup> <br>| 200000 | 207735 |
| Standard Industries, Inc. |  |  |
| 3.38%, 01/15/2031 <sup>(A)</sup> <br>| 260000 | 236780 |
|  |  | 1332839 |
| **Capital Markets - 0.0% \*** | **Capital Markets - 0.0% \*** | **Capital Markets - 0.0% \*** |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(A)</sup> <br>| 77000 | 76238 |
| **Chemicals - 1.4%**  | **Chemicals - 1.4%**  | **Chemicals - 1.4%**  |
| Consolidated Energy Finance SA |  |  |
| 5.63%, 10/15/2028 <sup>(A)</sup><sup>(D)</sup> <br>| 355000 | 241073 |
| Dow Chemical Co. |  |  |
| 5.65%, 03/15/2036 <sup>(D)</sup> <br>| 67000 | 67065 |
| Eastman Chemical Co. |  |  |
| 5.75%, 03/08/2033 | 164000 | 172269 |
| Ecolab, Inc. |  |  |
| 4.30%, 06/15/2028 | 29000 | 29204 |
| 5.25%, 01/15/2028 | 125000 | 128372 |
| FMC Corp. |  |  |
| &nbsp;&nbsp; Fixed until 08/01/2030, <br>8.45% <sup>(C)</sup>, 11/01/2055<br>| 1500000 | 1455715 |
| GC Treasury Center Co. Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 03/10/2035 <sup>(E)</sup>, <br>7.13% <sup>(A)</sup><sup>(C)</sup> <br>| 350000 | 362064 |
| MEGlobal BV |  |  |
| 2.63%, 04/28/2028 <sup>(B)</sup> <br>| 200000 | 191266 |
| Methanex Corp. |  |  |
| 5.25%, 12/15/2029 | 4000 | 3988 |
| Methanex U.S. Operations, Inc. |  |  |
| 6.25%, 03/15/2032 <sup>(A)</sup> <br>| 280000 | 284837 |
| Minerals Technologies, Inc. |  |  |
| 5.00%, 07/01/2028 <sup>(A)</sup> <br>| 200000 | 197664 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 135000 | 137316 |
| 5.20%, 06/21/2027 | 40000 | 40649 |
| PPG Industries, Inc. |  |  |
| 4.38%, 03/15/2031 <sup>(F)</sup> <br>| 80000 | 79705 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Trinseo Luxco Finance SPV SARL/Trinseo <br> NA Finance SPV LLC |  |  |
| &nbsp;&nbsp; PIK Rate 2.50%, Cash Rate 5.13%, <br>05/03/2029 <sup>(A)</sup><sup>(G)</sup> <br>| $75845 | $25029 |
|  |  | 3416216 |
| **Commercial Services & Supplies - 1.8%**  | **Commercial Services & Supplies - 1.8%**  | **Commercial Services & Supplies - 1.8%**  |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc. |  |  |
| 5.38%, 03/01/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 154000 | 148317 |
| 8.38%, 06/15/2032 <sup>(A)</sup> <br>| 65000 | 66586 |
| Block, Inc. |  |  |
| 6.00%, 08/15/2033 <sup>(A)</sup> <br>| 20000 | 20450 |
| 6.50%, 05/15/2032 | 150000 | 155633 |
| Boost Newco Borrower LLC |  |  |
| 7.50%, 01/15/2031 <sup>(A)</sup> <br>| 200000 | 212474 |
| Champions Financing, Inc. |  |  |
| 8.75%, 02/15/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 220000 | 213263 |
| Clean Harbors, Inc. |  |  |
| 5.75%, 10/15/2033 <sup>(A)</sup> <br>| 90000 | 91980 |
| Deluxe Corp. |  |  |
| 8.00%, 06/01/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 303000 | 300206 |
| DP World Ltd. |  |  |
| 5.63%, 09/25/2048 <sup>(B)</sup> <br>| 200000 | 200233 |
| Entegris, Inc. |  |  |
| 5.95%, 06/15/2030 <sup>(A)</sup> <br>| 200000 | 203048 |
| EquipmentShare.com, Inc. |  |  |
| 8.00%, 03/15/2033 <sup>(A)</sup> <br>| 302000 | 296054 |
| 8.63%, 05/15/2032 <sup>(A)</sup> <br>| 16000 | 16147 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/2029 | 50000 | 52553 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 68000 | 71174 |
| 7.25%, 06/15/2033 <sup>(A)</sup> <br>| 145000 | 152874 |
| Hertz Corp. |  |  |
| 4.63%, 12/01/2026 <sup>(A)</sup><sup>(D)</sup> <br>| 129000 | 125256 |
| 12.63%, 07/15/2029 <sup>(A)</sup> <br>| 85000 | 84141 |
| Mobius Merger Sub, Inc. |  |  |
| 9.00%, 06/01/2030 <sup>(A)</sup> <br>| 275000 | 229049 |
| Quanta Services, Inc. |  |  |
| 2.35%, 01/15/2032 | 66000 | 58292 |
| 2.90%, 10/01/2030 | 14000 | 13093 |
| 5.25%, 08/09/2034 | 76000 | 78194 |
| S&P Global, Inc. |  |  |
| 2.70%, 03/01/2029 | 444000 | 425043 |
| Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc. |  |  |
| 6.75%, 08/15/2032 <sup>(A)</sup> <br>| 149000 | 153892 |
| Triton Container International Ltd. |  |  |
| 3.15%, 06/15/2031 <sup>(A)</sup> <br>| 470000 | 425068 |
| Verisk Analytics, Inc. |  |  |
| 5.13%, 02/15/2036 | 31000 | 31186 |
| Veritiv Operating Co. |  |  |
| 10.50%, 11/30/2030 <sup>(A)</sup> <br>| 185000 | 192525 |
| VM Consolidated, Inc. |  |  |
| 5.50%, 04/15/2029 <sup>(A)</sup> <br>| 250000 | 247226 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Waste Management, Inc. |  |  |
| 4.95%, 07/03/2027 | $91000 | $92494 |
| WEX, Inc. |  |  |
| 6.50%, 03/15/2033 <sup>(A)</sup> <br>| 156000 | 159536 |
|  |  | 4515987 |
| **Communications Equipment - 1.8%**  | **Communications Equipment - 1.8%**  | **Communications Equipment - 1.8%**  |
| Altice Financing SA |  |  |
| 5.00%, 01/15/2028 <sup>(A)</sup><sup>(D)</sup> <br>| 530000 | 395015 |
| AT&T, Inc. |  |  |
| 4.10%, 02/15/2028 | 380000 | 379323 |
| 5.40%, 02/15/2034 | 23000 | 23788 |
| Bell Telephone Co. of Canada or Bell <br> Canada |  |  |
| &nbsp;&nbsp; Fixed until 06/15/2030, <br>6.88% <sup>(C)</sup>, 09/15/2055<br>| 135000 | 140886 |
| &nbsp;&nbsp; Fixed until 06/15/2035, <br>7.00% <sup>(C)</sup>, 09/15/2055<br>| 316000 | 332129 |
| Bharti Airtel Ltd. |  |  |
| 3.25%, 06/03/2031 <sup>(B)</sup> <br>| 250000 | 235090 |
| Cisco Systems, Inc. |  |  |
| 5.10%, 02/24/2035 | 167000 | 171833 |
| Connect Finco SARL/Connect <br> U.S. Finco LLC |  |  |
| 9.00%, 09/15/2029 <sup>(A)</sup> <br>| 200000 | 211783 |
| Iliad Holding SAS |  |  |
| 7.00%, 04/15/2032 <sup>(A)</sup> <br>| 404000 | 413442 |
| Motorola Solutions, Inc. |  |  |
| 5.55%, 08/15/2035 | 52000 | 54145 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 02/14/2030, <br>7.00% <sup>(C)</sup>, 04/15/2055<br>| 95000 | 99328 |
| &nbsp;&nbsp; Fixed until 02/14/2035, <br>7.13% <sup>(C)</sup>, 04/15/2055<br>| 102000 | 109172 |
| Sable International Finance Ltd. |  |  |
| 7.13%, 10/15/2032 <sup>(A)</sup> <br>| 400000 | 400156 |
| SoftBank Group Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/19/2027 <sup>(E)</sup>, <br>6.88% <sup>(B)</sup><sup>(C)</sup> <br>| 200000 | 200250 |
| T-Mobile USA, Inc. |  |  |
| 3.38%, 04/15/2029 | 291000 | 282854 |
| Verizon Communications, Inc. |  |  |
| 4.02%, 12/03/2029 | 334000 | 330857 |
| 4.50%, 08/10/2033 | 111000 | 109064 |
| 5.25%, 04/02/2035 | 96000 | 97097 |
| Viasat, Inc. |  |  |
| 7.50%, 05/30/2031 <sup>(A)</sup><sup>(D)</sup> <br>| 92000 | 86327 |
| Xiaomi Best Time International Ltd. |  |  |
| 2.88%, 07/14/2031 <sup>(B)</sup> <br>| 200000 | 184851 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp; PIK Rate 0.50%, Cash Rate 5.75%, <br>03/09/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 37362 | 35525 |
| &nbsp;&nbsp; PIK Rate 1.88%, Cash Rate 7.13%, <br>09/09/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 238299 | 218044 |
|  |  | 4510959 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co. |  |  |
| 6.88%, 08/01/2033 <sup>(A)</sup> <br>| $215000 | $215188 |
| IHS Holding Ltd. |  |  |
| 8.25%, 11/29/2031 <sup>(A)</sup><sup>(D)</sup> <br>| 200000 | 208061 |
| Lennar Corp. |  |  |
| 5.20%, 07/30/2030 | 36000 | 37029 |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/2029 | 64000 | 66894 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/2030 <sup>(A)</sup> <br>| 226000 | 219231 |
|  |  | 746403 |
| **Consumer Staples Distribution & Retail - 1.0%**  | **Consumer Staples Distribution & Retail - 1.0%**  | **Consumer Staples Distribution & Retail - 1.0%**  |
| Arcos Dorados BV |  |  |
| 6.38%, 01/29/2032 <sup>(B)</sup> <br>| 200000 | 211910 |
| AutoNation, Inc. |  |  |
| 5.89%, 03/15/2035 | 24000 | 24780 |
| AutoZone, Inc. |  |  |
| 5.10%, 07/15/2029 | 24000 | 24681 |
| Brinker International, Inc. |  |  |
| 8.25%, 07/15/2030 <sup>(A)</sup> <br>| 145000 | 153592 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/2027 | 36000 | 36148 |
| FirstCash, Inc. |  |  |
| 4.63%, 09/01/2028 <sup>(A)</sup> <br>| 200000 | 197261 |
| Home Depot, Inc. |  |  |
| 4.90%, 04/15/2029 | 48000 | 49408 |
| Kohl's Corp. |  |  |
| 5.13%, 05/01/2031 | 282000 | 218523 |
| LBM Acquisition LLC |  |  |
| 6.25%, 01/15/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 232000 | 211614 |
| 9.50%, 06/15/2031 <sup>(A)</sup> <br>| 100000 | 104625 |
| McDonald's Corp. |  |  |
| 4.80%, 08/14/2028 | 351000 | 357805 |
| Murphy Oil USA, Inc. |  |  |
| 4.75%, 09/15/2029 | 200000 | 197508 |
| O'Reilly Automotive, Inc. |  |  |
| 3.60%, 09/01/2027 | 32000 | 31729 |
| 5.75%, 11/20/2026 | 48000 | 48774 |
| Park River Holdings, Inc. |  |  |
| 6.75%, 08/01/2029 <sup>(A)</sup> <br>| 2000 | 2034 |
| 8.00%, 03/15/2031 <sup>(A)</sup> <br>| 136000 | 140005 |
| 8.75%, 12/31/2030 <sup>(A)</sup><sup>(D)</sup> <br>| 96973 | 96459 |
| QXO Building Products, Inc. |  |  |
| 6.75%, 04/30/2032 <sup>(A)</sup> <br>| 119000 | 123195 |
| Raising Cane's Restaurants LLC |  |  |
| 9.38%, 05/01/2029 <sup>(A)</sup> <br>| 120000 | 125626 |
| Walmart, Inc. |  |  |
| 3.95%, 09/09/2027 | 176000 | 176711 |
|  |  | 2532388 |
| **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  | **Containers & Packaging - 0.7%**  |
| Amcor Flexibles North America, Inc. |  |  |
| 2.69%, 05/25/2031 | 210000 | 191176 |
| 5.10%, 03/17/2030 | 29000 | 29760 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br>Finance PLC |  |  |
| 4.00%, 09/01/2029 <sup>(A)</sup> <br>| $200000 | $186462 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/2032 <sup>(A)</sup> <br>| 25000 | 25085 |
| 8.75%, 04/15/2030 <sup>(A)</sup> <br>| 219000 | 219448 |
| Crown Americas LLC |  |  |
| 5.25%, 04/01/2030 | 140000 | 142151 |
| 5.88%, 06/01/2033 <sup>(A)</sup> <br>| 70000 | 70943 |
| Iris Holding, Inc. |  |  |
| 10.00%, 12/15/2028 <sup>(A)</sup><sup>(D)</sup> <br>| 210000 | 181145 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 08/15/2026 - 04/15/2027 <sup>(A)</sup> <br>| 113000 | 112912 |
| Packaging Corp. of America |  |  |
| 5.70%, 12/01/2033 | 200000 | 211601 |
| Silgan Holdings, Inc. |  |  |
| 4.13%, 02/01/2028 | 100000 | 98093 |
| Sonoco Products Co. |  |  |
| 4.60%, 09/01/2029 | 114000 | 114736 |
| 5.00%, 09/01/2034 <sup>(D)</sup> <br>| 84000 | 82935 |
|  |  | 1666447 |
| **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  | **Diversified REITs - 0.3%**  |
| American Tower Corp. |  |  |
| 2.30%, 09/15/2031 | 64000 | 56671 |
| 3.13%, 01/15/2027 | 66000 | 65198 |
| 5.20%, 02/15/2029 | 132000 | 135453 |
| Champion MTN Ltd. |  |  |
| 2.95%, 06/15/2030 <sup>(B)</sup> <br>| 200000 | 172757 |
| Crown Castle, Inc. |  |  |
| 5.00%, 01/11/2028 | 107000 | 108457 |
| 5.60%, 06/01/2029 | 48000 | 49872 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 243000 | 239582 |
| 4.75%, 05/15/2026 | 25000 | 25077 |
|  |  | 853067 |
| **Electric Utilities - 3.9%**  | **Electric Utilities - 3.9%**  | **Electric Utilities - 3.9%**  |
| AES Andes SA |  |  |
| &nbsp;&nbsp; Fixed until 03/10/2030, <br>8.15% <sup>(C)</sup>, 06/10/2055 <sup>(A)</sup> <br>| 500000 | 522700 |
| AES Corp. |  |  |
| 5.45%, 06/01/2028 | 52000 | 52915 |
| Algonquin Power & Utilities Corp. |  |  |
| 5.37%, 06/15/2026 | 25000 | 25119 |
| Ameren Corp. |  |  |
| 5.70%, 12/01/2026 | 405000 | 410914 |
| Atlantica Sustainable Infrastructure Ltd. |  |  |
| 4.13%, 06/15/2028 <sup>(A)</sup> <br>| 200000 | 193656 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.25%, 04/15/2028 | 189000 | 185668 |
| Clean Renewable Power Mauritius Pte. <br> Ltd. |  |  |
| 4.25%, 03/25/2027 <sup>(B)</sup> <br>| 231000 | 225367 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 01/15/2032 <sup>(A)</sup> <br>| 245000 | 221853 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Cometa Energia SA de CV |  |  |
| 6.38%, 04/24/2035 <sup>(B)</sup> <br>| $198450 | $206527 |
| Commonwealth Edison Co. |  |  |
| 5.95%, 06/01/2055 | 15000 | 15991 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 4.45%, 03/15/2044 | 75000 | 66324 |
| Diamond II Ltd. |  |  |
| 7.95%, 07/28/2026 <sup>(B)</sup> <br>| 250000 | 251491 |
| DTE Energy Co. |  |  |
| 4.88%, 06/01/2028 | 174000 | 176937 |
| Duke Energy Corp. |  |  |
| 2.45%, 06/01/2030 | 150000 | 138557 |
| Entergy Texas, Inc. |  |  |
| 5.25%, 04/15/2035 | 32000 | 32964 |
| EUSHI Finance, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2029, <br>7.63% <sup>(C)</sup>, 12/15/2054<br>| 450000 | 473157 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/2028 | 19000 | 19167 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 5.20%, 04/01/2028 <sup>(A)</sup> <br>| 111000 | 113430 |
| Florida Power & Light Co. |  |  |
| 5.15%, 06/15/2029 | 91000 | 94547 |
| Kallpa Generacion SA |  |  |
| 5.50%, 09/11/2035 <sup>(A)</sup> <br>| 200000 | 201380 |
| Kentucky Power Co. |  |  |
| 7.00%, 11/15/2033 <sup>(A)</sup> <br>| 117000 | 128291 |
| Liberty Utilities Finance GP 1 |  |  |
| 2.05%, 09/15/2030 <sup>(A)</sup> <br>| 50000 | 44815 |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/2039 <sup>(B)</sup> <br>| 140460 | 147179 |
| Minejesa Capital BV |  |  |
| 4.63%, 08/10/2030 <sup>(B)</sup> <br>| 165416 | 164920 |
| Narragansett Electric Co. |  |  |
| 5.35%, 05/01/2034 <sup>(A)</sup> <br>| 52000 | 53629 |
| National Central Cooling Co. PJSC |  |  |
| 2.50%, 10/21/2027 <sup>(B)</sup> <br>| 200000 | 192744 |
| National Rural Utilities Cooperative <br> Finance Corp. |  |  |
| 4.12%, 09/16/2027 | 91000 | 91293 |
| 4.15%, 08/25/2028 | 25000 | 25053 |
| 4.75%, 02/07/2028 | 37000 | 37538 |
| New York State Electric & Gas Corp. |  |  |
| 5.85%, 08/15/2033 <sup>(A)</sup> <br>| 25000 | 26577 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/2027 | 36000 | 36389 |
| 5.30%, 03/15/2032 | 92000 | 95883 |
| NRG Energy, Inc. |  |  |
| 3.63%, 02/15/2031 <sup>(A)</sup> <br>| 455000 | 424736 |
| 5.75%, 01/15/2034 <sup>(A)</sup> <br>| 50000 | 50352 |
| 6.00%, 01/15/2036 <sup>(A)</sup> <br>| 25000 | 25430 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.15%, 06/01/2032 | 50000 | 48978 |
| Pacific Gas & Electric Co. |  |  |
| 4.30%, 03/15/2045 | 50000 | 40237 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| PacifiCorp |  |  |
| &nbsp;&nbsp; Fixed until 06/17/2030, <br>7.38% <sup>(C)</sup>, 09/15/2055<br>| $1269000 | $1333119 |
| Pattern Energy Operations LP/Pattern <br> Energy Operations, Inc. |  |  |
| 4.50%, 08/15/2028 <sup>(A)</sup> <br>| 315000 | 307132 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2029, <br>7.38% <sup>(C)</sup>, 03/15/2055<br>| 1000000 | 1028525 |
| PPL Capital Funding, Inc. |  |  |
| 5.25%, 09/01/2034 | 29000 | 29733 |
| Public Service Co. of Colorado |  |  |
| 3.70%, 06/15/2028 | 332000 | 330161 |
| Public Service Electric & Gas Co. |  |  |
| 4.85%, 08/01/2034 | 25000 | 25252 |
| SAEL Ltd. |  |  |
| 7.80%, 07/31/2031 <sup>(B)</sup> <br>| 188480 | 190824 |
| Sempra |  |  |
| &nbsp;&nbsp; Fixed until 01/01/2031, <br>6.38% <sup>(C)</sup>, 04/01/2056<br>| 408000 | 419224 |
| Talen Energy Supply LLC |  |  |
| 6.25%, 02/01/2034 <sup>(A)</sup> <br>| 117000 | 119978 |
| 6.50%, 02/01/2036 <sup>(A)</sup> <br>| 117000 | 121177 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 5.00%, 01/15/2031 <sup>(A)</sup> <br>| 41000 | 42098 |
| Vistra Operations Co. LLC |  |  |
| 4.30%, 10/15/2028 <sup>(A)</sup> <br>| 65000 | 64755 |
| 7.75%, 10/15/2031 <sup>(A)</sup> <br>| 215000 | 228165 |
| Wisconsin Power & Light Co. |  |  |
| 3.95%, 09/01/2032 | 93000 | 89501 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 7.25%, 01/15/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 375000 | 385750 |
|  |  | 9978102 |
| **Electrical Equipment - 0.1%**  | **Electrical Equipment - 0.1%**  | **Electrical Equipment - 0.1%**  |
| EnerSys |  |  |
| 4.38%, 12/15/2027 <sup>(A)</sup> <br>| 150000 | 148115 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/2033 <sup>(A)</sup> <br>| 147000 | 153561 |
|  |  | 301676 |
| **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  |
| Allegion U.S. Holding Co., Inc. |  |  |
| 5.41%, 07/01/2032 | 135000 | 140658 |
| 5.60%, 05/29/2034 | 104000 | 108895 |
| Amphenol Corp. |  |  |
| 3.90%, 11/15/2028 <sup>(F)</sup> <br>| 52000 | 51761 |
| 4.13%, 11/15/2030 <sup>(F)</sup> <br>| 54000 | 53572 |
| Honeywell International, Inc. |  |  |
| 1.75%, 09/01/2031 | 22000 | 19112 |
| Imola Merger Corp. |  |  |
| 4.75%, 05/15/2029 <sup>(A)</sup> <br>| 185000 | 182355 |
| Trimble, Inc. |  |  |
| 6.10%, 03/15/2033 | 267000 | 286318 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/2029 <sup>(A)</sup> <br>| 210000 | 202804 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | $99000 | $100331 |
| Vontier Corp. |  |  |
| 2.95%, 04/01/2031 | 209000 | 190044 |
|  |  | 1335850 |
| **Energy Equipment & Services - 0.5%**  | **Energy Equipment & Services - 0.5%**  | **Energy Equipment & Services - 0.5%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.25%, 04/01/2028 <sup>(A)</sup> <br>| 170000 | 170724 |
| 6.63%, 09/01/2032 <sup>(A)</sup> <br>| 95000 | 97635 |
| Greenko Dutch BV |  |  |
| 3.85%, 03/29/2026 <sup>(B)</sup> <br>| 216250 | 213805 |
| India Cleantech Energy |  |  |
| 4.70%, 08/10/2026 <sup>(B)</sup> <br>| 189750 | 187859 |
| Kodiak Gas Services LLC |  |  |
| 6.50%, 10/01/2033 <sup>(A)</sup> <br>| 54000 | 55336 |
| 6.75%, 10/01/2035 <sup>(A)</sup> <br>| 56000 | 57670 |
| 7.25%, 02/15/2029 <sup>(A)</sup> <br>| 185000 | 192110 |
| WBI Operating LLC |  |  |
| 6.25%, 10/15/2030 <sup>(A)</sup> <br>| 125000 | 124881 |
| 6.50%, 10/15/2033 <sup>(A)</sup> <br>| 90000 | 89988 |
|  |  | 1190008 |
| **Financial Services - 1.8%**  | **Financial Services - 1.8%**  | **Financial Services - 1.8%**  |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp; Fixed until 06/15/2026 <sup>(E)</sup>, <br>4.65% <sup>(C)</sup> <br>| 129000 | 127085 |
| Aircastle Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/15/2026 <sup>(E)</sup>, <br>5.25% <sup>(A)</sup><sup>(C)</sup> <br>| 120000 | 119252 |
| Ally Financial, Inc. |  |  |
| 6.70%, 02/14/2033 <sup>(D)</sup> <br>| 245000 | 255432 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 07/20/2032, <br>4.92% <sup>(C)</sup>, 07/20/2033<br>| 36000 | 36678 |
| &nbsp;&nbsp; Fixed until 01/30/2030, <br>5.09% <sup>(C)</sup>, 01/30/2031<br>| 60000 | 61829 |
| &nbsp;&nbsp; Fixed until 02/16/2027, <br>5.10% <sup>(C)</sup>, 02/16/2028<br>| 193000 | 195399 |
| &nbsp;&nbsp; Fixed until 04/25/2035, <br>5.67% <sup>(C)</sup>, 04/25/2036<br>| 43000 | 45418 |
| Bread Financial Holdings, Inc. |  |  |
| 6.75%, 05/15/2031 <sup>(A)</sup><sup>(F)</sup> <br>| 110000 | 110753 |
| 9.75%, 03/15/2029 <sup>(A)</sup> <br>| 112000 | 119548 |
| Caja de Compensacion de Asignacion <br> Familiar de Los Andes |  |  |
| 7.00%, 07/30/2029 <sup>(B)</sup> <br>| 200000 | 212157 |
| Capital One Financial Corp. |  |  |
| 3.75%, 07/28/2026 | 79000 | 78718 |
| Charles Schwab Corp. |  |  |
| 2.45%, 03/03/2027 | 24000 | 23518 |
| Cobra AcquisitionCo LLC |  |  |
| 6.38%, 11/01/2029 <sup>(A)</sup> <br>| 328000 | 276276 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/2030 <sup>(A)</sup> <br>| 205000 | 204902 |
| EZCORP, Inc. |  |  |
| 7.38%, 04/01/2032 <sup>(A)</sup> <br>| 120000 | 126750 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Focus Financial Partners LLC |  |  |
| 6.75%, 09/15/2031 <sup>(A)</sup> <br>| $200000 | $206135 |
| goeasy Ltd. |  |  |
| 6.88%, 05/15/2030 - 02/15/2031 <sup>(A)</sup> <br>| 45000 | 44031 |
| 7.63%, 07/01/2029 <sup>(A)</sup> <br>| 218000 | 219579 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.13%, 11/01/2032 <sup>(A)</sup> <br>| 129000 | 131267 |
| 6.75%, 05/01/2033 <sup>(A)</sup> <br>| 29000 | 30252 |
| 7.13%, 04/30/2031 <sup>(A)</sup> <br>| 215000 | 225614 |
| Mastercard, Inc. |  |  |
| 4.35%, 01/15/2032 | 83000 | 83448 |
| Muthoot Finance Ltd. |  |  |
| 6.38%, 03/02/2030 <sup>(A)</sup> <br>| 200000 | 203212 |
| Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/15/2030 <sup>(E)</sup>, <br>7.00% <sup>(C)</sup>, 07/15/2030<br>| 200000 | 207077 |
| Phoenix Aviation Capital Ltd. |  |  |
| 9.25%, 07/15/2030 <sup>(A)</sup> <br>| 215000 | 226492 |
| Planet Financial Group LLC |  |  |
| 10.50%, 12/15/2029 <sup>(A)</sup> <br>| 200000 | 207152 |
| Power Finance Corp. Ltd. |  |  |
| 3.75%, 12/06/2027 <sup>(B)</sup> <br>| 200000 | 197204 |
| REC Ltd. |  |  |
| 3.88%, 07/07/2027 <sup>(B)</sup> <br>| 200000 | 198110 |
| Synchrony Financial |  |  |
| 5.15%, 03/19/2029 | 111000 | 112705 |
| &nbsp;&nbsp; Fixed until 03/06/2030, <br>5.45% <sup>(C)</sup>, 03/06/2031<br>| 32000 | 32551 |
| VFH Parent LLC/Valor Co-Issuer, Inc. |  |  |
| 7.50%, 06/15/2031 <sup>(A)</sup> <br>| 200000 | 209293 |
|  |  | 4527837 |
| **Food Products - 1.3%**  | **Food Products - 1.3%**  | **Food Products - 1.3%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 5.50%, 03/31/2031 <sup>(A)</sup><sup>(F)</sup> <br>| 64000 | 64506 |
| 5.75%, 03/31/2034 <sup>(A)</sup><sup>(F)</sup> <br>| 211000 | 211930 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 65000 | 66816 |
| C&S Group Enterprises LLC |  |  |
| 5.00%, 12/15/2028 <sup>(A)</sup> <br>| 216000 | 196977 |
| Gruma SAB de CV |  |  |
| 5.39%, 12/09/2034 <sup>(B)</sup> <br>| 200000 | 204998 |
| Hershey Co. |  |  |
| 4.55%, 02/24/2028 | 41000 | 41672 |
| Hormel Foods Corp. |  |  |
| 4.80%, 03/30/2027 | 72000 | 72780 |
| Indofood CBP Sukses Makmur Tbk. PT |  |  |
| 3.54%, 04/27/2032 <sup>(B)</sup> <br>| 200000 | 186871 |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 6.25%, 03/01/2056 <sup>(B)</sup> <br>| 200000 | 201318 |
| Kellanova |  |  |
| 7.45%, 04/01/2031 | 132000 | 151707 |
| Kraft Heinz Foods Co. |  |  |
| 5.20%, 03/15/2032 | 41000 | 42045 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | $38000 | $38311 |
| Land O'Lakes, Inc. |  |  |
| 7.00%, 09/18/2028 <sup>(A)</sup><sup>(E)</sup> <br>| 1770000 | 1536282 |
| Mars, Inc. |  |  |
| 4.65%, 04/20/2031 <sup>(A)</sup> <br>| 79000 | 80462 |
| Performance Food Group, Inc. |  |  |
| 5.50%, 10/15/2027 <sup>(A)</sup> <br>| 200000 | 200043 |
| Sysco Corp. |  |  |
| 5.10%, 09/23/2030 | 80000 | 82471 |
|  |  | 3379189 |
| **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  | **Gas Utilities - 0.4%**  |
| AltaGas Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 07/17/2034, <br>7.20% <sup>(C)</sup>, 10/15/2054 <sup>(A)</sup> <br>| 1000000 | 1025136 |
| KeySpan Gas East Corp. |  |  |
| 5.99%, 03/06/2033 <sup>(A)</sup> <br>| 72000 | 76212 |
|  |  | 1101348 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Agilent Technologies, Inc. |  |  |
| 2.30%, 03/12/2031 | 135000 | 121392 |
| 2.75%, 09/15/2029 | 104000 | 98606 |
| Avantor Funding, Inc. |  |  |
| 3.88%, 11/01/2029 <sup>(A)</sup> <br>| 165000 | 156711 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.50%, 06/15/2035 | 26000 | 26945 |
| 5.65%, 11/15/2027 | 100000 | 102959 |
| Insulet Corp. |  |  |
| 6.50%, 04/01/2033 <sup>(A)</sup> <br>| 145000 | 151068 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(A)</sup> <br>| 240000 | 233114 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.47%, 10/07/2032 | 52000 | 51976 |
| 5.00%, 01/31/2029 | 48000 | 49395 |
|  |  | 992166 |
| **Health Care Providers & Services - 0.9%**  | **Health Care Providers & Services - 0.9%**  | **Health Care Providers & Services - 0.9%**  |
| Cigna Group |  |  |
| 2.38%, 03/15/2031 | 44000 | 39630 |
| 4.38%, 10/15/2028 | 46000 | 46289 |
| Concentra Health Services, Inc. |  |  |
| 6.88%, 07/15/2032 <sup>(A)</sup> <br>| 203000 | 211736 |
| DaVita, Inc. |  |  |
| 6.75%, 07/15/2033 <sup>(A)</sup> <br>| 200000 | 207367 |
| Elevance Health, Inc. |  |  |
| 2.88%, 09/15/2029 | 169000 | 160929 |
| HCA, Inc. |  |  |
| 3.38%, 03/15/2029 | 14000 | 13618 |
| 3.50%, 09/01/2030 | 132000 | 126824 |
| 5.45%, 04/01/2031 | 52000 | 54121 |
| 5.50%, 03/01/2032 | 60000 | 62618 |
| Humana, Inc. |  |  |
| 4.88%, 04/01/2030 | 96000 | 97316 |
| 5.88%, 03/01/2033 | 489000 | 515342 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Quest Diagnostics, Inc. |  |  |
| 5.00%, 12/15/2034 | $72000 | $72725 |
| Roche Holdings, Inc. |  |  |
| 5.49%, 11/13/2030 <sup>(A)</sup> <br>| 243000 | 257650 |
| Select Medical Corp. |  |  |
| 6.25%, 12/01/2032 <sup>(A)</sup><sup>(D)</sup> <br>| 160000 | 162304 |
| Sotera Health Holdings LLC |  |  |
| 7.38%, 06/01/2031 <sup>(A)</sup> <br>| 102000 | 107192 |
| UnitedHealth Group, Inc. |  |  |
| 4.90%, 04/15/2031 | 56000 | 57408 |
| 5.15%, 07/15/2034 | 59000 | 60638 |
|  |  | 2253707 |
| **Health Care REITs - 0.0% \*** | **Health Care REITs - 0.0% \*** | **Health Care REITs - 0.0% \*** |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/2033 | 16000 | 15822 |
| **Hotel & Resort REITs - 0.1%**  | **Hotel & Resort REITs - 0.1%**  | **Hotel & Resort REITs - 0.1%**  |
| Service Properties Trust |  |  |
| Zero Coupon, 09/30/2028 <sup>(A)</sup> <br>| 10000 | 8815 |
| 8.88%, 06/15/2032 | 205000 | 202311 |
|  |  | 211126 |
| **Hotels, Restaurants & Leisure - 2.1%**  | **Hotels, Restaurants & Leisure - 2.1%**  | **Hotels, Restaurants & Leisure - 2.1%**  |
| Banijay Entertainment SAS |  |  |
| 8.13%, 05/01/2029 <sup>(A)</sup> <br>| 200000 | 207568 |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(A)</sup> <br>| 30000 | 30818 |
| 6.00%, 05/01/2029 <sup>(A)</sup> <br>| 439000 | 445585 |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 151000 | 155707 |
| Flutter Treasury DAC |  |  |
| 5.88%, 06/04/2031 <sup>(A)</sup> <br>| 210000 | 212625 |
| Fortune Star BVI Ltd. |  |  |
| 8.50%, 05/19/2028 <sup>(B)</sup> <br>| 300000 | 313491 |
| Gohl Capital Ltd. |  |  |
| 4.25%, 01/24/2027 <sup>(B)</sup> <br>| 200000 | 197972 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br>Borrower, Inc. |  |  |
| 5.00%, 06/01/2029 <sup>(A)</sup> <br>| 315000 | 302468 |
| Light & Wonder International, Inc. |  |  |
| 6.25%, 10/01/2033 <sup>(A)</sup> <br>| 155000 | 154315 |
| Marriott International, Inc. |  |  |
| 2.85%, 04/15/2031 | 181000 | 166727 |
| 5.50%, 04/15/2037 | 32000 | 32856 |
| Melco Resorts Finance Ltd. |  |  |
| 5.38%, 12/04/2029 <sup>(A)</sup> <br>| 225000 | 221575 |
| 5.38%, 12/04/2029 <sup>(B)</sup> <br>| 200000 | 196956 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 01/15/2031 <sup>(A)</sup> <br>| 12000 | 11994 |
| 6.25%, 09/15/2033 <sup>(A)</sup> <br>| 5000 | 5057 |
| 6.75%, 02/01/2032 <sup>(A)</sup> <br>| 10000 | 10276 |
| 7.75%, 02/15/2029 <sup>(A)</sup> <br>| 435000 | 465271 |
| Ontario Gaming GTA LP/OTG Co-Issuer, <br> Inc. |  |  |
| 8.00%, 08/01/2030 <sup>(A)</sup> <br>| 250000 | 246630 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Royal Caribbean Cruises Ltd. |  |  |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| $335000 | $343948 |
| Sands China Ltd. |  |  |
| 2.85%, 03/08/2029 | 200000 | 189169 |
| SeaWorld Parks & Entertainment, Inc. |  |  |
| 5.25%, 08/15/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 250000 | 245204 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 252000 | 256124 |
| Studio City Finance Ltd. |  |  |
| 5.00%, 01/15/2029 <sup>(B)</sup> <br>| 250000 | 239381 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/2029 <sup>(A)</sup> <br>| 155000 | 150902 |
| 6.13%, 09/01/2033 <sup>(A)</sup> <br>| 126000 | 127374 |
| Voyager Parent LLC |  |  |
| 9.25%, 07/01/2032 <sup>(A)</sup> <br>| 265000 | 277821 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/2042 | 225000 | 180614 |
|  |  | 5388428 |
| **Industrial REITs - 0.0% \*** | **Industrial REITs - 0.0% \*** | **Industrial REITs - 0.0% \*** |
| Goodman U.S. Finance Six LLC |  |  |
| 5.13%, 10/07/2034 <sup>(A)</sup> <br>| 29000 | 29452 |
| **Insurance - 1.7%**  | **Insurance - 1.7%**  | **Insurance - 1.7%**  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 6.75%, 07/01/2032 <sup>(A)</sup> <br>| 213000 | 218444 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer |  |  |
| 6.50%, 10/01/2031 <sup>(A)</sup> <br>| 205000 | 210225 |
| Aon North America, Inc. |  |  |
| 5.30%, 03/01/2031 | 336000 | 349652 |
| Arthur J Gallagher & Co. |  |  |
| 4.85%, 12/15/2029 | 43000 | 43892 |
| 5.45%, 07/15/2034 | 210000 | 217903 |
| Assurant, Inc. |  |  |
| 5.55%, 02/15/2036 | 67000 | 67697 |
| Athene Global Funding |  |  |
| 1.73%, 10/02/2026 <sup>(A)</sup> <br>| 43000 | 42052 |
| 4.86%, 08/27/2026 <sup>(A)</sup> <br>| 83000 | 83399 |
| 5.32%, 11/13/2031 <sup>(A)</sup> <br>| 127000 | 129646 |
| &nbsp;&nbsp; Baldwin Insurance Group <br> Holdings LLC/Baldwin Insurance Group <br>Holdings Finance |  |  |
| 7.13%, 05/15/2031 <sup>(A)</sup> <br>| 129000 | 132375 |
| Chubb INA Holdings LLC |  |  |
| 4.65%, 08/15/2029 | 132000 | 134606 |
| F&G Annuities & Life, Inc. |  |  |
| 6.25%, 10/04/2034 | 19000 | 19313 |
| Global Atlantic Finance Co. |  |  |
| &nbsp;&nbsp; Fixed until 07/15/2029, <br>7.95% <sup>(C)</sup>, 10/15/2054 <sup>(A)</sup> <br>| 700000 | 731846 |
| Hanover Insurance Group, Inc. |  |  |
| 5.50%, 09/01/2035 | 30000 | 30475 |
| &nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. <br> Refinance 2 PLC/Howden <br>U.S. Refinance LLC |  |  |
| 7.25%, 02/15/2031 <sup>(A)</sup> <br>| 265000 | 273131 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Jones Deslauriers Insurance Management, <br> Inc. |  |  |
| 8.50%, 03/15/2030 <sup>(A)</sup> <br>| $122000 | $128128 |
| Liberty Mutual Group, Inc. |  |  |
| 4.30%, 02/01/2061 <sup>(A)</sup> <br>| 1822000 | 1169507 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.55%, 11/08/2027 | 62000 | 62628 |
| Northwestern Mutual Global Funding |  |  |
| 4.35%, 09/15/2027 <sup>(A)</sup> <br>| 52000 | 52395 |
| Panther Escrow Issuer LLC |  |  |
| 7.13%, 06/01/2031 <sup>(A)</sup> <br>| 185000 | 191193 |
| Willis North America, Inc. |  |  |
| 4.65%, 06/15/2027 | 117000 | 117713 |
|  |  | 4406220 |
| **Internet & Catalog Retail - 1.1%**  | **Internet & Catalog Retail - 1.1%**  | **Internet & Catalog Retail - 1.1%**  |
| Alibaba Group Holding Ltd. |  |  |
| 4.00%, 12/06/2037 | 200000 | 187267 |
| Alphabet, Inc. |  |  |
| 0.80%, 08/15/2027 | 225000 | 213945 |
| Amazon.com, Inc. |  |  |
| 3.30%, 04/13/2027 | 59000 | 58575 |
| 4.65%, 12/01/2029 <sup>(D)</sup> <br>| 399000 | 409133 |
| Gen Digital, Inc. |  |  |
| 6.25%, 04/01/2033 <sup>(A)</sup> <br>| 33000 | 33972 |
| 7.13%, 09/30/2030 <sup>(A)</sup> <br>| 140000 | 144485 |
| GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp; PIK Rate 7.00%, Cash Rate 0.00%, <br>07/31/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 227360 | 191571 |
| ION Platform Finance U.S., Inc./ION <br> Platform Finance SARL |  |  |
| 4.63%, 05/01/2028 <sup>(A)</sup> <br>| 200000 | 190570 |
| 5.75%, 05/15/2028 <sup>(A)</sup> <br>| 200000 | 190989 |
| Match Group Holdings II LLC |  |  |
| 3.63%, 10/01/2031 <sup>(A)</sup> <br>| 48000 | 43510 |
| 4.13%, 08/01/2030 <sup>(A)</sup> <br>| 138000 | 129887 |
| 6.13%, 09/15/2033 <sup>(A)</sup> <br>| 80000 | 80537 |
| Meituan |  |  |
| 4.63%, 10/02/2029 <sup>(A)</sup> <br>| 200000 | 200467 |
| Meta Platforms, Inc. |  |  |
| 4.88%, 11/15/2035 <sup>(F)</sup> <br>| 46000 | 46203 |
| Netflix, Inc. |  |  |
| 4.88%, 04/15/2028 | 189000 | 192892 |
| Prosus NV |  |  |
| 4.99%, 01/19/2052 <sup>(B)</sup> <br>| 200000 | 163549 |
| Rakuten Group, Inc. |  |  |
| 9.75%, 04/15/2029 <sup>(A)</sup> <br>| 250000 | 280407 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2035 | 24000 | 23818 |
|  |  | 2781777 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| Accenture Capital, Inc. |  |  |
| 4.50%, 10/04/2034 | 48000 | 47328 |
| Apple, Inc. |  |  |
| 1.40%, 08/05/2028 | 399000 | 374576 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Booz Allen Hamilton, Inc. |  |  |
| 5.95%, 04/15/2035 <sup>(D)</sup> <br>| $82000 | $84929 |
| CA Magnum Holdings |  |  |
| 5.38%, 10/31/2026 <sup>(B)</sup> <br>| 265000 | 263294 |
| Dell International LLC/EMC Corp. |  |  |
| 4.35%, 02/01/2030 | 111000 | 110941 |
| 4.75%, 04/01/2028 | 92000 | 93296 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/2031 <sup>(A)</sup> <br>| 150000 | 156411 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 10/15/2030 | 52000 | 51591 |
| IBM International Capital Pte. Ltd. |  |  |
| 4.75%, 02/05/2031 | 166000 | 169273 |
| Kyndryl Holdings, Inc. |  |  |
| 3.15%, 10/15/2031 | 55000 | 50121 |
| Seagate Data Storage Technology Pte. <br> Ltd. |  |  |
| 4.13%, 01/15/2031 <sup>(A)</sup> <br>| 2000 | 1884 |
| 8.50%, 07/15/2031 <sup>(A)</sup> <br>| 150000 | 159654 |
|  |  | 1563298 |
| **Machinery - 0.7%**  | **Machinery - 0.7%**  | **Machinery - 0.7%**  |
| AGCO Corp. |  |  |
| 5.45%, 03/21/2027 | 105000 | 106450 |
| Caterpillar Financial Services Corp. |  |  |
| 4.10%, 08/15/2028 | 120000 | 120543 |
| 4.40%, 03/03/2028 | 50000 | 50560 |
| Caterpillar, Inc. |  |  |
| 1.90%, 03/12/2031 | 364000 | 327094 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/16/2030 | 56000 | 55918 |
| 5.10%, 04/20/2029 | 327000 | 334583 |
| Deere & Co. |  |  |
| 5.45%, 01/16/2035 | 293000 | 309100 |
| Deere Funding Canada Corp. |  |  |
| 4.15%, 10/09/2030 | 53000 | 52885 |
| John Deere Capital Corp. |  |  |
| 1.45%, 01/15/2031 | 210000 | 184218 |
| 4.40%, 09/08/2031 | 83000 | 83690 |
| 4.55%, 06/05/2030 | 10000 | 10154 |
| 4.90%, 03/07/2031 | 46000 | 47435 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/2031 | 148000 | 132851 |
| Otis Worldwide Corp. |  |  |
| 5.13%, 09/04/2035 | 36000 | 36546 |
|  |  | 1852027 |
| **Media - 1.5%**  | **Media - 1.5%**  | **Media - 1.5%**  |
| Belo Corp. |  |  |
| 7.75%, 06/01/2027 | 200000 | 208854 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/2030 <sup>(A)</sup><sup>(D)</sup> <br>| 262000 | 206983 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp. |  |  |
| 4.25%, 01/15/2034 <sup>(A)</sup><sup>(D)</sup> <br>| 165000 | 138554 |
| 4.75%, 03/01/2030 <sup>(A)</sup> <br>| 305000 | 290014 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 2.80%, 04/01/2031 | $184000 | $165039 |
| 3.50%, 06/01/2041 | 85000 | 61314 |
| 6.10%, 06/01/2029 | 67000 | 70040 |
| Comcast Corp. |  |  |
| 5.17%, 01/15/2037 <sup>(A)</sup> <br>| 137000 | 135634 |
| Cox Communications, Inc. |  |  |
| 5.45%, 09/15/2028 - 09/01/2034 <sup>(A)</sup> <br>| 115000 | 115567 |
| CSC Holdings LLC |  |  |
| 4.13%, 12/01/2030 <sup>(A)</sup><sup>(D)</sup> <br>| 235000 | 144551 |
| 6.50%, 02/01/2029 <sup>(A)</sup> <br>| 245000 | 168506 |
| Neptune Bidco U.S., Inc. |  |  |
| 9.29%, 04/15/2029 <sup>(A)</sup> <br>| 377000 | 372287 |
| Paramount Global |  |  |
| &nbsp;&nbsp; Fixed until 02/28/2027, <br>6.25% <sup>(C)</sup>, 02/28/2057<br>| 283000 | 277340 |
| Sirius XM Radio LLC |  |  |
| 3.88%, 09/01/2031 <sup>(A)</sup><sup>(D)</sup> <br>| 315000 | 285796 |
| Sunrise FinCo I BV |  |  |
| 4.88%, 07/15/2031 <sup>(A)</sup> <br>| 200000 | 190532 |
| Univision Communications, Inc. |  |  |
| 8.50%, 07/31/2031 <sup>(A)</sup> <br>| 305000 | 311955 |
| 9.38%, 08/01/2032 <sup>(A)</sup> <br>| 115000 | 121391 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/2030 <sup>(A)</sup> <br>| 400000 | 357030 |
| Walt Disney Co. |  |  |
| 2.00%, 09/01/2029 | 83000 | 77196 |
|  |  | 3698583 |
| **Metals & Mining - 1.5%**  | **Metals & Mining - 1.5%**  | **Metals & Mining - 1.5%**  |
| Anglo American Capital PLC |  |  |
| 2.88%, 03/17/2031 <sup>(B)</sup> <br>| 200000 | 183903 |
| AngloGold Ashanti Holdings PLC |  |  |
| 3.75%, 10/01/2030 | 200000 | 191473 |
| Antofagasta PLC |  |  |
| 5.63%, 09/09/2035 <sup>(A)</sup> <br>| 200000 | 205476 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/2033 <sup>(A)</sup> <br>| 144000 | 149005 |
| Cleveland-Cliffs, Inc. |  |  |
| 7.00%, 03/15/2032 <sup>(A)</sup><sup>(D)</sup> <br>| 325000 | 332310 |
| 7.38%, 05/01/2033 <sup>(A)</sup> <br>| 10000 | 10346 |
| 7.63%, 01/15/2034 <sup>(A)</sup> <br>| 90000 | 93570 |
| Commercial Metals Co. |  |  |
| 3.88%, 02/15/2031 | 200000 | 186726 |
| Fortescue Treasury Pty. Ltd. |  |  |
| 4.38%, 04/01/2031 <sup>(A)</sup> <br>| 213000 | 206157 |
| Hudbay Minerals, Inc. |  |  |
| 6.13%, 04/01/2029 <sup>(A)</sup> <br>| 100000 | 101258 |
| Industrias Penoles SAB de CV |  |  |
| 4.75%, 08/06/2050 <sup>(B)</sup> <br>| 200000 | 166644 |
| Minera Mexico SA de CV |  |  |
| 5.63%, 02/12/2032 <sup>(A)</sup> <br>| 200000 | 207700 |
| Mineral Resources Ltd. |  |  |
| 7.00%, 04/01/2031 <sup>(A)</sup><sup>(D)</sup> <br>| 45000 | 46586 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Mineral Resources Ltd. (continued) |  |  |
| 9.25%, 10/01/2028 <sup>(A)</sup> <br>| $476000 | $499089 |
| 9.25%, 10/01/2028 <sup>(B)</sup> <br>| 65000 | 68153 |
| NCIG Holdings Pty. Ltd. |  |  |
| 12.50% <sup>(H)</sup>, 08/26/2031 <sup>(B)</sup> <br>| 100000 | 108786 |
| Novelis Corp. |  |  |
| 6.38%, 08/15/2033 <sup>(A)</sup> <br>| 168000 | 170213 |
| Nucor Corp. |  |  |
| 5.10%, 06/01/2035 | 72000 | 73489 |
| South32 Treasury Ltd. |  |  |
| 4.35%, 04/14/2032 <sup>(A)</sup> <br>| 212000 | 204777 |
| Steel Dynamics, Inc. |  |  |
| 5.38%, 08/15/2034 | 46000 | 47762 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 06/28/2054 | 200000 | 208359 |
| Vedanta Resources Finance II PLC |  |  |
| 10.88%, 09/17/2029 <sup>(B)</sup> <br>| 200000 | 209335 |
| Windfall Mining Group, Inc./Groupe Minier <br> Windfall, Inc. |  |  |
| 5.85%, 05/13/2032 <sup>(A)</sup> <br>| 200000 | 209052 |
|  |  | 3880169 |
| **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  |
| Apollo Commercial Real Estate Finance, <br> Inc. |  |  |
| 4.63%, 06/15/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 320000 | 308000 |
| Arbor Realty SR, Inc. |  |  |
| 7.88%, 07/15/2030 <sup>(A)</sup> <br>| 280000 | 284919 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 7.75%, 12/01/2029 <sup>(A)</sup> <br>| 157000 | 165451 |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.75%, 06/15/2029 <sup>(A)</sup> <br>| 210000 | 205901 |
| Starwood Property Trust, Inc. |  |  |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 170000 | 176809 |
|  |  | 1141080 |
| **Oil, Gas & Consumable Fuels - 5.6%**  | **Oil, Gas & Consumable Fuels - 5.6%**  | **Oil, Gas & Consumable Fuels - 5.6%**  |
| Baytex Energy Corp. |  |  |
| 7.38%, 03/15/2032 <sup>(A)</sup><sup>(D)</sup> <br>| 192000 | 189060 |
| Cheniere Energy Partners LP |  |  |
| 5.55%, 10/30/2035 <sup>(A)</sup> <br>| 42000 | 42981 |
| Chevron Corp. |  |  |
| 2.24%, 05/11/2030 | 359000 | 332101 |
| Civitas Resources, Inc. |  |  |
| 8.63%, 11/01/2030 <sup>(A)</sup> <br>| 133000 | 137501 |
| 9.63%, 06/15/2033 <sup>(A)</sup> <br>| 80000 | 85827 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/2030 <sup>(A)</sup> <br>| 165000 | 157032 |
| Crescent Energy Finance LLC |  |  |
| 7.63%, 04/01/2032 <sup>(A)</sup> <br>| 193000 | 187122 |
| 8.38%, 01/15/2034 <sup>(A)</sup> <br>| 75000 | 73355 |
| Delek Logistics Partners LP/Delek <br> Logistics Finance Corp. |  |  |
| 7.38%, 06/30/2033 <sup>(A)</sup> <br>| 165000 | 167395 |
| 8.63%, 03/15/2029 <sup>(A)</sup> <br>| 124000 | 129422 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | $226000 | $230395 |
| EIG Pearl Holdings SARL |  |  |
| 3.55%, 08/31/2036 <sup>(B)</sup> <br>| 196690 | 182552 |
| Enbridge, Inc. |  |  |
| 4.60%, 06/20/2028 | 29000 | 29279 |
| Energy Transfer LP |  |  |
| 4.95%, 05/15/2028 | 189000 | 191783 |
| &nbsp;&nbsp; Fixed until 02/15/2029, <br>8.00% <sup>(C)</sup>, 05/15/2054<br>| 1000000 | 1067518 |
| Enterprise Products Operating LLC |  |  |
| 4.60%, 01/15/2031 | 37000 | 37457 |
| Excelerate Energy LP |  |  |
| 8.00%, 05/15/2030 <sup>(A)</sup> <br>| 190000 | 200599 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/2032 | 79000 | 77553 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| 2.94%, 09/30/2040 <sup>(B)</sup> <br>| 259914 | 221927 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 8.00%, 05/15/2033 | 15000 | 15492 |
| 8.88%, 04/15/2030 | 345000 | 363608 |
| GNL Quintero SA |  |  |
| 4.63%, 07/31/2029 <sup>(B)</sup> <br>| 188320 | 188802 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(B)</sup> <br>| 200000 | 210410 |
| Harvest Midstream I LP |  |  |
| 7.50%, 05/15/2032 <sup>(A)</sup> <br>| 445000 | 461166 |
| HF Sinclair Corp. |  |  |
| 5.00%, 02/01/2028 | 35000 | 35029 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.00%, 02/01/2031 <sup>(A)</sup> <br>| 323000 | 305823 |
| 6.25%, 04/15/2032 <sup>(A)</sup> <br>| 50000 | 47470 |
| 7.25%, 02/15/2035 <sup>(A)</sup> <br>| 15000 | 14449 |
| Howard Midstream Energy Partners LLC |  |  |
| 7.38%, 07/15/2032 <sup>(A)</sup> <br>| 260000 | 272444 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/2029 <sup>(A)</sup> <br>| 375000 | 363215 |
| KazMunayGas National Co. JSC |  |  |
| 3.50%, 04/14/2033 <sup>(B)</sup> <br>| 200000 | 181020 |
| 6.38%, 10/24/2048 <sup>(B)</sup> <br>| 200000 | 201861 |
| Kinder Morgan, Inc. |  |  |
| 5.40%, 02/01/2034 | 489000 | 503191 |
| Marathon Petroleum Corp. |  |  |
| 5.70%, 03/01/2035 | 61000 | 63114 |
| MPLX LP |  |  |
| 4.80%, 02/15/2031 | 150000 | 151268 |
| Nabors Industries, Inc. |  |  |
| 7.38%, 05/15/2027 <sup>(A)</sup> <br>| 106000 | 107481 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp. |  |  |
| 8.13%, 02/15/2029 <sup>(A)</sup> <br>| 95000 | 97251 |
| 8.38%, 02/15/2032 <sup>(A)</sup> <br>| 150000 | 153377 |
| Northern Oil & Gas, Inc. |  |  |
| 7.88%, 10/15/2033 <sup>(A)</sup> <br>| 155000 | 150970 |
| NuStar Logistics LP |  |  |
| 6.38%, 10/01/2030 | 120000 | 124975 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Occidental Petroleum Corp. |  |  |
| 6.13%, 01/01/2031 | $321000 | $338101 |
| 6.45%, 09/15/2036 | 42000 | 44587 |
| ONEOK, Inc. |  |  |
| 4.75%, 10/15/2031 | 71000 | 71004 |
| ORLEN SA |  |  |
| 6.00%, 01/30/2035 <sup>(B)</sup> <br>| 200000 | 211261 |
| Pertamina Hulu Energi PT |  |  |
| 5.25%, 05/21/2030 <sup>(A)</sup> <br>| 200000 | 204202 |
| Petroleos Mexicanos |  |  |
| 10.00%, 02/07/2033 | 727000 | 850310 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp; Fixed until 12/15/2035, <br>6.20% <sup>(C)</sup>, 03/15/2056<br>| 667000 | 673625 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 5.60%, 01/15/2036 | 30000 | 30310 |
| Raizen Fuels Finance SA |  |  |
| 6.25%, 07/08/2032 <sup>(B)</sup> <br>| 200000 | 170000 |
| 6.45%, 03/05/2034 <sup>(B)</sup> <br>| 200000 | 170250 |
| Saudi Arabian Oil Co. |  |  |
| 5.88%, 07/17/2064 <sup>(A)</sup> <br>| 200000 | 199500 |
| Strathcona Resources Ltd. |  |  |
| 6.88%, 08/01/2026 <sup>(A)</sup> <br>| 270000 | 270347 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(A)</sup> <br>| 35000 | 35023 |
| 5.88%, 03/15/2034 <sup>(A)</sup> <br>| 190000 | 189969 |
| Talos Production, Inc. |  |  |
| 9.38%, 02/01/2031 <sup>(A)</sup> <br>| 181000 | 185107 |
| TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2030, <br>7.00% <sup>(C)</sup>, 06/01/2065<br>| 1000000 | 1030567 |
| Transportadora de Gas del Peru SA |  |  |
| 4.25%, 04/30/2028 <sup>(B)</sup> <br>| 120000 | 120141 |
| Valaris Ltd. |  |  |
| 8.38%, 04/30/2030 <sup>(A)</sup> <br>| 250000 | 260727 |
| Venture Global LNG, Inc. |  |  |
| 8.38%, 06/01/2031 <sup>(A)</sup> <br>| 399000 | 409628 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 28000 | 30792 |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 162000 | 182803 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/2032 <sup>(A)</sup><sup>(D)</sup> <br>| 255000 | 241321 |
| Warrior Met Coal, Inc. |  |  |
| 7.88%, 12/01/2028 <sup>(A)</sup> <br>| 50000 | 50750 |
| Wildfire Intermediate Holdings LLC |  |  |
| 7.50%, 10/15/2029 <sup>(A)</sup> <br>| 156000 | 155681 |
| Williams Cos., Inc. |  |  |
| 3.75%, 06/15/2027 | 94000 | 93438 |
| 4.63%, 06/30/2030 | 59000 | 59439 |
| Woodside Finance Ltd. |  |  |
| 5.40%, 05/19/2030 | 158000 | 162354 |
|  |  | 14194512 |
| **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  | **Paper & Forest Products - 0.4%**  |
| Celulosa Arauco y Constitucion SA |  |  |
| 6.18%, 05/05/2032 <sup>(B)</sup> <br>| 200000 | 207400 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Paper & Forest Products (continued)** | **Paper & Forest Products (continued)** | **Paper & Forest Products (continued)** |
| Georgia-Pacific LLC |  |  |
| 0.95%, 05/15/2026 <sup>(A)</sup> <br>| $48000 | $47227 |
| 4.40%, 06/30/2028 <sup>(A)</sup> <br>| 25000 | 25180 |
| Inversiones CMPC SA |  |  |
| 6.13%, 02/26/2034 <sup>(A)</sup> <br>| 200000 | 207493 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 194000 | 161544 |
| Suzano Netherlands BV |  |  |
| 5.50%, 01/15/2036 | 245000 | 244353 |
|  |  | 893197 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| Air Canada |  |  |
| 3.88%, 08/15/2026 <sup>(A)</sup> <br>| 125000 | 124036 |
| American Airlines, Inc. |  |  |
| 7.25%, 02/15/2028 <sup>(A)</sup><sup>(D)</sup> <br>| 265000 | 271147 |
| British Airways Pass-Through Trust |  |  |
| 2.90%, 09/15/2036 <sup>(A)</sup> <br>| 15485 | 14198 |
| Southwest Airlines Co. |  |  |
| 5.25%, 11/15/2035 <sup>(F)</sup> <br>| 113000 | 110403 |
| United Airlines, Inc. |  |  |
| 4.63%, 04/15/2029 <sup>(A)</sup> <br>| 175000 | 173324 |
|  |  | 693108 |
| **Personal Care Products - 0.3%**  | **Personal Care Products - 0.3%**  | **Personal Care Products - 0.3%**  |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/2029 <sup>(A)</sup> <br>| 250000 | 237440 |
| Kenvue, Inc. |  |  |
| 4.85%, 05/22/2032 | 55000 | 55721 |
| Perrigo Finance Unlimited Co. |  |  |
| 6.13%, 09/30/2032 | 310000 | 312617 |
| Procter & Gamble Co. |  |  |
| 2.85%, 08/11/2027 | 107000 | 105401 |
| 3.95%, 01/26/2028 | 84000 | 84424 |
|  |  | 795603 |
| **Pharmaceuticals - 1.3%**  | **Pharmaceuticals - 1.3%**  | **Pharmaceuticals - 1.3%**  |
| AbbVie, Inc. |  |  |
| 3.20%, 11/21/2029 | 346000 | 334221 |
| 4.95%, 03/15/2031 | 64000 | 66184 |
| Astrazeneca Finance LLC |  |  |
| 4.85%, 02/26/2029 | 104000 | 106646 |
| 4.88%, 03/03/2028 | 84000 | 85818 |
| 4.90%, 03/03/2030 | 85000 | 87692 |
| Becton Dickinson & Co. |  |  |
| 4.30%, 08/22/2032 | 64000 | 62964 |
| 4.69%, 02/13/2028 | 79000 | 79845 |
| Cardinal Health, Inc. |  |  |
| 4.50%, 09/15/2030 | 37000 | 37199 |
| Cencora, Inc. |  |  |
| 5.13%, 02/15/2034 | 26000 | 26673 |
| CVS Health Corp. |  |  |
| 5.13%, 07/20/2045 | 181000 | 164491 |
| 5.55%, 06/01/2031 | 107000 | 112301 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 262000 | 275278 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Eli Lilly & Co. |  |  |
| 3.10%, 05/15/2027 | $25000 | $24747 |
| 4.75%, 02/12/2030 | 59000 | 60596 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 4.50%, 04/15/2030 | 55000 | 55814 |
| HLF Financing SARL LLC/Herbalife <br> International, Inc. |  |  |
| 4.88%, 06/01/2029 <sup>(A)</sup><sup>(D)</sup> <br>| 305000 | 267669 |
| 12.25%, 04/15/2029 <sup>(A)</sup> <br>| 255000 | 275706 |
| McKesson Corp. |  |  |
| 4.95%, 05/30/2032 | 96000 | 98489 |
| Merck & Co., Inc. |  |  |
| 4.30%, 05/17/2030 | 123000 | 124041 |
| Novartis Capital Corp. |  |  |
| 4.00%, 09/18/2031 | 55000 | 54672 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 5.13%, 04/30/2031 <sup>(A)</sup> <br>| 200000 | 153307 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.75%, 05/19/2033 | 64000 | 64775 |
| 5.11%, 05/19/2043 | 43000 | 41750 |
| Teva Pharmaceutical Finance Netherlands <br> III BV |  |  |
| 7.88%, 09/15/2029 | 500000 | 546698 |
| Zoetis, Inc. |  |  |
| 5.60%, 11/16/2032 | 32000 | 34024 |
|  |  | 3241600 |
| **Real Estate Management & Development - 1.0%**  | **Real Estate Management & Development - 1.0%**  | **Real Estate Management & Development - 1.0%**  |
| Corp. Inmobiliaria Vesta SAB de CV |  |  |
| 5.50%, 01/30/2033 <sup>(A)</sup> <br>| 200000 | 202800 |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/2028 <sup>(A)</sup> <br>| 275000 | 277187 |
| Elect Global Investments Ltd. |  |  |
| 4.85%, 12/01/2025 <sup>(B)</sup><sup>(E)</sup> <br>| 200000 | 149998 |
| &nbsp;&nbsp; Fixed until 09/11/2030 <sup>(E)</sup>, <br>7.20% <sup>(B)</sup><sup>(C)</sup> <br>| 200000 | 209088 |
| GLP China Holdings Ltd. |  |  |
| 2.95%, 03/29/2026 <sup>(B)</sup> <br>| 300000 | 295850 |
| GLP Pte. Ltd. |  |  |
| 9.75%, 05/20/2028 <sup>(B)</sup><sup>(D)</sup> <br>| 260000 | 272870 |
| Greystar Real Estate Partners LLC |  |  |
| 7.75%, 09/01/2030 <sup>(A)</sup> <br>| 110000 | 116314 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 03/01/2029 | 246000 | 232885 |
| Longfor Group Holdings Ltd. |  |  |
| 3.38%, 04/13/2027 <sup>(B)</sup> <br>| 250000 | 233545 |
| NWD MTN Ltd. |  |  |
| 4.13%, 07/18/2029 <sup>(B)</sup> <br>| 280000 | 205846 |
| Yanlord Land HK Co. Ltd. |  |  |
| 5.13%, 05/20/2026 <sup>(B)</sup> <br>| 320000 | 315581 |
|  |  | 2511964 |
| **Residential REITs - 0.0% \*** | **Residential REITs - 0.0% \*** | **Residential REITs - 0.0% \*** |
| ERP Operating LP |  |  |
| 4.95%, 06/15/2032 | 15000 | 15371 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/2033 <sup>(A)</sup> <br>| $135000 | $137333 |
| Applied Materials, Inc. |  |  |
| 4.60%, 01/15/2036 | 43000 | 42529 |
| 4.80%, 06/15/2029 | 287000 | 294289 |
| Broadcom, Inc. |  |  |
| 2.45%, 02/15/2031 | 216000 | 196847 |
| 3.19%, 11/15/2036 <sup>(A)</sup> <br>| 43000 | 36698 |
| 4.90%, 07/15/2032 | 51000 | 52137 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 200000 | 206498 |
| Intel Corp. |  |  |
| 4.15%, 08/05/2032 | 46000 | 44431 |
| QUALCOMM, Inc. |  |  |
| 4.75%, 05/20/2032 | 39000 | 39814 |
| SK Hynix, Inc. |  |  |
| 2.38%, 01/19/2031 <sup>(B)</sup> <br>| 400000 | 362480 |
| Texas Instruments, Inc. |  |  |
| 4.60%, 02/15/2028 | 176000 | 178740 |
|  |  | 1591796 |
| **Software - 0.6%**  | **Software - 0.6%**  | **Software - 0.6%**  |
| Adobe, Inc. |  |  |
| 4.75%, 01/17/2028 | 103000 | 104965 |
| 4.85%, 04/04/2027 | 32000 | 32444 |
| Capstone Borrower, Inc. |  |  |
| 8.00%, 06/15/2030 <sup>(A)</sup> <br>| 260000 | 265263 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/2029 <sup>(A)</sup> <br>| 306000 | 308310 |
| 6.63%, 08/15/2033 <sup>(A)</sup> <br>| 85000 | 85195 |
| Fiserv, Inc. |  |  |
| 5.15%, 08/12/2034 | 59000 | 58572 |
| Open Text Corp. |  |  |
| 3.88%, 12/01/2029 <sup>(A)</sup> <br>| 160000 | 151419 |
| Oracle Corp. |  |  |
| 2.30%, 03/25/2028 | 195000 | 186492 |
| 5.50%, 08/03/2035 | 53000 | 53605 |
| Rackspace Finance LLC |  |  |
| 3.50%, 05/15/2028 <sup>(A)</sup> <br>| 401300 | 156507 |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/2028 | 42000 | 42125 |
|  |  | 1444897 |
| **Transportation Infrastructure - 0.3%**  | **Transportation Infrastructure - 0.3%**  | **Transportation Infrastructure - 0.3%**  |
| CSX Corp. |  |  |
| 3.25%, 06/01/2027 | 73000 | 72142 |
| Federal Express Corp. Pass-Through Trust |  |  |
| 1.88%, 08/20/2035 | 34434 | 30158 |
| Penske Truck Leasing Co. LP/PTL Finance <br> Corp. |  |  |
| 5.25%, 02/01/2030 <sup>(A)</sup> <br>| 96000 | 99034 |
| 5.35%, 03/30/2029 <sup>(A)</sup> <br>| 26000 | 26751 |
| 6.05%, 08/01/2028 <sup>(A)</sup> <br>| 83000 | 86597 |
| 6.20%, 06/15/2030 <sup>(A)</sup> <br>| 114000 | 121913 |
| Star Leasing Co. LLC |  |  |
| 7.63%, 02/15/2030 <sup>(A)</sup> <br>| 198000 | 187075 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| Stonepeak Nile Parent LLC |  |  |
| 7.25%, 03/15/2032 <sup>(A)</sup> <br>| $214000 | $226322 |
|  |  | 849992 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $118,107,155)**<br>|  | 119372562 |
| **LOAN ASSIGNMENTS - 17.0%**  | **LOAN ASSIGNMENTS - 17.0%**  | **LOAN ASSIGNMENTS - 17.0%**  |
| **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  | **Aerospace & Defense - 0.3%**  |
| &nbsp;&nbsp; Phoenix Aviation Capital LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.11% <sup>(C)</sup>, 10/28/2030<br>| 218136 | 215137 |
| &nbsp;&nbsp; Spirit Aerosystems, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.50%, <br>8.34% <sup>(C)</sup>, 01/15/2027<br>| 313930 | 314420 |
| &nbsp;&nbsp; TransDigm, Inc. <br>Term Loan M, <br>3-Month Term SOFR + 2.50%, <br>6.50% <sup>(C)</sup>, 08/19/2032<br>| 164711 | 164757 |
|  |  | 694314 |
| **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  | **Automobile Components - 0.4%**  |
| &nbsp;&nbsp; American Axle and Manufacturing, Inc. <br>Term Loan C, <br>TBD, 02/24/2032 <sup>(F)</sup><sup>(I)</sup> <br>| 262003 | 260201 |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 01/28/2032<br>| 306919 | 305896 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 7.00%, <br>11.13% <sup>(C)</sup>, 11/03/2025<br>| 104931 | 42068 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 10.00%, <br>14.13% <sup>(C)</sup>, 06/29/2026<br>| $55486 | 58815 |
| &nbsp;&nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.10% <sup>(C)</sup>,03/30/2027 <sup>(J)</sup> <br>| 203510 | 21792  |
| &nbsp;&nbsp; IXS Holdings, Inc. <br>Repriced Term Loan B, <br>9.46% <sup>(C)</sup>, 09/05/2029 <sup>(F)</sup> <br>| 209475 | 207555 |
|  |  | 896327 |
| **Banks - 0.0% \*** | **Banks - 0.0% \*** | **Banks - 0.0% \*** |
| &nbsp;&nbsp; Chrysaor Bidco SARL <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.14% <sup>(C)</sup>, 10/30/2031<br>| 99672 | 99921 |
| **Beverages - 0.1%**  | **Beverages - 0.1%**  | **Beverages - 0.1%**  |
| &nbsp;&nbsp; Pegasus BidCo BV <br>Repriced Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.76% <sup>(C)</sup>, 07/12/2029<br>| 314798 | 314601 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| &nbsp;&nbsp; Foley Products Co. LLC <br>Term Loan, <br>3-Month Term SOFR + 4.75%, <br>8.90% <sup>(C)</sup>, 12/29/2028<br>| 173600 | 173708 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Groundworks LLC |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1-Month Term SOFR + 3.25%, <br>3.00% <sup>(C)</sup>, 03/14/2031<br>| $5100 | $5100 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.99% <sup>(C)</sup>, 03/14/2031<br>| 173195 | 173195 |
| &nbsp;&nbsp; Icebox Holdco III, Inc. <br>1st Lien Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 12/22/2031<br>| 143182 | 143489 |
| &nbsp;&nbsp; Potters Industries LLC <br>Repriced Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 12/14/2027<br>| 196781 | 197273 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(C)</sup>, 02/10/2032<br>| 56032 | 56075 |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(C)</sup>, 04/14/2031<br>| 204892 | 205084 |
|  |  | 953924 |
| **Capital Markets - 0.2%**  | **Capital Markets - 0.2%**  | **Capital Markets - 0.2%**  |
| &nbsp;&nbsp; Dragon Buyer, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(C)</sup>, 09/30/2031<br>| 248912 | 249160 |
| &nbsp;&nbsp; NEXUS Buyer LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(C)</sup>, 07/31/2031<br>| 337001 | 334474 |
|  |  | 583634 |
| **Chemicals - 0.1%**  | **Chemicals - 0.1%**  | **Chemicals - 0.1%**  |
| &nbsp;&nbsp; Nouryon Finance BV <br>Term Loan B1, <br>6-Month Term SOFR + 3.25%, <br>7.04% <sup>(C)</sup>, 04/03/2028<br>| 198486 | 197907 |
| **Commercial Services & Supplies - 2.7%**  | **Commercial Services & Supplies - 2.7%**  | **Commercial Services & Supplies - 2.7%**  |
| &nbsp;&nbsp; Action Environmental Group, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 10/24/2030<br>| 338955 | 338531 |
| &nbsp;&nbsp; Allied Universal Holdco LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.31% <sup>(C)</sup>, 08/20/2032<br>| 361513 | 362725 |
| &nbsp;&nbsp; Avis Budget Car Rental LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 07/16/2032<br>| 322266 | 317835 |
| &nbsp;&nbsp; Belron Finance LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.74% <sup>(C)</sup>, 10/16/2031<br>| 113526 | 113999 |
| &nbsp;&nbsp; Crash Champions LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.95% <sup>(C)</sup>, 02/23/2029<br>| 197995 | 183022 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; Creative Artists Agency LLC <br>Repriced Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 10/01/2031<br>| $407096 | $407520 |
| &nbsp;&nbsp; Fleet Midco I Ltd. <br>1st Lien Term Loan B, <br>6-Month Term SOFR + 2.50%, <br>6.54% <sup>(C)</sup>, 02/21/2031<br>| 108803 | 108803 |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.05% <sup>(C)</sup>, 02/01/2029<br>| 235011 | 234717 |
| &nbsp;&nbsp; GFL Environmental, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.67% <sup>(C)</sup>, 03/03/2032<br>| 368829 | 368521 |
| &nbsp;&nbsp; Groupe Solmax, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.75%, 3-Month <br> Term SOFR + 4.75%, <br>9.01% <sup>(C)</sup>, 05/29/2028<br>| 205104 | 162289 |
| &nbsp;&nbsp; Herc Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.11% <sup>(C)</sup>, 06/02/2032<br>| 39612 | 39730 |
| &nbsp;&nbsp; Hertz Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.74% <sup>(C)</sup>, 06/30/2028<br>| 360748 | 296716 |
| &nbsp;&nbsp; Homeserve USA Holding Corp. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.03% <sup>(C)</sup>, 10/21/2030<br>| 198990 | 198741 |
| &nbsp;&nbsp; ION Platform Finance U.S., Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.75%, <br>7.69% <sup>(C)</sup>, 10/07/2032<br>| 341080 | 333903 |
| &nbsp;&nbsp; KUEHG Corp. <br>Term Loan, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(C)</sup>, 06/12/2030<br>| 147872 | 147317 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan B, <br>6-Month Term SOFR + 3.25%, <br>7.45% <sup>(C)</sup>, 05/06/2032<br>| 185172 | 185403 |
| &nbsp;&nbsp; Mavis Tire Express Services Corp. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.20% <sup>(C)</sup>, 05/04/2028<br>| 383721 | 384321 |
| &nbsp;&nbsp; Moneygram International, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.81% <sup>(C)</sup>, 06/03/2030<br>| 318819 | 281457 |
| &nbsp;&nbsp; PG Investment Co. 59 SARL <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 03/26/2031<br>| 248747 | 249369 |
| &nbsp;&nbsp; Prometric Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.71% <sup>(C)</sup>, 06/25/2032<br>| 188611 | 189271 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; Reworld Holding Corp. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.27% <sup>(C)</sup>, 01/15/2031<br>| $146225 | $145859 |
| &nbsp;&nbsp; Ryan LLC <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(C)</sup>, 11/14/2030<br>| 264329 | 263007 |
| &nbsp;&nbsp; Shift4 Payments LLC <br>Term Loan, <br>3-Month Term SOFR + 2.50%, <br>6.50% <sup>(C)</sup>, 06/30/2032<br>| 37523 | 37730 |
| &nbsp;&nbsp; Spring Education Group, Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 10/04/2030<br>| 236514 | 237105 |
| &nbsp;&nbsp; Tidal Waste & Recycling Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.00% <sup>(C)</sup>, 10/24/2031<br>| 258700 | 259347 |
| &nbsp;&nbsp; United Talent Agency LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.53% <sup>(C)</sup>, 06/10/2032<br>| 231150 | 232017 |
| &nbsp;&nbsp; Veritiv Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.00% <sup>(C)</sup>, 12/02/2030<br>| 206502 | 197812 |
| &nbsp;&nbsp; VM Consolidated, Inc. <br>Term Loan, <br>1-Month Term SOFR + 2.00%, <br>5.96% <sup>(C)</sup>, 10/01/2032<br>| 124802 | 125426 |
| &nbsp;&nbsp; Wand NewCo 3, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 01/30/2031<br>| 194809 | 194218 |
| &nbsp;&nbsp; Xplor T1 LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.50% <sup>(C)</sup>, 06/24/2031<br>| 134193 | 134193 |
| &nbsp;&nbsp; XPLOR T1 LLC <br>Term Loan, <br>7.34%, 06/24/2032 <sup>(F)</sup> <br>| 187269 | 187035 |
|  |  | 6917939 |
| **Communications Equipment - 0.4%**  | **Communications Equipment - 0.4%**  | **Communications Equipment - 0.4%**  |
| &nbsp;&nbsp; Altice Financing SA <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>8.90% <sup>(C)</sup>, 10/31/2027<br>| 356715 | 280913 |
| &nbsp;&nbsp; Connect Finco SARL <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.46% <sup>(C)</sup>, 09/27/2029<br>| 200926 | 199671 |
| &nbsp;&nbsp; ViaSat, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.58% <sup>(C)</sup>, 03/02/2029<br>| 328348 | 325474 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.58% <sup>(C)</sup>, 03/11/2030<br>| 272054 | 258791 |
|  |  | 1064849 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  |
| &nbsp;&nbsp; Brown Group Holding LLC <br>Term Loan B2, <br>1-Month Term SOFR + 2.75%, 3-Month <br> Term SOFR + 2.75%, <br>6.95% <sup>(C)</sup>, 07/01/2031<br>| $130473 | $130839 |
| &nbsp;&nbsp; Construction Partners, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 11/03/2031<br>| 183732 | 183732 |
| &nbsp;&nbsp; Green Infrastructure Partners, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(C)</sup>, 09/24/2032<br>| 114653 | 114510 |
| &nbsp;&nbsp; Osmose Utilities Services, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.33% <sup>(C)</sup>, 06/23/2028<br>| 208694 | 199999 |
| &nbsp;&nbsp; Service Logic Acquisition, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 3.00%, 3-Month <br> Term SOFR + 3.00%, <br>6.84% <sup>(C)</sup>, 10/29/2027<br>| 314980 | 314192 |
| &nbsp;&nbsp; Tecta America Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.97% <sup>(C)</sup>, 02/18/2032<br>| 54249 | 54372 |
|  |  | 997644 |
| **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  | **Consumer Staples Distribution & Retail - 1.4%**  |
| &nbsp;&nbsp; BCPE Grill Parent <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.75% <sup>(C)</sup>, 09/30/2030<br>| 281086 | 267558 |
| &nbsp;&nbsp; Boots Group Bidco Ltd. <br>Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.71% <sup>(C)</sup>, 08/30/2032<br>| 200000 | 200750 |
| &nbsp;&nbsp; Dave & Buster's, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 06/29/2029<br>| 294898 | 269990 |
| &nbsp;&nbsp; EG America LLC <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.70% <sup>(C)</sup>, 02/07/2028<br>| 278955 | 280263 |
| &nbsp;&nbsp; Gulfside Supply, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.00% <sup>(C)</sup>, 06/17/2031<br>| 215555 | 212861 |
| &nbsp;&nbsp; Highline Aftermarket Acquisition LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.70% <sup>(C)</sup>, 02/19/2030<br>| 223000 | 222721 |
| &nbsp;&nbsp; LBM Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.88% <sup>(C)</sup>, 06/06/2031<br>| 316829 | 305661 |
| &nbsp;&nbsp; Park River Holdings, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.50%, <br>8.49% <sup>(C)</sup>, 03/15/2031<br>| 195051 | 195355 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp; Term Loan B, <br>Prime Rate + 1.25%, <br>8.50% <sup>(C)</sup>, 09/29/2032<br>| $118721 | $118573 |
| &nbsp;&nbsp; Term Loan B5B, <br>3-Month Term SOFR + 2.50%, <br>6.50% <sup>(C)</sup>, 07/01/2031<br>| 171793 | 172169 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.51% <sup>(C)</sup>, 03/03/2028<br>| 368078 | 362235 |
| &nbsp;&nbsp; PetSmart, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>8.03% <sup>(C)</sup>, 08/18/2032<br>| 196565 | 194026 |
| &nbsp;&nbsp; QXO, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 04/30/2032<br>| 150568 | 150709 |
| &nbsp;&nbsp; Specialty Building Products Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.81% <sup>(C)</sup>, 10/15/2028<br>| 335488 | 321230 |
| &nbsp;&nbsp; Whatabrands LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 08/03/2028<br>| 205223 | 205597 |
| &nbsp;&nbsp; White Cap Buyer LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(C)</sup>, 10/19/2029<br>| 173684 | 173980 |
|  |  | 3653678 |
| **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  |
| &nbsp;&nbsp; Berlin Packaging LLC <br>Term Loan B7, <br>1-Month Term SOFR + 3.25%, 3-Month <br> Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 06/07/2031<br>| 164175 | 164008 |
| &nbsp;&nbsp; Charter NEX U.S., Inc. <br>Term Loan B1, <br>1-Month Term SOFR + 2.75%, <br>6.80% <sup>(C)</sup>, 11/29/2030<br>| 157323 | 157825 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.18%, <br>7.14% <sup>(C)</sup>, 04/13/2029<br>| 198538 | 198400 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(C)</sup>, 04/01/2032<br>| 89658 | 89423 |
| &nbsp;&nbsp; IRIS Holdings, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.75%, <br>8.69% <sup>(C)</sup>, 06/28/2028<br>| 282726 | 274024 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Strategic Income**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| &nbsp;&nbsp; SupplyOne, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(C)</sup>, 04/21/2031<br>| $268544 | $268740 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc. <br>Term Loan B7, <br>3-Month Term SOFR + 3.75%, <br>7.75% <sup>(C)</sup>, 09/15/2028<br>| 263672 | 256844 |
|  |  | 1409264 |
| **Distributors - 0.4%**  | **Distributors - 0.4%**  | **Distributors - 0.4%**  |
| &nbsp;&nbsp; Gloves Buyer, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>7.96% <sup>(C)</sup>, 05/21/2032<br>| 277475 | 272735 |
| &nbsp;&nbsp; PAI Holdco, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.83% <sup>(C)</sup>, 10/28/2027<br>| 203291 | 168478 |
| &nbsp;&nbsp; RelaDyne, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(C)</sup>, 12/23/2030<br>| 425549 | 425923 |
| &nbsp;&nbsp; Windsor Holdings III LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.73% <sup>(C)</sup>, 08/01/2030<br>| 248125 | 247401 |
|  |  | 1114537 |
| **Diversified REITs - 0.1%**  | **Diversified REITs - 0.1%**  | **Diversified REITs - 0.1%**  |
| &nbsp;&nbsp; Claros Mortgage Trust, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.56% <sup>(C)</sup>, 08/09/2026<br>| 222544 | 212529 |
| **Electric Utilities - 0.1%**  | **Electric Utilities - 0.1%**  | **Electric Utilities - 0.1%**  |
| &nbsp;&nbsp; Alpha Generation LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>5.96% <sup>(C)</sup>, 09/30/2031<br>| 196518 | 196567 |
| **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  | **Electronic Equipment, Instruments & Components - 0.1%**  |
| &nbsp;&nbsp; LSF12 Crown U.S. Commercial Bidco LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.66% <sup>(C)</sup>, 12/02/2031<br>| 259965 | 261374 |
| &nbsp;&nbsp; Pinnacle Buyer LLC <br>Term Loan, <br>3-Month Term SOFR + 2.50%, <br>6.49% <sup>(C)</sup>, 10/01/2032<br>| 84144 | 84459 |
|  |  | 345833 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| &nbsp;&nbsp; Deep Blue Operating I LLC <br>Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.88% <sup>(C)</sup>, 10/01/2032<br>| 119180 | 119181 |
| &nbsp;&nbsp; Goodnight Water Solutions LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>7.96% <sup>(C)</sup>, 06/04/2029<br>| 198413 | 195313 |
|  |  | 314494 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Financial Services - 0.8%**  | **Financial Services - 0.8%**  | **Financial Services - 0.8%**  |
| &nbsp;&nbsp; Advisor Group, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 07/30/2032<br>| $193226 | $193364 |
| &nbsp;&nbsp; Apex Group Treasury LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.75% <sup>(C)</sup>, 02/27/2032<br>| 401301 | 376219 |
| &nbsp;&nbsp; CFC Bidco Ltd. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.74% <sup>(C)</sup>, 07/01/2032<br>| 248075 | 241873 |
| &nbsp;&nbsp; Focus Financial Partners LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 09/15/2031<br>| 355965 | 356632 |
| &nbsp;&nbsp; HighTower Holdings LLC <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>7.07% <sup>(C)</sup>, 02/03/2032<br>| 236432 | 235841 |
| &nbsp;&nbsp; IMC Financing LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.53% <sup>(C)</sup>, 06/18/2032<br>| 114899 | 115905 |
| &nbsp;&nbsp; Jump Financial LLC <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.50% <sup>(C)</sup>, 02/26/2032<br>| 274916 | 275260 |
| &nbsp;&nbsp; Orion U.S. Finco, Inc. <br>1st Lien Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.43% <sup>(C)</sup>, 10/08/2032<br>| 159017 | 159680 |
|  |  | 1954774 |
| **Food Products - 0.2%**  | **Food Products - 0.2%**  | **Food Products - 0.2%**  |
| &nbsp;&nbsp; Froneri Lux Finco SARL <br>Term Loan, <br>6-Month Term SOFR + 2.50%, <br>6.44% <sup>(C)</sup>, 08/02/2032<br>| 171118 | 170916 |
| &nbsp;&nbsp; Upfield BV <br>Term Loan B12, <br>6-Month Term SOFR + 3.75%, <br>8.30% <sup>(C)</sup>, 12/31/2027<br>| 270209 | 252646 |
|  |  | 423562 |
| **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  | **Health Care Equipment & Supplies - 0.1%**  |
| &nbsp;&nbsp; Medline Borrower LP <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>5.96% <sup>(C)</sup>, 10/23/2030<br>| 237142 | 237161 |
| **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  |
| &nbsp;&nbsp; Bella Holding Co. LLC <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 05/10/2028<br>| 358886 | 359399 |
| &nbsp;&nbsp; Charlotte Buyer, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.30% <sup>(C)</sup>, 02/11/2028<br>| 272937 | 271800 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| &nbsp;&nbsp; LifePoint Health, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.75%, 3-Month <br> Term SOFR + 3.75%, <br>7.65% <sup>(C)</sup>, 05/19/2031<br>| $412710 | $412646 |
| &nbsp;&nbsp; Outcomes Group Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 05/06/2031<br>| 183649 | 184475 |
| &nbsp;&nbsp; Sotera Health Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.34% <sup>(C)</sup>, 05/30/2031<br>| 379019 | 380914 |
|  |  | 1609234 |
| **Hotels, Restaurants & Leisure - 1.1%**  | **Hotels, Restaurants & Leisure - 1.1%**  | **Hotels, Restaurants & Leisure - 1.1%**  |
| Aimbridge Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 1.50%, <br>5.65% <sup>(C)</sup>, 03/11/2030<br>| 14938 | 14863 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 5.50%, <br>9.65% <sup>(C)</sup>, 03/11/2030<br>| 27359 | 27359 |
| &nbsp;&nbsp; EOC Borrower LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 03/24/2032<br>| 313802 | 313998 |
| &nbsp;&nbsp; GBT U.S. III LLC <br>Term Loan B1, <br>3-Month Term SOFR + 2.50%, <br>6.36% <sup>(C)</sup>, 07/25/2031<br>| 248747 | 249006 |
| &nbsp;&nbsp; Herschend Entertainment Co. LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(C)</sup>, 05/27/2032<br>| 140350 | 140788 |
| &nbsp;&nbsp; Ontario Gaming GTA LP <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.24% <sup>(C)</sup>, 08/01/2030<br>| 236013 | 221188 |
| &nbsp;&nbsp; Recess Holdings, Inc. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.75%, <br>7.62% <sup>(C)</sup>, 02/20/2030<br>| 299431 | 300479 |
| &nbsp;&nbsp; Scientific Games Holdings LP <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>6.93% <sup>(C)</sup>, 04/04/2029<br>| 237979 | 235004 |
| &nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc. <br>Term Loan B3, <br>1-Month Term SOFR + 2.00%, <br>5.96% <sup>(C)</sup>, 12/04/2031<br>| 157770 | 157376 |
| &nbsp;&nbsp; Showtime Acquisition LLC <br>1st Lien Term Loan, <br>3-Month Term SOFR + 4.75%, <br>8.94% <sup>(C)</sup>, 08/16/2031<br>| 262850 | 262521 |
| &nbsp;&nbsp; TKO Worldwide Holdings LLC <br>Term Loan, <br>3-Month Term SOFR + 2.00%, <br>6.04% <sup>(C)</sup>, 11/21/2031<br>| 87470 | 87628 |
| &nbsp;&nbsp; Travel & Leisure Co. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 12/14/2029<br>| 260425 | 260844 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp; Turquoise Topco Ltd. <br>Term Loan B, <br>TBD, 07/31/2032 <sup>(F)</sup><sup>(I)</sup> <br>| $238855 | $236467 |
| &nbsp;&nbsp; Voyager Parent LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.75% <sup>(C)</sup>, 07/01/2032<br>| 324928 | 324421 |
|  |  | 2831942 |
| **Household Durables - 0.2%**  | **Household Durables - 0.2%**  | **Household Durables - 0.2%**  |
| &nbsp;&nbsp; AI Aqua Merger Sub, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.13% <sup>(C)</sup>, 07/31/2028<br>| 316555 | 317000 |
| &nbsp;&nbsp; Weber-Stephen Products LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.74% <sup>(C)</sup>, 10/01/2032<br>| 191154 | 190597 |
|  |  | 507597 |
| **Insurance - 1.1%**  | **Insurance - 1.1%**  | **Insurance - 1.1%**  |
| &nbsp;&nbsp; Acrisure LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(C)</sup>, 06/21/2032<br>| 134905 | 135073 |
| &nbsp;&nbsp; Alliant Holdings Intermediate LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 09/19/2031<br>| 205145 | 204889 |
| &nbsp;&nbsp; AmWINS Group, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.25% <sup>(C)</sup>, 01/30/2032<br>| 230584 | 230815 |
| Asurion LLC |  |  |
| &nbsp;&nbsp; 2nd Lien Term Loan B4, <br>1-Month Term SOFR + 5.25%, <br>9.33% <sup>(C)</sup>, 01/20/2029<br>| 355548 | 338363 |
| &nbsp;&nbsp; Term Loan B11, <br>1-Month Term SOFR + 4.25%, <br>8.33% <sup>(C)</sup>, 08/19/2028<br>| 304534 | 305524 |
| &nbsp;&nbsp; Term Loan B13, <br>1-Month Term SOFR + 4.25%, <br>8.21% <sup>(C)</sup>, 09/19/2030<br>| 174562 | 173799 |
| &nbsp;&nbsp; Broadstreet Partners, Inc. <br>Term Loan B4, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 06/13/2031<br>| 248188 | 248684 |
| Howden Group Holdings Ltd. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 02/15/2031<br>| 314671 | 315064 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(C)</sup>, 04/18/2030<br>| 48915 | 49119 |
| &nbsp;&nbsp; HUB International Ltd. <br>Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.12% <sup>(C)</sup>, 06/20/2030<br>| 250760 | 251452 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp; Sedgwick Claims Management Services, <br> Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 07/31/2031<br>| $236670 | $236565 |
| &nbsp;&nbsp; Truist Insurance Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(C)</sup>, 05/06/2031 <sup>(F)</sup> <br>| 216986 | 216443 |
|  |  | 2705790 |
| **Internet & Catalog Retail - 0.3%**  | **Internet & Catalog Retail - 0.3%**  | **Internet & Catalog Retail - 0.3%**  |
| &nbsp;&nbsp; CNT Holdings I Corp. <br>Term Loan, <br>3-Month Term SOFR + 2.25%, <br>6.09% <sup>(C)</sup>, 11/08/2032<br>| 265200 | 265552 |
| &nbsp;&nbsp; Proofpoint, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 08/31/2028<br>| 235942 | 236713 |
| &nbsp;&nbsp; PUG LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.75%, <br>8.71% <sup>(C)</sup>, 03/15/2030 <sup>(F)</sup> <br>| 232977 | 232006 |
|  |  | 734271 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| &nbsp;&nbsp; Ahead DB Holdings LLC <br>Term Loan B4, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(C)</sup>, 02/03/2031<br>| 193231 | 193623 |
| &nbsp;&nbsp; Amentum Government Services <br> Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(C)</sup>, 09/29/2031<br>| 146653 | 145248 |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.11% <sup>(C)</sup>, 06/27/2031<br>| 299246 | 297750 |
| &nbsp;&nbsp; Nielsen Consumer, Inc. <br>1st Lien Term Loan, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 10/31/2030<br>| 284454 | 284098 |
| &nbsp;&nbsp; Peraton Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.69% <sup>(C)</sup>, 02/01/2028<br>| 260734 | 224464 |
| Trio Bidco, Inc. |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>TBD, 10/08/2032 <sup>(F)</sup><sup>(I)</sup> <br>| 18279 | 18165 |
| &nbsp;&nbsp; Term Loan B, <br>TBD, 10/08/2032 <sup>(F)</sup><sup>(I)</sup> <br>| 173652 | 172567 |
| &nbsp;&nbsp; Verifone Systems, Inc. <br>Term Loan, <br>3-Month Term SOFR + 5.25%, <br>9.35% <sup>(C)</sup>, 08/18/2028<br>| 332835 | 317917 |
|  |  | 1653832 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Machinery - 0.5%**  | **Machinery - 0.5%**  | **Machinery - 0.5%**  |
| &nbsp;&nbsp; CD&R Hydra Buyer, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>8.06% <sup>(C)</sup>, 03/25/2031<br>| $284745 | $283855 |
| &nbsp;&nbsp; TK Elevator Midco GmbH <br>Term Loan B, <br>6-Month Term SOFR + 3.00%, <br>7.20% <sup>(C)</sup>, 04/30/2030<br>| 314547 | 316267 |
| &nbsp;&nbsp; Victory Buyer LLC <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>7.83% <sup>(C)</sup>, 11/19/2028<br>| 282802 | 283038 |
| &nbsp;&nbsp; WEC U.S. Holdings Ltd. <br>Term Loan, <br>1-Month Term SOFR + 2.25%, <br>6.38% <sup>(C)</sup>, 01/27/2031<br>| 292057 | 292622 |
|  |  | 1175782 |
| **Media - 0.5%**  | **Media - 0.5%**  | **Media - 0.5%**  |
| &nbsp;&nbsp; Coral-U.S. Co-Borrower LLC <br>Term Loan B7, <br>3-Month Term SOFR + 3.25%, <br>7.15% <sup>(C)</sup>, 01/31/2032<br>| 260000 | 251318 |
| &nbsp;&nbsp; CSC Holdings LLC <br>Term Loan B5, <br>Prime Rate + 1.50%, <br>8.50% <sup>(C)</sup>, 04/15/2027<br>| 103610 | 97329 |
| &nbsp;&nbsp; Neptune Bidco U.S., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.00%, <br>9.03% <sup>(C)</sup>, 04/11/2029<br>| 292320 | 282271 |
| &nbsp;&nbsp; Sunrise Financing Partnership <br>Term Loan AAA, <br>6-Month Term SOFR + 2.50%, <br>6.69% <sup>(C)</sup>, 02/15/2032<br>| 146624 | 146135 |
| &nbsp;&nbsp; Virgin Media Bristol LLC <br>Term Loan Y, <br>6-Month Term SOFR + 3.18%, <br>7.05% <sup>(C)</sup>, 03/31/2031<br>| 426000 | 416468 |
|  |  | 1193521 |
| **Metals & Mining - 0.0% \*** | **Metals & Mining - 0.0% \*** | **Metals & Mining - 0.0% \*** |
| &nbsp;&nbsp; Atlas Sand Co. LLC <br>Term Loan, <br>5.00%, 01/31/2026 <sup>(J)</sup><sup>(K)</sup><sup>(L)</sup><sup>(M)</sup> <br>| 108713 | 107082 |
| **Mortgage Real Estate Investment Trusts - 0.3%**  | **Mortgage Real Estate Investment Trusts - 0.3%**  | **Mortgage Real Estate Investment Trusts - 0.3%**  |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.28% <sup>(C)</sup>, 06/13/2030<br>| 233716 | 233715 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc. <br>Term Loan B6, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(C)</sup>, 12/10/2030<br>| 227641 | 228685 |
| &nbsp;&nbsp; KREF Holdings X LLC <br>Term Loan, <br>1-Month Term SOFR + 2.50%, <br>6.55% <sup>(C)</sup>, 03/05/2032<br>| 178838 | 178726 |
|  |  | 641126 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Oil, Gas & Consumable Fuels - 0.2%**  | **Oil, Gas & Consumable Fuels - 0.2%**  | **Oil, Gas & Consumable Fuels - 0.2%**  |
| &nbsp;&nbsp; M6 ETX Holdings II Midco LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 04/01/2032<br>| $293046 | $293339 |
| &nbsp;&nbsp; Stonepeak Bayou Holdings LP <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.74% <sup>(C)</sup>, 10/01/2032<br>| 127574 | 113541 |
|  |  | 406880 |
| **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>6-Month Term SOFR + 2.25%, <br>6.26% <sup>(C)</sup>, 06/04/2029<br>| 55974 | 55808 |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>6-Month Term SOFR + 2.25%, <br>6.50% <sup>(C)</sup>, 02/15/2028<br>| 156768 | 156245 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 2.25%, <br>6.13% <sup>(C)</sup>, 04/20/2028<br>| 73331 | 73285 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.13% <sup>(C)</sup>, 05/28/2032<br>| 183193 | 183804 |
| &nbsp;&nbsp; United Airlines, Inc. <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.00%, <br>6.20% <sup>(C)</sup>, 02/22/2031<br>| 208583 | 208844 |
| &nbsp;&nbsp; WestJet Loyalty LP <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 02/14/2031<br>| 415172 | 416135 |
|  |  | 1094121 |
| **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  | **Personal Care Products - 0.1%**  |
| &nbsp;&nbsp; Opal Bidco SAS <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>6.90% <sup>(C)</sup>, 04/28/2032<br>| 191805 | 192555 |
| **Pharmaceuticals - 0.1%**  | **Pharmaceuticals - 0.1%**  | **Pharmaceuticals - 0.1%**  |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(C)</sup>, 08/01/2032<br>| 146268 | 147182 |
| &nbsp;&nbsp; Covetrus, Inc. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.00% <sup>(C)</sup>, 10/13/2029<br>| 268087 | 233523 |
|  |  | 380705 |
| **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  | **Real Estate Management & Development - 0.2%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(C)</sup>, 01/31/2030<br>| 86644 | 86753 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| &nbsp;&nbsp; Cushman & Wakefield <br> U.S. Borrower LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Term Loan B3, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 01/31/2030<br>| $137219 | $137562 |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.48% <sup>(C)</sup>, 08/21/2030<br>| 298496 | 298496 |
|  |  | 522811 |
| **Software - 1.2%**  | **Software - 1.2%**  | **Software - 1.2%**  |
| &nbsp;&nbsp; Athenahealth Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 02/15/2029<br>| 319187 | 317591 |
| Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp; 2nd Lien Term Loan, <br>3-Month Term SOFR + 5.75%, <br>9.95% <sup>(C)</sup>, 07/30/2032<br>| 75000 | 72281 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.20% <sup>(C)</sup>, 07/30/2031<br>| 199769 | 198333 |
| &nbsp;&nbsp; Clearwater Analytics LLC <br>Term Loan B, <br>6-Month Term SOFR + 2.25%, <br>6.46% <sup>(C)</sup>, 04/21/2032<br>| 55002 | 54898 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 03/21/2031<br>| 263479 | 263369 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 08/13/2032<br>| 70493 | 70460 |
| &nbsp;&nbsp; Corel Corp. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.30% <sup>(C)</sup>, 07/02/2026<br>| 156643 | 148811 |
| &nbsp;&nbsp; CoreLogic, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.58% <sup>(C)</sup>, 06/02/2028<br>| 247554 | 246997 |
| &nbsp;&nbsp; Cotiviti Corp. <br>Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.88% <sup>(C)</sup>, 05/01/2031<br>| 237055 | 227572 |
| &nbsp;&nbsp; PointClickCare Technologies, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(C)</sup>, 11/03/2031<br>| 59456 | 59530 |
| Project Alpha Intermediate Holding, Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(C)</sup>, 10/26/2030<br>| 251615 | 251406 |
| &nbsp;&nbsp; 2nd Lien Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.00% <sup>(C)</sup>, 05/09/2033<br>| 45004 | 43766 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp; Project Boost Purchaser LLC <br>Refinancing Term Loan, <br>3-Month Term SOFR + 2.75%, <br>6.61% <sup>(C)</sup>, 07/16/2031<br>| $316780 | $315790 |
| &nbsp;&nbsp; Rackspace Finance LLC <br>1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.91% <sup>(C)</sup>, 05/15/2028<br>| 248700 | 110361 |
| RealPage, Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.26% <sup>(C)</sup>, 04/24/2028<br>| 152517 | 152157 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 3.75%, <br>7.75% <sup>(C)</sup>, 04/24/2028<br>| 77850 | 78006 |
| &nbsp;&nbsp; Storable Intermediate Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(C)</sup>, 04/16/2031<br>| 263744 | 264624 |
| &nbsp;&nbsp; UKG, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.34% <sup>(C)</sup>, 02/10/2031<br>| 168947 | 168813 |
|  |  | 3044765 |
| **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  | **Textiles, Apparel & Luxury Goods - 0.3%**  |
| &nbsp;&nbsp; ABG Intermediate Holdings 2 LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(C)</sup>, 12/21/2028<br>| 244646 | 244210 |
| &nbsp;&nbsp; Beach Acquisition Bidco LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.27% <sup>(C)</sup>, 09/12/2032<br>| 160207 | 160874 |
| &nbsp;&nbsp; Hanesbrands, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(C)</sup>, 03/07/2032<br>| 66148 | 66313 |
| &nbsp;&nbsp; Varsity Brands, Inc. <br>1st Lien Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.03% <sup>(C)</sup>, 08/26/2031<br>| 405955 | 406666 |
|  |  | 878063 |
| **Transportation Infrastructure - 0.4%**  | **Transportation Infrastructure - 0.4%**  | **Transportation Infrastructure - 0.4%**  |
| &nbsp;&nbsp; Forward Air Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.50%, <br>8.34% <sup>(C)</sup>, 12/19/2030<br>| 210116 | 203069 |
| &nbsp;&nbsp; PODS LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.08% <sup>(C)</sup>, 03/31/2028<br>| 333523 | 326696 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| &nbsp;&nbsp; Stonepeak Nile Parent LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.25%, <br>6.16% <sup>(C)</sup>, 04/09/2032<br>| $165029 | $164763 |
| &nbsp;&nbsp; Third Coast Infrastructure LLC <br>Repriced Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.71% <sup>(C)</sup>, 09/25/2030<br>| 286864 | 285430 |
|  |  | 979958 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $43,729,352)**<br>|  | 43243494 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.4%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.4%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.4%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 2.00%, 04/01/2052 | 1951140 | 1586374 |
| 2.50%, 01/01/2037 - 05/01/2052 | 2258009 | 2010234 |
| 3.00%, 07/01/2052 - 09/01/2052 | 3790151 | 3363632 |
| 5.00%, 06/01/2055 | 1474866 | 1467783 |
| 5.50%, 08/01/2053 - 05/01/2055 | 5069372 | 5122418 |
| 6.00%, 02/01/2054 | 773411 | 791541 |
| Federal National Mortgage Association |  |  |
| 2.50%, 04/01/2037 - 05/01/2052 | 16599136 | 14714491 |
| 4.50%, 05/01/2053 - 07/01/2053 | 3092326 | 3024998 |
| 5.00%, 03/01/2054 - 11/01/2054 | 2402560 | 2393050 |
| 5.50%, 09/01/2053 | 1257026 | 1273765 |
| Government National Mortgage <br> Association |  |  |
| 2.50%, 07/20/2051 | 1154119 | 999402 |
| 3.00%, 09/20/2051 - 02/20/2052 | 3469996 | 3120251 |
| 5.50%, 02/20/2055 | 1927794 | 1944633 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $40,399,929)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $40,399,929)** | 41812572 |
| **ASSET-BACKED SECURITIES - 6.7%**  | **ASSET-BACKED SECURITIES - 6.7%**  | **ASSET-BACKED SECURITIES - 6.7%**  |
| Allegro CLO XV Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-1A, Class D2R, <br>3-Month Term SOFR + 4.00%, <br>7.88% <sup>(C)</sup>, 04/20/2038 <sup>(A)</sup> <br>| 2000000 | 1994428 |
| Arini U.S. CLO II Ltd. |  |  |
| &nbsp;&nbsp; Series 2A, Class D, <br>3-Month Term SOFR + 3.25%, <br>7.54% <sup>(C)</sup>, 03/31/2038 <sup>(A)</sup> <br>| 775000 | 779511 |
| Bain Capital Credit CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-2A, Class D2R, <br>3-Month Term SOFR + 5.00%, <br>8.86% <sup>(C)</sup>, 04/22/2035 <sup>(A)</sup> <br>| 800000 | 804387 |
| Canyon Capital CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-2A, Class D2R, <br>3-Month Term SOFR + 4.00%, <br>7.90% <sup>(C)</sup>, 04/15/2038 <sup>(A)</sup> <br>| 2000000 | 2003220 |
| Dryden 87 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-87A, Class D2R, <br>3-Month Term SOFR + 4.35%, <br>8.57% <sup>(C)</sup>, 08/20/2038 <sup>(A)</sup> <br>| 1000000 | 1011000 |
| Dryden 95 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-95A, Class DR, <br>3-Month Term SOFR + 3.05%, <br>7.25% <sup>(C)</sup>, 08/20/2034 <sup>(A)</sup> <br>| 2125000 | 2106595 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Strategic Income**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| LCM 41 Ltd. |  |  |
| &nbsp;&nbsp; Series 41A, Class D1R, <br>3-Month Term SOFR + 3.60%, <br>7.50% <sup>(C)</sup>, 04/15/2036 <sup>(A)</sup> <br>| $2150000 | $2155091 |
| Sculptor CLO XXX Ltd. |  |  |
| &nbsp;&nbsp; Series 30A, Class D2R, <br>3-Month Term SOFR + 4.60%, <br>8.48% <sup>(C)</sup>, 07/20/2038 <sup>(A)</sup> <br>| 3750000 | 3782040 |
| Sound Point CLO 35 Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-35A, Class D2R, <br>3-Month Term SOFR + 3.85%, <br>7.71% <sup>(C)</sup>, 04/26/2038 <sup>(A)</sup> <br>| 2300000 | 2283900 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $16,900,000)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $16,900,000)** | 16920172 |
| **U.S. GOVERNMENT OBLIGATIONS - 3.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 3.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 3.3%**  |
| **U.S. Treasury - 3.3%**  | **U.S. Treasury - 3.3%**  | **U.S. Treasury - 3.3%**  |
| U.S. Treasury Bonds |  |  |
| 4.13%, 08/15/2044 | 4500000 | 4211895 |
| U.S. Treasury Notes |  |  |
| 3.75%, 06/30/2027 - 08/31/2031 | 1010000 | 1012803 |
| 3.88%, 07/31/2030 - 08/15/2034 | 497000 | 496628 |
| 4.00%, 07/31/2032 | 230000 | 231662 |
| 4.25%, 01/31/2030 - 08/15/2035 | 525000 | 535826 |
| 4.38%, 07/31/2026 - 05/15/2034 | 1310000 | 1338209 |
| 4.50%, 05/31/2029 - 12/31/2031 | 454100 | 470693 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $8,484,693)**<br>|  | 8297716 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - 2.2%**  | **PREFERRED STOCKS - 2.2%**  | **PREFERRED STOCKS - 2.2%**  |
| **Automobiles - 0.1%**  | **Automobiles - 0.1%**  | **Automobiles - 0.1%**  |
| Ford Motor Co., |  |  |
| 6.20% | 7500 | 167850 |
| **Banks - 0.4%**  | **Banks - 0.4%**  | **Banks - 0.4%**  |
| Customers Bancorp, Inc., |  |  |
| 5.38% | 48886 | 1023570 |
| **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  | **Electric Utilities - 0.6%**  |
| Brookfield Infrastructure Finance ULC, |  |  |
| 7.25% | 811 | 20413 |
| Xcel Energy, Inc., |  |  |
| 6.25% <sup>(N)</sup> <br>| 63500 | 1587500 |
|  |  | 1607913 |
| **Financial Services - 0.0% \*** | **Financial Services - 0.0% \*** | **Financial Services - 0.0% \*** |
| Corebridge Financial, Inc., |  |  |
| 6.38% | 872 | 21626 |
| **Insurance - 0.3%**  | **Insurance - 0.3%**  | **Insurance - 0.3%**  |
| Aspen Insurance Holdings Ltd., |  |  |
| 7.00% <sup>(D)</sup> <br>| 29896 | 752482 |
| **Multi-Utilities - 0.8%**  | **Multi-Utilities - 0.8%**  | **Multi-Utilities - 0.8%**  |
| Algonquin Power & Utilities Corp., |  |  |
| &nbsp;&nbsp; Series 19-A, 3-Month LIBOR + 4.01%, <br> 8.66% <sup>(C)</sup> <br>| 10513 | 269238 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| DTE Energy Co., |  |  |
| Series H, 6.25% <sup>(N)</sup> <br>| 72359 | $1819105 |
|  |  | 2088343 |
| &nbsp;&nbsp; **Total Preferred Stocks** <br>**(Cost $5,828,509)**<br>|  | 5661784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.6%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.6%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.6%**  |
| **Canada - 0.0% \*** | **Canada - 0.0% \*** | **Canada - 0.0% \*** |
| Province of British Columbia |  |  |
| 4.20%, 07/06/2033 | $71000 | 70732 |
| **Mexico - 0.1%**  | **Mexico - 0.1%**  | **Mexico - 0.1%**  |
| Mexico Government International Bonds |  |  |
| 5.38%, 03/22/2033 | 200000 | 199840 |
| **Mongolia - 0.1%**  | **Mongolia - 0.1%**  | **Mongolia - 0.1%**  |
| City of Ulaanbaatar |  |  |
| 7.75%, 08/21/2027 <sup>(B)</sup> <br>| 200000 | 204995 |
| Development Bank of Mongolia LLC |  |  |
| 8.50%, 07/03/2028 <sup>(B)</sup> <br>| 200000 | 204500 |
|  |  | 409495 |
| **Pakistan - 0.1%**  | **Pakistan - 0.1%**  | **Pakistan - 0.1%**  |
| Pakistan Government International Bonds |  |  |
| 6.00%, 04/08/2026 <sup>(B)</sup> <br>| 200000 | 199230 |
| **Sri Lanka - 0.1%**  | **Sri Lanka - 0.1%**  | **Sri Lanka - 0.1%**  |
| Sri Lanka Government International Bonds |  |  |
| 3.60% <sup>(H)</sup>, 02/15/2038 <sup>(A)</sup> <br>| 200000 | 184499 |
| **Supranational - 0.2%**  | **Supranational - 0.2%**  | **Supranational - 0.2%**  |
| Africa Finance Corp. |  |  |
| 5.55%, 10/08/2029 <sup>(A)</sup> <br>| 200000 | 204208 |
| African Export-Import Bank |  |  |
| 3.80%, 05/17/2031 <sup>(B)</sup> <br>| 200000 | 179732 |
| Asian Development Bank |  |  |
| 1.88%, 01/24/2030 | 104000 | 96521 |
| Inter-American Development Bank |  |  |
| 4.00%, 01/12/2028 | 85000 | 85612 |
|  |  | 566073 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $1,600,296)**<br>|  | 1629869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.0% \*** | **COMMON STOCKS - 0.0% \*** | **COMMON STOCKS - 0.0% \*** |
| **Energy Equipment & Services - 0.0%**  | **Energy Equipment & Services - 0.0%**  | **Energy Equipment & Services - 0.0%**  |
| Hi Crush Remainco <sup>(J)(K)(L)(N)(O)</sup> <br>| 78 | 0 |
| **Hotels, Restaurants & Leisure - 0.0% \*** | **Hotels, Restaurants & Leisure - 0.0% \*** | **Hotels, Restaurants & Leisure - 0.0% \*** |
| Aimbridge Acquisition Co., Inc. <sup>(N)</sup> <br>| 1345 | 90451 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $91,405)**<br>|  | 90451 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANIES - 5.4%**  | **SHORT-TERM INVESTMENT COMPANIES - 5.4%**  | **SHORT-TERM INVESTMENT COMPANIES - 5.4%**  |
| **Money Market Funds - 5.4%**  | **Money Market Funds - 5.4%**  | **Money Market Funds - 5.4%**  |
| &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, <br>4.01% <sup>(P)</sup> <br>| 13775466 | $13775466 |
| &nbsp;&nbsp; **Total Short-Term Investment Companies** <br>**(Cost $13,775,466)**<br>|  | 13775466 |
| **OTHER INVESTMENT COMPANY - 2.9%**  | **OTHER INVESTMENT COMPANY - 2.9%**  | **OTHER INVESTMENT COMPANY - 2.9%**  |
| **Securities Lending Collateral - 2.9%**  | **Securities Lending Collateral - 2.9%**  | **Securities Lending Collateral - 2.9%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(P)</sup> <br>| 7181620 | 7181620 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $7,181,620)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $7,181,620)** | 7181620 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $256,098,425)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $256,098,425)** | 257985706 |
| **Net Other Assets (Liabilities) - (1.5)%** | **Net Other Assets (Liabilities) - (1.5)%** | (3781149) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$254204557** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Ultra Notes | 120 | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; $13671860 | &nbsp;&nbsp;&nbsp; $13858125 | &nbsp;&nbsp;&nbsp; $186265 | &nbsp;&nbsp;&nbsp; $— |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(Q)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(R)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $119372562 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119372562 |
| Loan Assignments |  | &nbsp;&nbsp; 43136412 | &nbsp;&nbsp; 107082 | &nbsp;&nbsp; 43243494 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 41812572 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41812572 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 16920172 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16920172 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 8297716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8297716 |
| Preferred Stocks | 5661784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5661784 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 1629869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1629869 |
| Common Stocks |  | &nbsp;&nbsp; 90451 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 90451 |
| Short-Term Investment Companies | 13775466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13775466 |
| Other Investment Company | 7181620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7181620 |
| **Total Investments** | **$26618870** | &nbsp;&nbsp; **$231259754** | &nbsp;&nbsp; **$107082** | &nbsp;&nbsp; **$257985706** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(S)</sup> <br>| $186265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $186265 |
| **Total Other Financial Instruments** | **$186265** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$186265** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $69,388,011, representing 27.3% of the* *Fund's net assets.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Strategic Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(B)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At October 31, 2025, the total value of the Regulation S securities is $16,631,772, representing* *6.5% of the Fund's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $7,852,266, collateralized by cash collateral of $7,181,620 and* *non-cash collateral, such as U.S. government securities of $833,150. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(E)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(F)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(G)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(H)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2025; the maturity date disclosed is the ultimate* *maturity date.* 

<sup>(I)</sup> *All or a portion of the security represents an unsettled loan commitment at October 31, 2025 where the rate will be determined at time of settlement.*

<sup>(J)</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>|
| Common Stocks | Hi Crush Remainco | 10/08/2020 - 11/02/2021 | &nbsp;&nbsp; $473091 | &nbsp;&nbsp; $0 | 0.0<br> %<br>|
| Loan Assignments | First Brands Group LLC <br>Term Loan, 3-Month Term <br> SOFR + 5.00%, 9.10%, <br> 03/30/2027<br>| 08/30/2024 - 01/28/2025 | &nbsp;&nbsp; 299748 | &nbsp;&nbsp; 21792 | 0.0<br> %\*<br>|
| Loan Assignments | Atlas Sand Co. LLC <br>Term Loan, 5.00%, <br> 01/31/2026<br>| 10/08/2020 | &nbsp;&nbsp; 13227 | &nbsp;&nbsp; 107082 | 0.1 |
|  |  |  | &nbsp;&nbsp; **$786066** | &nbsp;&nbsp; **$128874** | **0.1%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(K)</sup> *Security is Level 3 of the fair value hierarchy. At October 31, 2025, the total value of the securities is $107,082, representing 0.0% of the Fund's net* *assets.* 

<sup>(L)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At October 31, 2025, the total value of the securities is $107,082,* *representing less than 0.1% of the Fund's net assets.* 

<sup>(M)</sup> *Fixed rate loan commitment at October 31, 2025.*

<sup>(N)</sup> *Non-income producing security.*

<sup>(O)</sup> *Security deemed worthless.*

<sup>(P)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(Q)</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>(R)</sup> *Level 3 security was not considered significant to the Fund.*

<sup>(S)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *CLO* | *Collateralized Loan Obligation* |
| *LIBOR* | *London Interbank Offered Rate* |
| *PJSC* | *Private Joint Stock Co.* |
| *Prime Rate* | *Interest rate charged by banks to their most credit worthy customers* |
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *TBD* | *To Be Determined* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Strategic Income**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $256,098,425) (including securities loaned of $7,852,266) | $257985706 |
| Cash | 62488 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 598322 |
| Foreign currency, at value (cost $27,138) | 28157 |
| Receivables and other assets: |  |
| When-issued, delayed-delivery, forward and TBA commitments sold | 583859 |
| Net income from securities lending | 5270 |
| Shares of beneficial interest sold  | 2163489 |
| Dividends  | 996896 |
| Interest | 2192225 |
| Tax reclaims | 607 |
| Unrealized appreciation on unfunded commitments | 156 |
| Total assets | 264617175 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 7181620 |
| Payables and other liabilities: |  |
| Investments purchased | 243935 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 2484181 |
| Dividends and/or distributions | 312 |
| Shares of beneficial interest redeemed | 349007 |
| Investment management fees | 63948 |
| Distribution and service fees | 915 |
| Transfer agent fees | 12519 |
| Trustee and CCO fees | 78 |
| Audit and tax fees  | 30636 |
| Custody fees | 22202 |
| Legal fees | 2323 |
| Printing and shareholder reports fees | 2022 |
| Registration fees | 575 |
| Other accrued expenses | 10631 |
| Variation margin payable on futures contracts | 7714 |
| Total liabilities | 10412618 |
| **Net assets**  | $254204557 |
| **Net assets consist of:** |  |
| Paid-in capital | $344865306 |
| Total distributable earnings (accumulated losses) | (90660749)<br>|
| **Net assets** | $254204557 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Strategic Income**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $4885478 |
| Class I | 138383697 |
| Class I2 | 110924912 |
| Class R6 | 10470 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 550186 |
| Class I | 15608198 |
| Class I2 | 12581204 |
| Class R6 | 1186 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.88 |
| Class I | 8.87 |
| Class I2 | 8.82 |
| Class R6 | 8.83 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price. The redemption price for Class A shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Strategic Income**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $1113969 |
| Interest income | 13513003 |
| Net income from securities lending | 46578 |
| Withholding taxes on foreign income | (556)<br>|
| Total investment income  | 14672994 |
| **Expenses:** |  |
| Investment management fees | 1144800 |
| Distribution and service fees: |  |
| Class A | 12019 |
| Transfer agent fees: |  |
| Class A | 3733 |
| Class I | 92958 |
| Class I2 | 7956 |
| Trustee and CCO fees | 8651 |
| Audit and tax fees | 58987 |
| Custody fees | 148685 |
| Legal fees | 21676 |
| Printing and shareholder reports fees | 30434 |
| Registration fees | 71659 |
| Other | 21098 |
| Total expenses before waiver and/or reimbursement and recapture | 1622656 |
| Expenses waived and/or reimbursed: |  |
| Class A | (4620)<br>|
| Class I | (165096)<br>|
| Class I2 | (104905)<br>|
| Class R6 <sup>(A)</sup> <br>| (4)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 401 |
| Class I | 1476 |
| Class I2 | 8142 |
| Net expenses | 1358050 |
| **Net investment income (loss)** | 13314944 |
| **Net realized gain (loss) on:** |  |
| Investments | (464725)<br>|
| Futures contracts | (796942)<br>|
| Forward foreign currency contracts | 104879 |
| Foreign currency transactions | 21157 |
| Net realized gain (loss) | (1135631)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 1381107 |
| Unfunded commitments | 80 |
| Futures contracts | 1035751 |
| Translation of assets and liabilities denominated in foreign currencies | 6015 |
| Net change in unrealized appreciation (depreciation) | 2422953 |
| Net realized and change in unrealized gain (loss) | 1287322 |
| **Net increase (decrease) in net assets resulting from operations** | $14602266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on June 2, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Strategic Income**

------

**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) | $13314944 | &nbsp;&nbsp;&nbsp;&nbsp; $16733073 |
| Net realized gain (loss) | (1135631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2300040)<br>|
| Net change in unrealized appreciation (depreciation) | 2422953 | &nbsp;&nbsp;&nbsp;&nbsp; 17943174 |
| Net increase (decrease) in net assets resulting from operations | 14602266 | &nbsp;&nbsp;&nbsp;&nbsp; 32376207 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (267051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122663)<br>|
| Class I | (5184753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2190477)<br>|
| Class I2 | (6288563)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12176396)<br>|
| Class R6 <sup>(A)</sup> <br>| (242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Return of capital: |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; (21229)<br>|
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; (379092)<br>|
| Class I2 |  | &nbsp;&nbsp;&nbsp;&nbsp; (2107283)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (11740609)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16997140)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 4705424 | &nbsp;&nbsp;&nbsp;&nbsp; 2799520 |
| Class I | 119519849 | &nbsp;&nbsp;&nbsp;&nbsp; 28351790 |
| Class R6 <sup>(A)</sup> <br>| 10000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 124235273 | &nbsp;&nbsp;&nbsp;&nbsp; 31151310 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 266715 | &nbsp;&nbsp;&nbsp;&nbsp; 143743 |
| Class I | 5184088 | &nbsp;&nbsp;&nbsp;&nbsp; 2569549 |
| Class I2 | 6288563 | &nbsp;&nbsp;&nbsp;&nbsp; 14247831 |
| Class R6 <sup>(A)</sup> <br>| 242 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 11739608 | &nbsp;&nbsp;&nbsp;&nbsp; 16961123 |
| Cost of shares redeemed: |  |  |
| Class A | (4168482)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (420035)<br>|
| Class I | (35248423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22121158)<br>|
| Class I2 |  | &nbsp;&nbsp;&nbsp;&nbsp; (510473826)<br>|
|  | (39416905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (533015019)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 96557976 | &nbsp;&nbsp;&nbsp;&nbsp; (484902586)<br>|
| **Net increase (decrease) in net assets** | 99419633 | &nbsp;&nbsp;&nbsp;&nbsp; (469523519)<br>|
| **Net assets:** |  |  |
| Beginning of year | 154784924 | &nbsp;&nbsp;&nbsp;&nbsp; 624308443 |
| End of year | $254204557 | &nbsp;&nbsp;&nbsp;&nbsp; $154784924 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Strategic Income**

------

**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 | 536539 | &nbsp;&nbsp;&nbsp;&nbsp; 313047 |
| Class I | 13668779 | &nbsp;&nbsp;&nbsp;&nbsp; 3201817 |
| Class R6 <sup>(A)</sup> <br>| 1159 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 14206477 | &nbsp;&nbsp;&nbsp;&nbsp; 3514864 |
| Shares reinvested: |  |  |
| Class A | 30401 | &nbsp;&nbsp;&nbsp;&nbsp; 16241 |
| Class I | 590657 | &nbsp;&nbsp;&nbsp;&nbsp; 290413 |
| Class I2 | 721534 | &nbsp;&nbsp;&nbsp;&nbsp; 1622786 |
| Class R6 <sup>(A)</sup> <br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 1342619 | &nbsp;&nbsp;&nbsp;&nbsp; 1929440 |
| Shares redeemed: |  |  |
| Class A | (473945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47299)<br>|
| Class I | (4013238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2516880)<br>|
| Class I2 |  | &nbsp;&nbsp;&nbsp;&nbsp; (59247412)<br>|
|  | (4487183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61811591)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 92995 | &nbsp;&nbsp;&nbsp;&nbsp; 281989 |
| Class I | 10246198 | &nbsp;&nbsp;&nbsp;&nbsp; 975350 |
| Class I2 | 721534 | &nbsp;&nbsp;&nbsp;&nbsp; (57624626)<br>|
| Class R6 <sup>(A)</sup> <br>| 1186 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 11061913 | &nbsp;&nbsp;&nbsp;&nbsp; (56367287)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on June 2, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Strategic Income**

------

**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** | $8.80 | $8.48 | $8.66 | $10.27 | $9.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.54 | 0.59 | 0.40 | 0.27 | 0.32 |
| Net realized and unrealized gain (loss) | 0.03 | 0.36 | (0.18)<br>| (1.10)<br>| 0.38 |
| Total investment operations | 0.57 | 0.95 | 0.22 | (0.83)<br>| 0.70 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.49)<br>| (0.54)<br>| (0.36)<br>| (0.18)<br>| (0.32)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |
| Return of capital |  | (0.09)<br>| (0.04)<br>| (0.13)<br>|  |
| Total dividends and/or distributions to shareholders | (0.49)<br>| (0.63)<br>| (0.40)<br>| (0.78)<br>| (0.32)<br>|
| **Net asset value, end of year** | $8.88 | $8.80 | $8.48 | $8.66 | $10.27 |
| **Total return** <sup>(D)</sup> <br>| 6.69<br> %<br>| 11.34<br> %<br>| 2.46<br> %<br>| (8.84 )%<sup>(C)</sup><br>| 7.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4886 | $4022 | $1486 | $1329 | $442 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 1.13<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>| 1.08<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.99<br> %<br>| 1.11 %<sup>(F)</sup><br>| 1.02<br> %<br>| 1.04 %<sup>(G)</sup><br>| 1.05<br> %<br>|
| Net investment income (loss) to average net assets | 6.17<br> %<br>| 6.68<br> %<br>| 4.53<br> %<br>| 2.94<br> %<br>| 3.07<br> %<br>|
| Portfolio turnover rate <sup>(H)</sup> <br>| 65<br> %<br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(H)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 65%, 223%, 204%, 8% and 70%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | $8.79 | $8.47 | $8.64 | $10.28 | $9.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.59 | 0.60 | 0.42 | 0.29 | 0.34 |
| Net realized and unrealized gain (loss) | 0.01 | 0.37 | (0.18)<br>| (1.11)<br>| 0.39 |
| Total investment operations | 0.60 | 0.97 | 0.24 | (0.82)<br>| 0.73 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.52)<br>| (0.55)<br>| (0.37)<br>| (0.21)<br>| (0.34)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |
| Return of capital |  | (0.10)<br>| (0.04)<br>| (0.14)<br>|  |
| Total dividends and/or distributions to shareholders | (0.52)<br>| (0.65)<br>| (0.41)<br>| (0.82)<br>| (0.34)<br>|
| **Net asset value, end of year** | $8.87 | $8.79 | $8.47 | $8.64 | $10.28 |
| **Total return** | 7.01<br> %<br>| 11.62<br> %<br>| 2.91<br> %<br>| (8.65 )%<sup>(C)</sup><br>| 7.46<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $138384 | $47119 | $37166 | $58753 | $46222 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.86<br> %<br>| 0.90<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>| 0.79<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.67 %<sup>(E)</sup><br>| 0.87 %<sup>(F)</sup><br>| 0.81 %<sup>(G)</sup><br>| 0.80 %<sup>(G)</sup><br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | 6.78<br> %<br>| 6.77<br> %<br>| 4.77<br> %<br>| 3.13<br> %<br>| 3.28<br> %<br>|
| Portfolio turnover rate <sup>(H)</sup> <br>| 65<br> %<br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<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> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.10% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(H)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 65%, 223%, 204%, 8% and 70%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&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 31**

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**Transamerica Strategic Income**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $8.74 | $8.43 | $8.60 | $10.25 | $9.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.57 | 0.59 | 0.43 | 0.30 | 0.35 |
| Net realized and unrealized gain (loss) | 0.03 | 0.37 | (0.18)<br>| (1.12)<br>| 0.38 |
| Total investment operations | 0.60 | 0.96 | 0.25 | (0.82)<br>| 0.73 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.52)<br>| (0.55)<br>| (0.38)<br>| (0.21)<br>| (0.35)<br>|
| Net realized gains |  |  |  | (0.47)<br>|  |
| Return of capital |  | (0.10)<br>| (0.04)<br>| (0.15)<br>|  |
| Total dividends and/or distributions to shareholders | (0.52)<br>| (0.65)<br>| (0.42)<br>| (0.83)<br>| (0.35)<br>|
| **Net asset value, end of year** | $8.82 | $8.74 | $8.43 | $8.60 | $10.25 |
| **Total return** | 7.05<br> %<br>| 11.61<br> %<br>| 3.01<br> %<br>| (8.69)%<br>| 7.47<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $110925 | $103644 | $585656 | $654792 | $1196450 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.79<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.76 %<sup>(C)</sup><br>| 0.71 %<sup>(D)</sup><br>| 0.70<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | 6.57<br> %<br>| 6.71<br> %<br>| 4.94<br> %<br>| 3.21<br> %<br>| 3.42<br> %<br>|
| Portfolio turnover rate <sup>(E)</sup> <br>| 65<br> %<br>| 126<br> %<br>| 136<br> %<br>| 8<br> %<br>| 70<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(E)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 65%, 223%, 204%, 8% and 70%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **For a share outstanding during the period indicated:** | **Class R6** |
|  | **October 31,** <br>**2025** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period** | $8.63 |
| **Investment operations:** |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.27 |
| Net realized and unrealized gain (loss) | 0.14 |
| Total investment operations | 0.41 |
| **Contributions from affiliate** |  |
| **Dividends and/or distributions to shareholders:** |  |
| Net investment income | (0.21)<br>|
| **Net asset value, end of period** | $8.83 |
| **Total return** <sup>(C)</sup> <br>| 4.74<br> %<br>|
| **Ratio and supplemental data:** |  |
| Net assets end of period (000's) | $10 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |
| Excluding waiver and/or reimbursement and recapture <sup>(E)</sup> <br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture <sup>(E)</sup> <br>| 0.63<br> %<br>|
| Net investment income (loss) to average net assets <sup>(E)</sup> <br>| 7.36<br> %<br>|
| Portfolio turnover rate | 65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on June 2, 2025.*

<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 32**

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**Transamerica Strategic Income**

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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 Strategic Income (formerly, Transamerica Unconstrained Bond) (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class I, Class I2 and Class R6. Class R6 commenced operations on June 2, 2025.

Effective as of March 1, 2025, the Fund was renamed from "Transamerica Unconstrained Bond" to "Transamerica Strategic Income", and the Fund's investment objective, principal investment strategies and benchmarks changed.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

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. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

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**Transamerica Strategic Income**

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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)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at 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:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

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**Transamerica Strategic Income**

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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)**

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. In connection with these commitments a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is recognized ratably over the commitment period and reflected in Interest income within the Statement of Operations. The unfunded amounts are marked-to-market and included in Unrealized appreciation (depreciation) on unfunded commitments within the Statement of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on unfunded commitments within the Statement of Operations.

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Commitment**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Clydesdale Acquisition Holdings, Inc., Delayed Draw Term Loan | $1520 | &nbsp;&nbsp; $(4)<br>|
| Groundworks LLC, Delayed Draw Term Loan | 27115 | &nbsp;&nbsp; 99 |
| Pinnacle Buyer LLC, Delayed Draw Term Loan | 16242 | &nbsp;&nbsp; 61 |
| **Total** | **$44877** | &nbsp;&nbsp; **$156** |

---

Open funded loan participations and assignments at October 31, 2025, if any, are included within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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.

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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)**

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.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $7147633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7147633 |
| Preferred Stocks | 33987 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33987 |
| Total Securities Lending Transactions | $7181620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7181620 |
| **Total Borrowings** | **$7181620** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$7181620** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at 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.

**Forward foreign currency contracts:** The Fund is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2025, are listed within the Schedule of Investments. Unrealized appreciation (depreciation), as applicable, is shown in Unrealized appreciation or depreciation on forward foreign currency contracts within the Statement of Assets and Liabilities.

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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 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>| $186265 | $— | $— | $— | $— | $186265 |
| **Total** | **$186265** | **$—** | **$—** | **$—** | **$—** | **$186265** |

---

&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  | $(796942)<br>| $— | $— | $— | $— | $(796942)<br>|
| Forward foreign currency contracts  |  | 104879 |  |  |  | 104879 |
| **Total** | **$(796942)**<br>| **$104879** | **$—** | **$—** | **$—** | **$(692063)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $1035751 | $— | $— | $— | $— | $1035751 |
| **Total** | **$1035751** | **$—** | **$—** | **$—** | **$—** | **$1035751** |

---

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 | $14039176 |
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | 613720 |
| Average contract amounts sold — in USD | 1097231 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

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**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**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.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying

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**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

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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)**

**Privately placed and other restricted securities risk:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by the Fund could adversely affect the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting the Fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the Fund.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 44**

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**Transamerica Strategic Income**

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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)**

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $110858607 | 43.61<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 45**

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**Transamerica Strategic Income**

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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 March 1, 2025 |  |
| First $500 million | 0.544<br> % <br>|
| Over $500 million up to $2 billion | 0.534 |
| Over $2 billion | 0.530 |
| Prior to March 1, 2025 |  |
| First $500 million | 0.650 |
| Over $500 million up to $1 billion | 0.640 |
| Over $1 billion up to $2 billion | 0.620 |
| Over $2 billion | 0.610 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.97<br> % <br>| March 1, 2026 |
| Class I | 0.73 | March 1, 2026 |
| Class I2 | 0.63 | March 1, 2026 |
| Class R6 | 0.63 | March 1, 2027 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.09 |  |
| Class I | 0.85 |  |
| Class I2 | 0.75 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 A | $— | $72 | $4026 | $4098 |
| Class I |  | 7015 | 93358 | 100373 |
| Class I2 |  | 51718 | 104905 | 156623 |
| Class R6 <sup>(A)</sup> <br>|  |  | 4 | 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on June 2, 2025.*

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 46**

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**Transamerica Strategic Income**

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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)**

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $24666 | &nbsp;&nbsp;&nbsp;&nbsp; $19255 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.10% of the transfer agency fee on the Class I shares through March 1, 2026.

For the 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** |
| $103067 | &nbsp;&nbsp; $12181 |

---

**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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 47**

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**Transamerica Strategic Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $172109989 | &nbsp;&nbsp; $42446944 | &nbsp;&nbsp; $94981500 | &nbsp;&nbsp; $25336079 |

---

**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, dividends payable, futures contracts mark-to-market and premium amortization adjustments. 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>|
| $256244660 | &nbsp;&nbsp; $4573084 | &nbsp;&nbsp; $(2832038)<br>| &nbsp;&nbsp; $1741046 |

---

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; $69699858 | &nbsp;&nbsp;&nbsp;&nbsp; $24248999 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $34,862.

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>|
| $11740609 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14489536 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2507604 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 48**

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**Transamerica Strategic Income**

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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 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>|
| $1538727 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(93948857)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(312)<br>| &nbsp;&nbsp; $1749693 |

---

**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 49**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Strategic Income

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Strategic Income (formerly, Transamerica Unconstrained Bond) (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. ![](g67628imge906f9733.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 50**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $1,007,139 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 no long-term capital gain designations for the year ended October 31, 2025.

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 51**

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**Transamerica Strategic Income** 

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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 52**

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**Transamerica Strategic Income** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 53**

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**Transamerica Strategic Income** 

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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 54**

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**Transamerica Strategic Income** 

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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 Strategic Income (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 PineBridge Investments LLC (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 55**

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**Transamerica Strategic Income** 

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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 above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 10-year period and below the median for the past 1-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-, 3-, 5- and 10-year periods. The Trustees noted that TAM and the Fund's sub-adviser implemented changes to the Fund's investment objective and investment strategy, which took effect on March 1, 2025.

**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 below the medians for its peer group and 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 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on March 1, 2025, and was not fully reflected in the comparative data.

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 56**

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**Transamerica Strategic Income** 

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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 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 57**

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![](g67628img3d2aa45b5.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

4886794 TA STRAT INC 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgce35b23b6.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Sustainable Equity Income**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img462d47c02.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_d9310e75-5819-42bb-8553-13600395f286_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d9310e75-5819-42bb-8553-13600395f286_SOI-RunningFooter-167_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d9310e75-5819-42bb-8553-13600395f286_FS-RunningFooter-167_1) | 4 |
| [Statement of Operations](#xx_d9310e75-5819-42bb-8553-13600395f286_FS-RunningFooter-167_2) | 5 |
| [Statement of Changes in Net Assets](#xx_d9310e75-5819-42bb-8553-13600395f286_FS-RunningFooter-167_3) | 6 |
| [Financial Highlights](#xx_d9310e75-5819-42bb-8553-13600395f286_FIHI-RunningFooter-167_1) | 8 |
| [Notes to Financial Statements](#xx_d9310e75-5819-42bb-8553-13600395f286_NTF-RunningFooter-167_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_d9310e75-5819-42bb-8553-13600395f286_AUD-RunningFooter-167_1)** | 22 |
| **[Supplemental Information](#xx_d9310e75-5819-42bb-8553-13600395f286_STI-RunningFooter-167_1)** | 23 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d9310e75-5819-42bb-8553-13600395f286_DWA-RunningFooter-167_1)**<br> **[Companies](#xx_d9310e75-5819-42bb-8553-13600395f286_DWA-RunningFooter-167_1)**<br>| 24 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d9310e75-5819-42bb-8553-13600395f286_PD-RunningFooter-167_1)** | 25 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d9310e75-5819-42bb-8553-13600395f286_REMU-RunningFooter-167_1)**<br> **[Companies](#xx_d9310e75-5819-42bb-8553-13600395f286_REMU-RunningFooter-167_1)**<br>| 26 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d9310e75-5819-42bb-8553-13600395f286_AIAC-RunningFooter-167_1)** | 27 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Sustainable Equity Income**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.6%**  | **COMMON STOCKS - 98.6%**  | **COMMON STOCKS - 98.6%**  |
| **Banks - 7.3%**  | **Banks - 7.3%**  | **Banks - 7.3%**  |
| Bank of America Corp. | 127124 | $6794778 |
| Citizens Financial Group, Inc. | 82083 | 4175562 |
| U.S. Bancorp | 69625 | 3250095 |
|  |  | 14220435 |
| **Biotechnology - 3.9%**  | **Biotechnology - 3.9%**  | **Biotechnology - 3.9%**  |
| Gilead Sciences, Inc. | 63121 | 7561265 |
| **Capital Markets - 8.6%**  | **Capital Markets - 8.6%**  | **Capital Markets - 8.6%**  |
| CME Group, Inc. | 23471 | 6231316 |
| Moody's Corp. | 6384 | 3066235 |
| Morgan Stanley | 44835 | 7352940 |
|  |  | 16650491 |
| **Chemicals - 2.2%**  | **Chemicals - 2.2%**  | **Chemicals - 2.2%**  |
| Linde PLC | 10036 | 4198059 |
| **Commercial Services & Supplies - 1.9%**  | **Commercial Services & Supplies - 1.9%**  | **Commercial Services & Supplies - 1.9%**  |
| Republic Services, Inc. | 17801 | 3706880 |
| **Communications Equipment - 4.5%**  | **Communications Equipment - 4.5%**  | **Communications Equipment - 4.5%**  |
| Cisco Systems, Inc. | 119737 | 8753972 |
| **Consumer Staples Distribution & Retail - 1.3%**  | **Consumer Staples Distribution & Retail - 1.3%**  | **Consumer Staples Distribution & Retail - 1.3%**  |
| Costco Wholesale Corp. | 2813 | 2563909 |
| **Containers & Packaging - 1.4%**  | **Containers & Packaging - 1.4%**  | **Containers & Packaging - 1.4%**  |
| Packaging Corp. of America | 13632 | 2668600 |
| **Electrical Equipment - 2.4%**  | **Electrical Equipment - 2.4%**  | **Electrical Equipment - 2.4%**  |
| Schneider Electric SE, ADR | 82663 | 4686992 |
| **Ground Transportation - 1.1%**  | **Ground Transportation - 1.1%**  | **Ground Transportation - 1.1%**  |
| Union Pacific Corp. | 9954 | 2193563 |
| **Health Care Equipment & Supplies - 3.6%**  | **Health Care Equipment & Supplies - 3.6%**  | **Health Care Equipment & Supplies - 3.6%**  |
| Medtronic PLC | 40870 | 3706909 |
| Stryker Corp. | 9526 | 3393542 |
|  |  | 7100451 |
| **Health Care Providers & Services - 2.5%**  | **Health Care Providers & Services - 2.5%**  | **Health Care Providers & Services - 2.5%**  |
| Quest Diagnostics, Inc. | 27545 | 4846543 |
| **Household Durables - 1.3%**  | **Household Durables - 1.3%**  | **Household Durables - 1.3%**  |
| D.R. Horton, Inc. | 16501 | 2459969 |
| **Household Products - 3.9%**  | **Household Products - 3.9%**  | **Household Products - 3.9%**  |
| Colgate-Palmolive Co. | 53347 | 4110386 |
| Kimberly-Clark Corp. | 29571 | 3539945 |
|  |  | 7650331 |
| **Insurance - 6.5%**  | **Insurance - 6.5%**  | **Insurance - 6.5%**  |
| Cincinnati Financial Corp. | 27929 | 4317544 |
| MetLife, Inc. | 76242 | 6085637 |
| Progressive Corp. | 11101 | 2286806 |
|  |  | 12689987 |
| **Interactive Media & Services - 3.9%**  | **Interactive Media & Services - 3.9%**  | **Interactive Media & Services - 3.9%**  |
| Alphabet, Inc., Class A | 27148 | 7633746 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery - 4.1%**  | **Machinery - 4.1%**  | **Machinery - 4.1%**  |
| IDEX Corp. | 17693 | $3033642 |
| Xylem, Inc. | 32145 | 4849073 |
|  |  | 7882715 |
| **Media - 1.0%**  | **Media - 1.0%**  | **Media - 1.0%**  |
| Omnicom Group, Inc. | 26818 | 2011886 |
| **Metals & Mining - 2.7%**  | **Metals & Mining - 2.7%**  | **Metals & Mining - 2.7%**  |
| Steel Dynamics, Inc. | 32888 | 5156838 |
| **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  |
| ONEOK, Inc. | 32684 | 2189828 |
| **Pharmaceuticals - 2.8%**  | **Pharmaceuticals - 2.8%**  | **Pharmaceuticals - 2.8%**  |
| Bristol-Myers Squibb Co. | 58165 | 2679661 |
| Merck & Co., Inc. | 32816 | 2821520 |
|  |  | 5501181 |
| **Professional Services - 2.3%**  | **Professional Services - 2.3%**  | **Professional Services - 2.3%**  |
| Automatic Data Processing, Inc. | 16930 | 4406879 |
| **Semiconductors & Semiconductor Equipment - 12.4%**  | **Semiconductors & Semiconductor Equipment - 12.4%**  | **Semiconductors & Semiconductor Equipment - 12.4%**  |
| Broadcom, Inc. | 24471 | 9045216 |
| KLA Corp. | 2220 | 2683403 |
| Micron Technology, Inc. | 11053 | 2473330 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 23648 | 7104568 |
| Texas Instruments, Inc. | 16889 | 2726898 |
|  |  | 24033415 |
| **Software - 3.2%**  | **Software - 3.2%**  | **Software - 3.2%**  |
| Microsoft Corp. | 12129 | 6280517 |
| **Specialized REITs - 3.0%**  | **Specialized REITs - 3.0%**  | **Specialized REITs - 3.0%**  |
| American Tower Corp. | 15670 | 2804617 |
| Digital Realty Trust, Inc. | 18071 | 3079479 |
|  |  | 5884096 |
| **Specialty Retail - 2.7%**  | **Specialty Retail - 2.7%**  | **Specialty Retail - 2.7%**  |
| Home Depot, Inc. | 14045 | 5331342 |
| **Trading Companies & Distributors - 5.8%**  | **Trading Companies & Distributors - 5.8%**  | **Trading Companies & Distributors - 5.8%**  |
| United Rentals, Inc. | 5490 | 4782778 |
| Watsco, Inc. | 6037 | 2221676 |
| WESCO International, Inc. | 16137 | 4188036 |
|  |  | 11192490 |
| **Water Utilities - 1.2%**  | **Water Utilities - 1.2%**  | **Water Utilities - 1.2%**  |
| Essential Utilities, Inc. | 58090 | 2267253 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $145,773,275)**<br>|  | 191723633 |

---

***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 Sustainable Equity Income**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

&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>(A)</sup>, dated 10/31/2025, to be <br> repurchased at $2,661,930 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $2,714,929.<br>| $2661598 | $2661598 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,661,598)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,661,598)** | 2661598 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $148,434,873)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $148,434,873)** | 194385231 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | **Net Other Assets (Liabilities) - (0.0)%\*** | (11341) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$194373890** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $191723633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191723633 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2661598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2661598 |
| **Total Investments** | **$191723633** | &nbsp;&nbsp; **$2661598** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$194385231** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(B)</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.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

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**Transamerica Sustainable Equity Income**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $145,773,275) | $191723633 |
| Repurchase agreement, at value (cost $2,661,598) | 2661598 |
| Receivables and other assets: |  |
| Investments sold  | 882067 |
| Net income from securities lending | 253 |
| Shares of beneficial interest sold  | 1374 |
| Dividends  | 181971 |
| Interest | 111 |
| Total assets | 195451007 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | 886754 |
| Shares of beneficial interest redeemed | 19904 |
| Investment management fees | 118252 |
| Distribution and service fees | 15947 |
| Transfer agent fees | 4407 |
| Trustee and CCO fees | 67 |
| Audit and tax fees  | 15356 |
| Custody fees | 2055 |
| Legal fees | 2310 |
| Printing and shareholder reports fees | 1328 |
| Registration fees | 829 |
| Other accrued expenses | 9908 |
| Total liabilities | 1077117 |
| **Net assets**  | $194373890 |
| **Net assets consist of:** |  |
| Paid-in capital | $148497242 |
| Total distributable earnings (accumulated losses) | 45876648 |
| **Net assets** | $194373890 |
| **Net assets by class:** |  |
| Class A | $71581773 |
| Class C | 799644 |
| Class I | 1652600 |
| Class I2 | 118542171 |
| Class R6 | 1797702 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 8409627 |
| Class C | 94443 |
| Class I | 193513 |
| Class I2 | 13935353 |
| Class R6 | 211479 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.51 |
| Class C | 8.47 |
| Class I | 8.54 |
| Class I2 | 8.51 |
| Class R6 | 8.50 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Sustainable Equity Income**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $4399530 |
| Interest income | 43558 |
| Net income from securities lending | 10320 |
| Withholding taxes on foreign income | (46740)<br>|
| Total investment income  | 4406668 |
| **Expenses:** |  |
| Investment management fees | 1256837 |
| Distribution and service fees: |  |
| Class A | 174085 |
| Class C | 9852 |
| Transfer agent fees: |  |
| Class A | 36758 |
| Class C | 1744 |
| Class I | 1732 |
| Class I2 | 8672 |
| Class R6 | 124 |
| Trustee and CCO fees | 8024 |
| Audit and tax fees | 28182 |
| Custody fees | 9233 |
| Legal fees | 18653 |
| Printing and shareholder reports fees | 14429 |
| Registration fees | 80018 |
| Other | 30561 |
| Total expenses before waiver and/or reimbursement and recapture | 1678904 |
| Expenses waived and/or reimbursed: |  |
| Class A | (19879)<br>|
| Class C | (476)<br>|
| Class I | (1497)<br>|
| Class I2 | (1221)<br>|
| Class R6 | (19)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 19879 |
| Class C | 95 |
| Class I2 | 1221 |
| Class R6 | 19 |
| Net expenses | 1677026 |
| **Net investment income (loss)** | 2729642 |
| **Net realized gain (loss) on:** |  |
| Investments | (264846)<br>|
| Foreign currency transactions | (427)<br>|
| Net realized gain (loss) | (265273)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 12017271 |
| Net realized and change in unrealized gain (loss) | 11751998 |
| **Net increase (decrease) in net assets resulting from operations** | $14481640 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Sustainable Equity Income**

------

**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) | $2729642 | &nbsp;&nbsp;&nbsp;&nbsp; $3209881 |
| Net realized gain (loss) | (265273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23555020 |
| Net change in unrealized appreciation (depreciation) | 12017271 | &nbsp;&nbsp;&nbsp;&nbsp; 32775675 |
| Net increase (decrease) in net assets resulting from operations | 14481640 | &nbsp;&nbsp;&nbsp;&nbsp; 59540576 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (5958505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (909379)<br>|
| Class C | (74305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9399)<br>|
| Class I | (132218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29542)<br>|
| Class I2 | (9406445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2695184)<br>|
| Class R6 | (133475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30356)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (15704948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3673860)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 31833806 | &nbsp;&nbsp;&nbsp;&nbsp; 2379409 |
| Class C | 112811 | &nbsp;&nbsp;&nbsp;&nbsp; 25389 |
| Class I | 321046 | &nbsp;&nbsp;&nbsp;&nbsp; 274505 |
| Class I2 | 5433924 | &nbsp;&nbsp;&nbsp;&nbsp; 300246 |
| Class R6 | 246441 | &nbsp;&nbsp;&nbsp;&nbsp; 273479 |
|  | 37948028 | &nbsp;&nbsp;&nbsp;&nbsp; 3253028 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 5957864 | &nbsp;&nbsp;&nbsp;&nbsp; 909154 |
| Class C | 69653 | &nbsp;&nbsp;&nbsp;&nbsp; 8949 |
| Class I | 132218 | &nbsp;&nbsp;&nbsp;&nbsp; 29542 |
| Class I2 | 9406445 | &nbsp;&nbsp;&nbsp;&nbsp; 2695184 |
| Class R6 | 133475 | &nbsp;&nbsp;&nbsp;&nbsp; 30356 |
|  | 15699655 | &nbsp;&nbsp;&nbsp;&nbsp; 3673185 |
| Cost of shares redeemed: |  |  |
| Class A | (21625490)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14267736)<br>|
| Class C | (167008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169784)<br>|
| Class I | (383395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (604318)<br>|
| Class I2 | (8583305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (117734765)<br>|
| Class R6 | (161276)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (799762)<br>|
|  | (30920474)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133576365)<br>|
| Automatic conversions: |  |  |
| Class A | 423013 | &nbsp;&nbsp;&nbsp;&nbsp; 85258 |
| Class C | (423013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (85258)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 22727209 | &nbsp;&nbsp;&nbsp;&nbsp; (126650152)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 88 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| **Net increase (decrease) in net assets** | 21503901 | &nbsp;&nbsp;&nbsp;&nbsp; (70783348)<br>|
| **Net assets:** |  |  |
| Beginning of year | 172869989 | &nbsp;&nbsp;&nbsp;&nbsp; 243653337 |
| End of year | $194373890 | &nbsp;&nbsp;&nbsp;&nbsp; $172869989 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Sustainable Equity Income**

------

**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 | 3730608 | &nbsp;&nbsp;&nbsp;&nbsp; 294910 |
| Class C | 13472 | &nbsp;&nbsp;&nbsp;&nbsp; 3244 |
| Class I | 39352 | &nbsp;&nbsp;&nbsp;&nbsp; 35139 |
| Class I2 | 668918 | &nbsp;&nbsp;&nbsp;&nbsp; 40087 |
| Class R6 | 29817 | &nbsp;&nbsp;&nbsp;&nbsp; 34538 |
|  | 4482167 | &nbsp;&nbsp;&nbsp;&nbsp; 407918 |
| Shares reinvested: |  |  |
| Class A | 742431 | &nbsp;&nbsp;&nbsp;&nbsp; 115725 |
| Class C | 8744 | &nbsp;&nbsp;&nbsp;&nbsp; 1164 |
| Class I | 16438 | &nbsp;&nbsp;&nbsp;&nbsp; 3748 |
| Class I2 | 1172586 | &nbsp;&nbsp;&nbsp;&nbsp; 348345 |
| Class R6 | 16655 | &nbsp;&nbsp;&nbsp;&nbsp; 3874 |
|  | 1956854 | &nbsp;&nbsp;&nbsp;&nbsp; 472856 |
| Shares redeemed: |  |  |
| Class A | (2588434)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1798056)<br>|
| Class C | (19988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21611)<br>|
| Class I | (45584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75927)<br>|
| Class I2 | (1074139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15525951)<br>|
| Class R6 | (19815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104621)<br>|
|  | (3747960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17526166)<br>|
| Automatic conversions: |  |  |
| Class A | 50763 | &nbsp;&nbsp;&nbsp;&nbsp; 10994 |
| Class C | (51089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11064)<br>|
|  | (326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 1935368 | &nbsp;&nbsp;&nbsp;&nbsp; (1376427)<br>|
| Class C | (48861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28267)<br>|
| Class I | 10206 | &nbsp;&nbsp;&nbsp;&nbsp; (37040)<br>|
| Class I2 | 767365 | &nbsp;&nbsp;&nbsp;&nbsp; (15137519)<br>|
| Class R6 | 26657 | &nbsp;&nbsp;&nbsp;&nbsp; (66209)<br>|
|  | 2690735 | &nbsp;&nbsp;&nbsp;&nbsp; (16645462)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Sustainable Equity Income**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $8.58 | $6.63 | $6.86 | $9.53 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.10 | 0.11 | 0.12 | 0.11 | 0.13 |
| Net realized and unrealized gain (loss) | 0.52 | 1.97 | (0.25)<br>| (1.31)<br>| 2.66 |
| Total investment operations | 0.62 | 2.08 | (0.13)<br>| (1.20)<br>| 2.79 |
| **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 | (0.11)<br>| (0.13)<br>| (0.10)<br>| (0.12)<br>| (0.12)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.13)<br>| (0.10)<br>| (1.47)<br>| (0.12)<br>|
| **Net asset value, end of year** | $8.51 | $8.58 | $6.63 | $6.86 | $9.53 |
| **Total return** <sup>(E)</sup> <br>| 7.75<br> %<br>| 31.49 %<sup>(C)</sup><br>| (1.91)%<br>| (14.38 )%<sup>(D)</sup><br>| 40.92<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $71582 | $55561 | $52013 | $59568 | $81027 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07<br> %<br>| 1.05<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.07 %<sup>(F)</sup><br>| 1.05<br> %<br>| 1.03 %<sup>(F)</sup><br>| 1.01 %<sup>(F)</sup><br>| 1.02<br> %<br>|
| Net investment income (loss) to average net assets | 1.26<br> %<br>| 1.42<br> %<br>| 1.74<br> %<br>| 1.50<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<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> *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** | $8.53 | $6.59 | $6.81 | $9.48 | $6.83 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.04 | 0.06 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) | 0.52 | 1.96 | (0.24)<br>| (1.32)<br>| 2.64 |
| Total investment operations | 0.55 | 2.00 | (0.18)<br>| (1.27)<br>| 2.70 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.03)<br>| (0.06)<br>| (0.04)<br>| (0.06)<br>| (0.05)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.06)<br>| (0.04)<br>| (1.40)<br>| (0.05)<br>|
| **Net asset value, end of year** | $8.47 | $8.53 | $6.59 | $6.81 | $9.48 |
| **Total return** <sup>(D)</sup> <br>| 6.88<br> %<br>| 30.43<br> %<br>| (2.69)%<br>| (15.26 )%<sup>(C)</sup><br>| 39.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $800 | $1222 | $1130 | $1579 | $2271 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.94<br> %<br>| 1.94<br> %<br>| 1.94<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.90<br> %<br>| 1.89<br> %<br>|
| Net investment income (loss) to average net assets | 0.41<br> %<br>| 0.56<br> %<br>| 0.88<br> %<br>| 0.62<br> %<br>| 0.68<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

&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 8**

------

**Transamerica Sustainable Equity Income**

------

**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** | $8.60 | $6.63 | $6.86 | $9.54 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.13 | 0.13 | 0.14 | 0.14 | 0.15 |
| Net realized and unrealized gain (loss) | 0.51 | 1.98 | (0.25)<br>| (1.33)<br>| 2.66 |
| Total investment operations | 0.64 | 2.11 | (0.11)<br>| (1.19)<br>| 2.81 |
| **Contributions from affiliate** |  |  |  | 0.03 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.14)<br>| (0.12)<br>| (0.17)<br>| (0.13)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.70)<br>| (0.14)<br>| (0.12)<br>| (1.52)<br>| (0.13)<br>|
| **Net asset value, end of year** | $8.54 | $8.60 | $6.63 | $6.86 | $9.54 |
| **Total return** | 8.06<br> %<br>| 32.04<br> %<br>| (1.73)%<br>| (13.84 )%<sup>(B)</sup><br>| 41.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1652 | $1576 | $1461 | $2632 | $4463 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78 %<sup>(C)</sup><br>| 0.77 %<sup>(C)</sup><br>| 0.75 %<sup>(C)</sup><br>| 0.74 %<sup>(C)(D)</sup><br>| 0.77 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.54<br> %<br>| 1.70<br> %<br>| 2.02<br> %<br>| 1.84<br> %<br>| 1.75<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.42%.* 

<sup>(C)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(D)</sup> *TAM contractually agreed to reimburse 0.09% of the sub-transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $8.58 | $6.62 | $6.85 | $9.53 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.13 | 0.14 | 0.14 | 0.14 | 0.17 |
| Net realized and unrealized gain (loss) | 0.51 | 1.97 | (0.25)<br>| (1.33)<br>| 2.64 |
| Total investment operations | 0.64 | 2.11 | (0.11)<br>| (1.19)<br>| 2.81 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.15)<br>| (0.12)<br>| (0.14)<br>| (0.14)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.71)<br>| (0.15)<br>| (0.12)<br>| (1.49)<br>| (0.14)<br>|
| **Net asset value, end of year** | $8.51 | $8.58 | $6.62 | $6.85 | $9.53 |
| **Total return** | 8.06<br> %<br>| 32.06<br> %<br>| (1.63)%<br>| (14.23)%<br>| 41.31<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $118542 | $112926 | $187388 | $217081 | $253200 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77 %<sup>(B)</sup><br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.55<br> %<br>| 1.77<br> %<br>| 2.03<br> %<br>| 1.80<br> %<br>| 1.97<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</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.***

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**Page 9**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **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** | $8.57 | $6.62 | $6.85 | $9.53 | $6.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.13 | 0.13 | 0.14 | 0.14 | 0.16 |
| Net realized and unrealized gain (loss) | 0.51 | 1.97 | (0.25)<br>| (1.33)<br>| 2.65 |
| Total investment operations | 0.64 | 2.10 | (0.11)<br>| (1.19)<br>| 2.81 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.15)<br>| (0.12)<br>| (0.14)<br>| (0.14)<br>|
| Net realized gains | (0.58)<br>|  |  | (1.34)<br>|  |
| Return of capital |  |  |  | (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.71)<br>| (0.15)<br>| (0.12)<br>| (1.49)<br>| (0.14)<br>|
| **Net asset value, end of year** | $8.50 | $8.57 | $6.62 | $6.85 | $9.53 |
| **Total return** | 8.07<br> %<br>| 31.91<br> %<br>| (1.62)%<br>| (14.23)%<br>| 41.31<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1798 | $1584 | $1661 | $1602 | $3364 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.77<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77 %<sup>(B)</sup><br>| 0.77<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Net investment income (loss) to average net assets | 1.55<br> %<br>| 1.71<br> %<br>| 2.02<br> %<br>| 1.80<br> %<br>| 1.93<br> %<br>|
| Portfolio turnover rate | 22<br> %<br>| 25<br> %<br>| 11<br> %<br>| 28<br> %<br>| 164<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

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**Page 10**

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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 Sustainable Equity Income (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

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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. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of

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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)**

Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at 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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

**Transamerica Funds**

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**Page 13**

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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)**

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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

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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)**

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 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 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.

**Transamerica Funds**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Dividend paying stock risk:** There can be no assurance that the issuers of the stocks held by the Fund will pay dividends in the future or that, if dividends are paid, they will not decrease. The Fund's emphasis on dividend paying stocks could cause the Fund's share price and total return to fluctuate more than, or cause the Fund to underperform, similar Funds that invest without consideration of an issuer's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.

**Sustainability investing risk:** Applying sustainability criteria to the sub-adviser's investment analysis for the Fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Fund may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the Fund's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Fund's investment performance. The relevance and weightings of sustainability criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. The Fund's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. The Fund's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the Fund's ability to invest in accordance with its sustainability strategy.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements

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**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 FACTORS (continued)**

than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon Asset Management UK plc ("AAM UK"), a wholly-owned subsidiary of Aegon Ltd. AAM UK provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AAM UK, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AAM UK, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $135264790 | 69.59<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.663<br> % <br>|
| Over $500 million up to $1 billion | 0.580 |
| Over $1 billion up to $1.5 billion | 0.550 |
| Over $1.5 billion | 0.530 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

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**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;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.07<br> % <br>| March 1, 2026 |
| Class C | 1.90 | March 1, 2026 |
| Class I | 0.88 | March 1, 2026 |
| Class I2, Class R6 | 0.78 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 C | $723 | $707 | $476 | $1906 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

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

**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;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $4125 | &nbsp;&nbsp;&nbsp;&nbsp; $14 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class A of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2026.

For the 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** |
| $47856 | &nbsp;&nbsp; $4201 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $48773655 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40563258 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Sustainable Equity Income**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal year exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the year ended October 31, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

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>|
| $148454987 | &nbsp;&nbsp; $52947394 | &nbsp;&nbsp; $(7017150)<br>| &nbsp;&nbsp; $45930244 |

---

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; $260894 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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>|
| $2823384 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12881564 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3673860 | &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>|
| $207298 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(260894)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45930244 |

---

**10. 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 20**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Sustainable Equity Income

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Sustainable Equity Income (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. ![](g67628imge1178b513.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 22**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $2,794,351 of qualified dividend income.

For corporate shareholders, 100% 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 $12,881,564 for the year ended October 31, 2025.

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 23**

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**Transamerica Sustainable Equity Income** 

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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 24**

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**Transamerica Sustainable Equity Income** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Sustainable Equity Income** 

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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 26**

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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 Sustainable Equity Income (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 Aegon Asset Management UK plc (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 27**

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**Transamerica Sustainable Equity Income** 

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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 above 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 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 Sub-adviser had commenced sub-advising the Fund on December 1, 2020 pursuant to its current investment strategies.

**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 medians for its peer group and 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 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 28**

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**Transamerica Sustainable Equity Income** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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 29**

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![](g67628img69baea8b5.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

4886794 TA SUS EQTY INC 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgbff92b956.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica UltraShort Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img8c5f55972.gif)

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_SOI-RunningFooter-548_1) | 2 |
| [Statement of Assets and Liabilities](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_FS-RunningFooter-548_1) | 7 |
| [Statement of Operations](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_FS-RunningFooter-548_2) | 8 |
| [Statement of Changes in Net Assets](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_FS-RunningFooter-548_3) | 9 |
| [Financial Highlights](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_FIHI-RunningFooter-548_1) | 10 |
| [Notes to Financial Statements](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_NTF-RunningFooter-548_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_AUD-RunningFooter-548_1)** | 21 |
| **[Supplemental Information](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_STI-RunningFooter-548_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_DWA-RunningFooter-548_1)**<br> **[Companies](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_DWA-RunningFooter-548_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_PD-RunningFooter-548_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_REMU-RunningFooter-548_1)**<br> **[Companies](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_REMU-RunningFooter-548_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_63dca87b-44ce-4c1b-9009-90d8ec3575d2_AIAC-RunningFooter-548_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica UltraShort Bond**

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**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 40.2%**  | **CORPORATE DEBT SECURITIES - 40.2%**  | **CORPORATE DEBT SECURITIES - 40.2%**  |
| **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  |
| Boeing Co. |  |  |
| 2.25%, 06/15/2026 | $290000 | $286208 |
| **Automobiles - 1.5%**  | **Automobiles - 1.5%**  | **Automobiles - 1.5%**  |
| Ford Motor Credit Co. LLC |  |  |
| 3.38%, 11/13/2025 | 200000 | 199920 |
| General Motors Financial Co., Inc. |  |  |
| 4.35%, 01/17/2027 | 214000 | 214151 |
| Hyundai Capital America |  |  |
| 5.25%, 01/08/2027 <sup>(A)</sup> <br>| 141000 | 142467 |
|  |  | 556538 |
| **Banks - 16.4%**  | **Banks - 16.4%**  | **Banks - 16.4%**  |
| ABN AMRO Bank NV |  |  |
| 4.80%, 04/18/2026 <sup>(B)</sup> <br>| 200000 | 200201 |
| Australia & New Zealand Banking Group <br> Ltd. |  |  |
| 4.40%, 05/19/2026 <sup>(B)</sup> <br>| 200000 | 200142 |
| Banco Santander SA |  |  |
| 1.85%, 03/25/2026 | 400000 | 396229 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2026, <br>5.93% <sup>(C)</sup>, 09/15/2027<br>| 433000 | 439239 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 04/26/2026, <br>4.95% <sup>(C)</sup>, 04/26/2027<br>| 266000 | 267117 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 200000 | 200000 |
| Canadian Imperial Bank of Commerce |  |  |
| 5.93%, 10/02/2026 | 170000 | 172989 |
| Citibank NA |  |  |
| 4.93%, 08/06/2026 | 250000 | 251510 |
| 5.44%, 04/30/2026 | 265000 | 266488 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 01/28/2026, <br>1.12% <sup>(C)</sup>, 01/28/2027<br>| 122000 | 121091 |
| Cooperatieve Rabobank UA |  |  |
| 3.75%, 07/21/2026 | 267000 | 265917 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 07/13/2026, <br>7.15% <sup>(C)</sup>, 07/13/2027<br>| 150000 | 152823 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 03/09/2026, <br>1.43% <sup>(C)</sup>, 03/09/2027<br>| 106000 | 104906 |
| 3.50%, 11/16/2026 | 253000 | 251751 |
| Intesa Sanpaolo SpA |  |  |
| 7.00%, 11/21/2025 <sup>(B)</sup> <br>| 200000 | 200248 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 09/22/2026, <br>1.47% <sup>(C)</sup>, 09/22/2027<br>| 191000 | 186501 |
| &nbsp;&nbsp; Fixed until 04/22/2026, <br>1.58% <sup>(C)</sup>, 04/22/2027<br>| 217000 | 214343 |
| &nbsp;&nbsp; Fixed until 07/22/2027, <br>4.98% <sup>(C)</sup>, 07/22/2028<br>| 151000 | 153174 |
| Lloyds Banking Group PLC |  |  |
| 4.58%, 12/10/2025 | 200000 | 200033 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 01/28/2026, <br>5.05% <sup>(C)</sup>, 01/28/2027<br>| $286000 | $286419 |
| NatWest Group PLC |  |  |
| 4.80%, 04/05/2026 | 266000 | 266595 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/23/2026, <br>5.10% <sup>(C)</sup>, 07/23/2027<br>| 262000 | 263483 |
| Royal Bank of Canada |  |  |
| 4.88%, 01/19/2027 | 220000 | 222382 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 06/08/2026, <br>6.05% <sup>(C)</sup>, 06/08/2027<br>| 265000 | 267711 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 06/17/2026, <br>3.20% <sup>(C)</sup>, 06/17/2027<br>| 363000 | 360746 |
|  |  | 5912038 |
| **Chemicals - 0.9%**  | **Chemicals - 0.9%**  | **Chemicals - 0.9%**  |
| EIDP, Inc. |  |  |
| 4.50%, 05/15/2026 | 172000 | 172147 |
| Nutrien Ltd. |  |  |
| 5.95%, 11/07/2025 | 144000 | 144009 |
|  |  | 316156 |
| **Commercial Services & Supplies - 1.5%**  | **Commercial Services & Supplies - 1.5%**  | **Commercial Services & Supplies - 1.5%**  |
| Element Fleet Management Corp. |  |  |
| 5.64%, 03/13/2027 <sup>(B)</sup> <br>| 102000 | 103872 |
| 6.27%, 06/26/2026 <sup>(B)</sup> <br>| 216000 | 218384 |
| ERAC USA Finance LLC |  |  |
| 3.80%, 11/01/2025 <sup>(B)</sup> <br>| 73000 | 73000 |
| Veralto Corp. |  |  |
| 5.50%, 09/18/2026 | 161000 | 162755 |
|  |  | 558011 |
| **Communications Equipment - 2.5%**  | **Communications Equipment - 2.5%**  | **Communications Equipment - 2.5%**  |
| AT&T, Inc. |  |  |
| 1.70%, 03/25/2026 | 217000 | 214877 |
| NTT Finance Corp. |  |  |
| 1.16%, 04/03/2026 <sup>(B)</sup> <br>| 200000 | 197475 |
| T-Mobile USA, Inc. |  |  |
| 2.25%, 02/15/2026 | 299000 | 297198 |
| Verizon Communications, Inc. |  |  |
| 4.13%, 03/16/2027 | 180000 | 180085 |
|  |  | 889635 |
| **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  | **Containers & Packaging - 0.6%**  |
| Berry Global, Inc. |  |  |
| 4.88%, 07/15/2026 <sup>(B)</sup> <br>| 221000 | 221021 |
| **Electric Utilities - 1.3%**  | **Electric Utilities - 1.3%**  | **Electric Utilities - 1.3%**  |
| Dominion Energy, Inc. |  |  |
| 2.85%, 08/15/2026 | 143000 | 141681 |
| Duke Energy Corp. |  |  |
| 4.85%, 01/05/2027 | 177000 | 178571 |
| Exelon Corp. |  |  |
| 3.40%, 04/15/2026 | 138000 | 137453 |
|  |  | 457705 |

---

***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 UltraShort Bond**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services - 4.4%**  | **Financial Services - 4.4%**  | **Financial Services - 4.4%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 6.45%, 04/15/2027 | $166000 | $170895 |
| Air Lease Corp. |  |  |
| 5.30%, 06/25/2026 | 289000 | 290845 |
| American Express Co. |  |  |
| &nbsp;&nbsp; 3-Month SOFR Index + 0.65%, <br>4.95% <sup>(C)</sup>, 11/04/2026<br>| 152000 | 152615 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 09/20/2026 <sup>(B)</sup> <br>| 190000 | 185992 |
| Avolon Holdings Funding Ltd. |  |  |
| 2.13%, 02/21/2026 <sup>(B)</sup> <br>| 272000 | 270015 |
| Brookfield Finance, Inc. |  |  |
| 4.25%, 06/02/2026 | 269000 | 268918 |
| Capital One Financial Corp. |  |  |
| 3.75%, 07/28/2026 | 268000 | 267043 |
|  |  | 1606323 |
| **Food Products - 1.4%**  | **Food Products - 1.4%**  | **Food Products - 1.4%**  |
| Altria Group, Inc. |  |  |
| 2.63%, 09/16/2026 | 124000 | 122483 |
| Campbell's Co. |  |  |
| 5.30%, 03/20/2026 | 72000 | 72263 |
| Mars, Inc. |  |  |
| 4.45%, 03/01/2027 <sup>(B)</sup> <br>| 145000 | 145937 |
| Philip Morris International, Inc. |  |  |
| 4.75%, 02/12/2027 | 148000 | 149369 |
|  |  | 490052 |
| **Health Care Providers & Services - 0.8%**  | **Health Care Providers & Services - 0.8%**  | **Health Care Providers & Services - 0.8%**  |
| Elevance Health, Inc. |  |  |
| 4.50%, 10/30/2026 | 200000 | 200891 |
| HCA, Inc. |  |  |
| 5.25%, 06/15/2026 | 87000 | 87086 |
|  |  | 287977 |
| **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  | **Health Care REITs - 0.3%**  |
| Ventas Realty LP |  |  |
| 3.25%, 10/15/2026 | 108000 | 107155 |
| **Insurance - 2.3%**  | **Insurance - 2.3%**  | **Insurance - 2.3%**  |
| Athene Global Funding |  |  |
| 5.62%, 05/08/2026 <sup>(B)</sup> <br>| 176000 | 177233 |
| GA Global Funding Trust |  |  |
| 2.25%, 01/06/2027 <sup>(B)</sup> <br>| 186000 | 181781 |
| Metropolitan Life Global Funding I |  |  |
| 5.00%, 01/06/2026 <sup>(B)</sup> <br>| 340000 | 340414 |
| Trinity Acquisition PLC |  |  |
| 4.40%, 03/15/2026 | 122000 | 122025 |
|  |  | 821453 |
| **IT Services - 0.2%**  | **IT Services - 0.2%**  | **IT Services - 0.2%**  |
| Dell International LLC/EMC Corp. |  |  |
| 6.02%, 06/15/2026 | 54000 | 54397 |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Caterpillar Financial Services Corp. |  |  |
| 4.45%, 10/16/2026 | 151000 | 151816 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  |
| Enbridge, Inc. |  |  |
| 5.90%, 11/15/2026 | $228000 | $231797 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/2026 | 146000 | 148488 |
| ONEOK, Inc. |  |  |
| 5.55%, 11/01/2026 | 198000 | 200377 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/02/2026 | 150000 | 150562 |
|  |  | 731224 |
| **Pharmaceuticals - 0.9%**  | **Pharmaceuticals - 0.9%**  | **Pharmaceuticals - 0.9%**  |
| Bristol-Myers Squibb Co. |  |  |
| 4.95%, 02/20/2026 | 179000 | 179449 |
| CVS Health Corp. |  |  |
| 3.00%, 08/15/2026 | 154000 | 152497 |
|  |  | 331946 |
| **Semiconductors & Semiconductor Equipment - 0.8%**  | **Semiconductors & Semiconductor Equipment - 0.8%**  | **Semiconductors & Semiconductor Equipment - 0.8%**  |
| Intel Corp. |  |  |
| 4.88%, 02/10/2026 | 270000 | 270413 |
| **Software - 0.5%**  | **Software - 0.5%**  | **Software - 0.5%**  |
| Fiserv, Inc. |  |  |
| 3.20%, 07/01/2026 | 105000 | 103977 |
| Oracle Corp. |  |  |
| 1.65%, 03/25/2026 | 91000 | 90112 |
|  |  | 194089 |
| **Transportation Infrastructure - 0.7%**  | **Transportation Infrastructure - 0.7%**  | **Transportation Infrastructure - 0.7%**  |
| Penske Truck Leasing Co. LP/PTL Finance <br> Corp. |  |  |
| 1.20%, 11/15/2025 <sup>(B)</sup> <br>| 155000 | 154803 |
| 5.35%, 01/12/2027 <sup>(B)</sup> <br>| 110000 | 111221 |
|  |  | 266024 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $14,471,781)**<br>|  | 14510181 |
| **ASSET-BACKED SECURITIES - 26.4%**  | **ASSET-BACKED SECURITIES - 26.4%**  | **ASSET-BACKED SECURITIES - 26.4%**  |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>5.55%, 06/20/2028 <sup>(B)</sup> <br>| 203550 | 202909 |
| American Express Credit Account Master <br> Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>4.87%, 05/15/2028<br>| 600000 | 602584 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>2.02%, 02/20/2027 <sup>(B)</sup> <br>| 233333 | 232373 |
| &nbsp;&nbsp; Series 2023-7A, Class B, <br>6.44%, 08/21/2028 <sup>(B)</sup> <br>| 250000 | 257193 |
| BA Credit Card Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A1, <br>4.79%, 05/15/2028<br>| 600000 | 602372 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2020-A, Class A, <br>1.55%, 02/28/2036 <sup>(B)</sup> <br>| 569151 | 551906 |

---

***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 UltraShort Bond**

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**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Capital One Multi-Asset Execution Trust |  |  |
| &nbsp;&nbsp; Series 2019-A3, Class A3, <br>2.06%, 08/15/2028<br>| $600000 | $590909 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 435000 | 439400 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-1A, Class AR3, <br>3-Month Term SOFR + 1.00%, <br>4.87% <sup>(C)</sup>, 10/21/2031 <sup>(B)</sup> <br>| 268674 | 268036 |
| &nbsp;&nbsp; Series 2017-4A, Class A1R, <br>3-Month Term SOFR + 1.21%, <br>5.08% <sup>(C)</sup>, 10/24/2030 <sup>(B)</sup> <br>| 38908 | 38934 |
| Discover Card Execution Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>4.31%, 03/15/2028<br>| 600000 | 600337 |
| Dryden 40 Senior Loan Fund |  |  |
| &nbsp;&nbsp; Series 2015-40A, Class AR2, <br>3-Month Term SOFR + 1.15%, <br>5.36% <sup>(C)</sup>, 08/15/2031 <sup>(B)</sup> <br>| 129962 | 129995 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 400000 | 401745 |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 200000 | 202804 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A, <br>1.37%, 10/17/2033 <sup>(B)</sup> <br>| 600000 | 592470 |
| Ford Credit Floorplan Master Owner Trust <br> A |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>4.92%, 05/15/2028 <sup>(B)</sup> <br>| 600000 | 602109 |
| GM Financial Revolving Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A, <br>1.17%, 06/12/2034 <sup>(B)</sup> <br>| 600000 | 584873 |
| Hertz Vehicle Financing III LP |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class A, <br>1.68%, 12/27/2027 <sup>(B)</sup> <br>| 520000 | 507176 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2019-AA, Class C, <br>2.84%, 07/25/2033 <sup>(B)</sup> <br>| 54724 | 54353 |
| HIN Timeshare Trust |  |  |
| &nbsp;&nbsp; Series 2020-A, Class B, <br>2.23%, 10/09/2039 <sup>(B)</sup> <br>| 113160 | 110013 |
| NextGear Floorplan Master Owner Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A2, <br>5.74%, 03/15/2028 <sup>(B)</sup> <br>| 480000 | 482619 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>4.82%, 07/22/2030 <sup>(B)</sup> <br>| 159478 | 159907 |
| Symphony CLO XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-19A, Class A, <br>3-Month Term SOFR + 1.22%, <br>5.12% <sup>(C)</sup>, 04/16/2031 <sup>(B)</sup> <br>| 81492 | 81559 |
| Symphony CLO XXIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-23A, Class AR2, <br>3-Month Term SOFR + 0.90%, <br>4.80% <sup>(C)</sup>, 01/15/2034 <sup>(B)</sup> <br>| 164969 | 164806 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.07%, 02/27/2034 <sup>(B)</sup> <br>| $400000 | $396048 |
| &nbsp;&nbsp; Series 2022-1A, Class A, <br>3.82%, 04/25/2035 <sup>(B)</sup> <br>| 680000 | 676870 |
| Venture XXVII CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-27A, Class AR, <br>3-Month Term SOFR + 1.31%, <br>5.20% <sup>(C)</sup>, 07/20/2030 <sup>(B)</sup> <br>| 6581 | 6584 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $9,467,743)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $9,467,743)** | 9540884 |
| **MORTGAGE-BACKED SECURITY - 0.7%**  | **MORTGAGE-BACKED SECURITY - 0.7%**  | **MORTGAGE-BACKED SECURITY - 0.7%**  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2021-VOLT, Class C, <br>1-Month Term SOFR + 1.21%, <br>5.25% <sup>(C)</sup>, 09/15/2036 <sup>(B)</sup> <br>| 256739 | 256581 |
| &nbsp;&nbsp; **Total Mortgage-Backed Security** <br>**(Cost $255,977)**<br>|  | 256581 |
| **COMMERCIAL PAPER - 31.9%**  | **COMMERCIAL PAPER - 31.9%**  | **COMMERCIAL PAPER - 31.9%**  |
| **Automobiles - 4.1%**  | **Automobiles - 4.1%**  | **Automobiles - 4.1%**  |
| American Honda Finance Corp. |  |  |
| 4.25% <sup>(D)</sup>, 01/09/2026 | 500000 | 495946 |
| Toyota Motor Credit Corp. |  |  |
| 4.49% <sup>(D)</sup>, 12/02/2025 | 500000 | 498244 |
| VW Credit, Inc. |  |  |
| 4.20% <sup>(D)</sup>, 03/10/2026 <sup>(B)</sup> <br>| 500000 | 492595 |
|  |  | 1486785 |
| **Banks - 6.1%**  | **Banks - 6.1%**  | **Banks - 6.1%**  |
| DNB Bank ASA |  |  |
| 4.20% <sup>(D)</sup>, 03/16/2026 <sup>(B)</sup> <br>| 500000 | 492611 |
| HSBC USA, Inc. |  |  |
| 4.54% <sup>(D)</sup>, 01/02/2026 <sup>(B)</sup> <br>| 500000 | 496417 |
| Lloyds Bank PLC |  |  |
| 4.21% <sup>(D)</sup>, 05/07/2026 | 400000 | 391859 |
| Macquarie Bank Ltd. |  |  |
| 4.48% <sup>(D)</sup>, 01/13/2026 <sup>(B)</sup> <br>| 500000 | 495943 |
| Standard Chartered Bank |  |  |
| 4.18% <sup>(D)</sup>, 05/21/2026 <sup>(B)</sup> <br>| 340000 | 332461 |
|  |  | 2209291 |
| **Capital Markets - 0.7%**  | **Capital Markets - 0.7%**  | **Capital Markets - 0.7%**  |
| Ridgefield Funding Co. LLC |  |  |
| 4.06% <sup>(D)</sup>, 05/15/2026 <sup>(B)</sup> <br>| 250000 | 244627 |
| **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  |
| Entergy Corp. |  |  |
| 4.56% <sup>(D)</sup>, 11/20/2025 <sup>(B)</sup> <br>| 400000 | 399090 |
| **Financial Services - 17.5%**  | **Financial Services - 17.5%**  | **Financial Services - 17.5%**  |
| ABN AMRO Funding USA LLC |  |  |
| 3.95% <sup>(D)</sup>, 06/05/2026 <sup>(B)</sup> <br>| 500000 | 488139 |
| Barton Capital SA |  |  |
| 4.08% <sup>(D)</sup>, 02/06/2026 <sup>(B)</sup> <br>| 250000 | 247304 |
| 4.16% <sup>(D)</sup>, 03/06/2026 <sup>(B)</sup>  | 400000 | 394445 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica UltraShort Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Columbia Funding Co. LLC |  |  |
| 4.11% <sup>(D)</sup>, 03/17/2026 <sup>(B)</sup> <br>| $250000 | $246228 |
| 4.42% <sup>(D)</sup>, 11/05/2025 <sup>(B)</sup> <br>| 400000 | 399779 |
| Endeavour Funding Co. LLC |  |  |
| 4.03% <sup>(D)</sup>, 04/10/2026 <sup>(B)</sup> <br>| 600000 | 589350 |
| Liberty Street Funding LLC |  |  |
| 3.94% <sup>(D)</sup>, 04/13/2026 <sup>(B)</sup> <br>| 250000 | 245523 |
| LMA-Americas LLC |  |  |
| 4.23% <sup>(D)</sup>, 03/03/2026 <sup>(B)</sup> <br>| 250000 | 246610 |
| Mackinac Funding Co. LLC |  |  |
| 4.31% <sup>(D)</sup>, 02/19/2026 <sup>(B)</sup> <br>| 500000 | 493870 |
| Mainbeach Funding LLC |  |  |
| 4.34% <sup>(D)</sup>, 02/19/2026 <sup>(B)</sup>  | 250000 | 246920 |
| 4.34% <sup>(D)</sup>, 02/26/2026 <sup>(B)</sup>  | 450000 | 444113 |
| Manhattan Asset Funding Co. LLC |  |  |
| 4.50% <sup>(D)</sup>, 12/11/2025 <sup>(B)</sup> <br>| 250000 | 248875 |
| 4.51% <sup>(D)</sup>, 12/11/2025 <sup>(B)</sup> <br>| 400000 | 398201 |
| Mont Blanc Capital Corp. |  |  |
| 4.05% <sup>(D)</sup>, 03/20/2026 <sup>(B)</sup>  | 400000 | 393835 |
| 4.35% <sup>(D)</sup>, 01/15/2026 <sup>(B)</sup>  | 250000 | 247915 |
| MUFG Securities Canada Ltd. |  |  |
| 4.67% <sup>(D)</sup>, 11/18/2025 <sup>(B)</sup> <br>| 250000 | 249503 |
| Starbird Funding Corp. |  |  |
| 4.47% <sup>(D)</sup>, 11/05/2025 <sup>(B)</sup> <br>| 250000 | 249862 |
| Victory Receivables Corp. |  |  |
| 4.52% <sup>(D)</sup>, 12/01/2025 <sup>(B)</sup> <br>| 500000 | 498291 |
|  |  | 6328763 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Oil, Gas & Consumable Fuels - 0.8%**  | **Oil, Gas & Consumable Fuels - 0.8%**  | **Oil, Gas & Consumable Fuels - 0.8%**  |
| Chevron Corp. |  |  |
| 4.36% <sup>(D)</sup>, 01/30/2026 <sup>(B)</sup> <br>| $300000 | $297072 |
| **Pharmaceuticals - 1.6%**  | **Pharmaceuticals - 1.6%**  | **Pharmaceuticals - 1.6%**  |
| Bayer Corp. |  |  |
| 4.02% <sup>(D)</sup>, 07/20/2026 <sup>(B)</sup> <br>| 600000 | 582423 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $11,547,637)**<br>|  | 11548051 |
| **REPURCHASE AGREEMENT - 0.4%**  | **REPURCHASE AGREEMENT - 0.4%**  | **REPURCHASE AGREEMENT - 0.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(D)</sup>, dated 10/31/2025, to be <br> repurchased at $131,578 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 $134,253.<br>| 131562 | 131562 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $131,562)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $131,562)** | 131562 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $35,874,700)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $35,874,700)** | 35987259 |
| **Net Other Assets (Liabilities) - 0.4%** | **Net Other Assets (Liabilities) - 0.4%** | 141661 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$36128920** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $14510181 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14510181 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 9540884 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9540884 |
| Mortgage-Backed Security |  | &nbsp;&nbsp; 256581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256581 |
| Commercial Paper |  | &nbsp;&nbsp; 11548051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11548051 |
| Repurchase Agreement |  | &nbsp;&nbsp; 131562 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131562 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$35987259** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$35987259** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At October 31, 2025, the total value of the Regulation S securities is $142,467, representing* *0.4% of the Fund's net assets.* 

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $19,501,055, representing 54.0% of the* *Fund's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica UltraShort Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(D)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(E)</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.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica UltraShort Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $35,743,138) | $35855697 |
| Repurchase agreement, at value (cost $131,562) | 131562 |
| Cash | 2235 |
| Receivables and other assets: |  |
| Interest | 176242 |
| Tax reclaims | 1618 |
| Due from investment manager | 1972 |
| Total assets | 36169326 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 2103 |
| Distribution and service fees | 191 |
| Transfer agent fees | 3213 |
| Trustee and CCO fees | 12 |
| Audit and tax fees  | 26166 |
| Custody fees | 2517 |
| Legal fees | 384 |
| Printing and shareholder reports fees | 436 |
| Registration fees | 387 |
| Other accrued expenses | 4997 |
| Total liabilities | 40406 |
| **Net assets**  | $36128920 |
| **Net assets consist of:** |  |
| Paid-in capital | $35941182 |
| Total distributable earnings (accumulated losses) | 187738 |
| **Net assets** | $36128920 |
| **Net assets by class:** |  |
| Class A | $918980 |
| Class I | 35209940 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 91424 |
| Class I | 3502794 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.05 |
| Class I | 10.05 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I shares represents offering price. The redemption price for Class A shares equals net asset value less any* *applicable contingent deferred sales charge.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica UltraShort Bond**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $1467839 |
| Net income from securities lending | 3 |
| Total investment income  | 1467842 |
| **Expenses:** |  |
| Investment management fees | 54840 |
| Distribution and service fees: |  |
| Class A | 1440 |
| Transfer agent fees: |  |
| Class A | 561 |
| Class I | 32982 |
| Trustee and CCO fees | 1377 |
| Audit and tax fees | 46933 |
| Custody fees | 13494 |
| Legal fees | 2296 |
| Printing and shareholder reports fees | 3118 |
| Registration fees | 35537 |
| Filing fees | 11042 |
| Other | 3142 |
| Total expenses before waiver and/or reimbursement and recapture | 206762 |
| Expenses waived and/or reimbursed: |  |
| Class A | (1127)<br>|
| Class I | (90628)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 39 |
| Class I | 111 |
| Net expenses | 115157 |
| **Net investment income (loss)** | 1352685 |
| **Net realized gain (loss) on:** |  |
| Investments | 84362 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 9796 |
| Net realized and change in unrealized gain (loss) | 94158 |
| **Net increase (decrease) in net assets resulting from operations** | $1446843 |

---

***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 UltraShort Bond**

------

**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) | $1352685 | &nbsp;&nbsp;&nbsp;&nbsp; $1672473 |
| Net realized gain (loss) | 84362 | &nbsp;&nbsp;&nbsp;&nbsp; 104727 |
| Net change in unrealized appreciation (depreciation) | 9796 | &nbsp;&nbsp;&nbsp;&nbsp; 102121 |
| Net increase (decrease) in net assets resulting from operations | 1446843 | &nbsp;&nbsp;&nbsp;&nbsp; 1879321 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (23291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13988)<br>|
| Class I | (1446415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1686845)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (1469706)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1700833)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 823657 | &nbsp;&nbsp;&nbsp;&nbsp; 561752 |
| Class I | 7299102 | &nbsp;&nbsp;&nbsp;&nbsp; 12376818 |
|  | 8122759 | &nbsp;&nbsp;&nbsp;&nbsp; 12938570 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 22827 | &nbsp;&nbsp;&nbsp;&nbsp; 13768 |
| Class I | 1446415 | &nbsp;&nbsp;&nbsp;&nbsp; 1686845 |
|  | 1469242 | &nbsp;&nbsp;&nbsp;&nbsp; 1700613 |
| Cost of shares redeemed: |  |  |
| Class A | (203490)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (510442)<br>|
| Class I | (3843285)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9831588)<br>|
|  | (4046775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10342030)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 5545226 | &nbsp;&nbsp;&nbsp;&nbsp; 4297153 |
| **Net increase (decrease) in net assets** | 5522363 | &nbsp;&nbsp;&nbsp;&nbsp; 4475641 |
| **Net assets:** |  |  |
| Beginning of year | 30606557 | &nbsp;&nbsp;&nbsp;&nbsp; 26130916 |
| End of year | $36128920 | &nbsp;&nbsp;&nbsp;&nbsp; $30606557 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 82049 | &nbsp;&nbsp;&nbsp;&nbsp; 55899 |
| Class I | 726951 | &nbsp;&nbsp;&nbsp;&nbsp; 1234069 |
|  | 809000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289968 |
| Shares reinvested: |  |  |
| Class A | 2272 | &nbsp;&nbsp;&nbsp;&nbsp; 1371 |
| Class I | 144017 | &nbsp;&nbsp;&nbsp;&nbsp; 168026 |
|  | 146289 | &nbsp;&nbsp;&nbsp;&nbsp; 169397 |
| Shares redeemed: |  |  |
| Class A | (20268)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50749)<br>|
| Class I | (382021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (977907)<br>|
|  | (402289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1028656)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 64053 | &nbsp;&nbsp;&nbsp;&nbsp; 6521 |
| Class I | 488947 | &nbsp;&nbsp;&nbsp;&nbsp; 424188 |
|  | 553000 | &nbsp;&nbsp;&nbsp;&nbsp; 430709 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica UltraShort Bond**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $10.07 | $10.01 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.38 | 0.46 | 0.29 |
| Net realized and unrealized gain (loss) | 0.03 | 0.08 | 0.00 <br><sup>(C)</sup><br>|
| Total investment operations | 0.41 | 0.54 | 0.29 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.39)<br>| (0.47)<br>| (0.28)<br>|
| Net realized gains | (0.04)<br>| (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.43)<br>| (0.48)<br>| (0.28)<br>|
| **Net asset value, end of year** | $10.05 | $10.07 | $10.01 |
| **Total return** <sup>(D)</sup> <br>| 4.14<br> %<br>| 5.44<br> %<br>| 2.90 %<sup>(E)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $919 | $276 | $209 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.88<br> %<br>| 0.88<br> %<br>| 1.66 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.69<br> %<br>| 0.69<br> %<br>| 0.69 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.83<br> %<br>| 4.60<br> %<br>| 4.93 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 50<br> %<br>| 89<br> %<br>| 32 %<sup>(E)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Not annualized.*

<sup>(F)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $10.06 | $10.01 | $10.00 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.42 | 0.50 | 0.30 |
| Net realized and unrealized gain (loss) | 0.03 | 0.06 | 0.01 |
| Total investment operations | 0.45 | 0.56 | 0.31 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.42)<br>| (0.50)<br>| (0.30)<br>|
| Net realized gains | (0.04)<br>| (0.01)<br>|  |
| Total dividends and/or distributions to shareholders | (0.46)<br>| (0.51)<br>| (0.30)<br>|
| **Net asset value, end of year** | $10.05 | $10.06 | $10.01 |
| **Total return** | 4.60<br> %<br>| 5.73<br> %<br>| 3.11 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $35210 | $30331 | $25922 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.63<br> %<br>| 1.35 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.20<br> %<br>| 4.99<br> %<br>| 5.06 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 50<br> %<br>| 89<br> %<br>| 32 %<sup>(C)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 31, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica UltraShort Bond**

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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 UltraShort Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class A and Class I.

Each class has a public offering price that reflects different sales charges, if any, and expense level.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica UltraShort Bond**

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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**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica UltraShort Bond**

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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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica UltraShort Bond**

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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)**

**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 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, 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.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $28498492 | 78.88<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.17<br> % <br>|
| Over $1 billion | 0.16 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.69<br> % <br>| March 1, 2026 |
| Class I | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 17**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. 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 A | $387 | $630 | $1127 | $2144 |
| Class I | 140355 | 101871 | 90628 | 332854 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the 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** |
| $33027 | &nbsp;&nbsp; $3111 |

---

**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.

**8. 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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $15200712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8703261 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

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 premium amortization adjustments. 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>|
| $35883299 | &nbsp;&nbsp; $118447 | &nbsp;&nbsp; $(14487)<br>| &nbsp;&nbsp; $103960 |

---

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>|
| $1450570 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19136 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1700833 | &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>|
| $33250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50528 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103960 |

---

**10. 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica UltraShort Bond**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

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 20**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica UltraShort Bond

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica UltraShort Bond (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, and the financial highlights for each of the two years in the period then ended and the period from March 31, 2023 (commencement of operations) through October 31, 2023 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 two years in the period then ended and the period from March 31, 2023 (commencement of operations) through October 31, 2023, 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. ![](g67628img18ff6aff3.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 21**

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**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made a long-term capital gain designation of $19,136 for the year ended October 31, 2025.

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 22**

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**Transamerica UltraShort Bond** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica UltraShort Bond** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica UltraShort Bond** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica UltraShort Bond** 

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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 UltraShort Bond (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 Aegon USA Investment Management, LLC (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 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica UltraShort Bond** 

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**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

case for the period 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 below the median for its peer universe for the past 1-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-year period.

**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 below the medians for its peer group and 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 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 27**

------

**Transamerica UltraShort Bond** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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 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 28**

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![](g67628img3d9eaaee4.gif)

![](g67628img4dba495c5.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

4886794 TA US B 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgb90e52a46.gif)

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![](g67628imgeb514b8b1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica US Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgee00bf3a2.gif)

------

**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_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_SOI-RunningFooter-152_1) | 2 |
| [Statement of Assets and Liabilities](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_FS-RunningFooter-152_1) | 4 |
| [Statement of Operations](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_FS-RunningFooter-152_2) | 5 |
| [Statement of Changes in Net Assets](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_FS-RunningFooter-152_3) | 6 |
| [Financial Highlights](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_FIHI-RunningFooter-152_1) | 8 |
| [Notes to Financial Statements](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_NTF-RunningFooter-152_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_AUD-RunningFooter-152_1)** | 21 |
| **[Supplemental Information](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_STI-RunningFooter-152_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_DWA-RunningFooter-152_1)**<br> **[Companies](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_DWA-RunningFooter-152_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_PD-RunningFooter-152_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_REMU-RunningFooter-152_1)**<br> **[Companies](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_REMU-RunningFooter-152_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_dc57f1cc-ce08-4e8c-b287-2c3795ba4585_AIAC-RunningFooter-152_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica US Growth**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 100.1%**  | **COMMON STOCKS - 100.1%**  | **COMMON STOCKS - 100.1%**  |
| **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  |
| General Electric Co. | 143592 | $44362748 |
| **Automobiles - 2.1%**  | **Automobiles - 2.1%**  | **Automobiles - 2.1%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 136678 | 62401708 |
| **Banks - 0.6%**  | **Banks - 0.6%**  | **Banks - 0.6%**  |
| Wells Fargo & Co. | 190611 | 16577439 |
| **Biotechnology - 1.1%**  | **Biotechnology - 1.1%**  | **Biotechnology - 1.1%**  |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 76668 | 32627601 |
| **Broadline Retail - 5.3%**  | **Broadline Retail - 5.3%**  | **Broadline Retail - 5.3%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 648400 | 158352248 |
| **Building Products - 0.4%**  | **Building Products - 0.4%**  | **Building Products - 0.4%**  |
| Builders FirstSource, Inc. <sup>(A)</sup> <br>| 99548 | 11564491 |
| **Capital Markets - 1.8%**  | **Capital Markets - 1.8%**  | **Capital Markets - 1.8%**  |
| Ares Management Corp., Class A | 114936 | 17092133 |
| Interactive Brokers Group, Inc., Class A | 228484 | 16076134 |
| KKR & Co., Inc. | 166463 | 19697567 |
|  |  | 52865834 |
| **Chemicals - 0.9%**  | **Chemicals - 0.9%**  | **Chemicals - 0.9%**  |
| Sherwin-Williams Co. | 81103 | 27975669 |
| **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  | **Commercial Services & Supplies - 0.4%**  |
| Republic Services, Inc. | 53093 | 11056086 |
| **Communications Equipment - 1.5%**  | **Communications Equipment - 1.5%**  | **Communications Equipment - 1.5%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 293274 | 46246377 |
| **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  | **Consumer Finance - 0.8%**  |
| American Express Co. | 70789 | 25535716 |
| **Consumer Staples Distribution & Retail - 1.7%**  | **Consumer Staples Distribution & Retail - 1.7%**  | **Consumer Staples Distribution & Retail - 1.7%**  |
| BJ's Wholesale Club Holdings, Inc. <sup>(A)</sup> <br>| 249237 | 21997658 |
| Walmart, Inc. | 274559 | 27779879 |
|  |  | 49777537 |
| **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  |
| GE Vernova, Inc. | 52958 | 30987844 |
| **Electronic Equipment, Instruments & Components - 2.2%**  | **Electronic Equipment, Instruments & Components - 2.2%**  | **Electronic Equipment, Instruments & Components - 2.2%**  |
| Amphenol Corp., Class A | 233915 | 32593716 |
| Coherent Corp. <sup>(A)</sup> <br>| 262612 | 34654280 |
|  |  | 67247996 |
| **Entertainment - 3.5%**  | **Entertainment - 3.5%**  | **Entertainment - 3.5%**  |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 212415 | 21209638 |
| Live Nation Entertainment, Inc. <sup>(A)</sup> <br>| 33503 | 5009703 |
| Netflix, Inc. <sup>(A)</sup> <br>| 56687 | 63424817 |
| Spotify Technology SA <sup>(A)</sup> <br>| 25762 | 16882354 |
|  |  | 106526512 |
| **Financial Services - 3.8%**  | **Financial Services - 3.8%**  | **Financial Services - 3.8%**  |
| Klarna Group PLC <sup>(A)</sup> <br>| 315976 | 11871219 |
| Mastercard, Inc., Class A | 144684 | 79864121 |
| Visa, Inc., Class A | 66531 | 22669773 |
|  |  | 114405113 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Technology - 0.7%**  | **Health Care Technology - 0.7%**  | **Health Care Technology - 0.7%**  |
| Veeva Systems, Inc., Class A <sup>(A)</sup> <br>| 70876 | $20639091 |
| **Hotels, Restaurants & Leisure - 2.9%**  | **Hotels, Restaurants & Leisure - 2.9%**  | **Hotels, Restaurants & Leisure - 2.9%**  |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 574824 | 18216172 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 91172 | 23191422 |
| DraftKings, Inc., Class A <sup>(A)</sup> <br>| 522102 | 15971100 |
| Hilton Worldwide Holdings, Inc. | 113259 | 29103033 |
|  |  | 86481727 |
| **Interactive Media & Services - 10.7%**  | **Interactive Media & Services - 10.7%**  | **Interactive Media & Services - 10.7%**  |
| Alphabet, Inc., Class A | 727161 | 204470401 |
| Meta Platforms, Inc., Class A | 179388 | 116306210 |
|  |  | 320776611 |
| **IT Services - 1.0%**  | **IT Services - 1.0%**  | **IT Services - 1.0%**  |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 179937 | 31283847 |
| **Machinery - 1.1%**  | **Machinery - 1.1%**  | **Machinery - 1.1%**  |
| Caterpillar, Inc. | 57408 | 33139342 |
| **Pharmaceuticals - 3.1%**  | **Pharmaceuticals - 3.1%**  | **Pharmaceuticals - 3.1%**  |
| Eli Lilly & Co. | 107257 | 92547775 |
| **Semiconductors & Semiconductor Equipment - 22.0%**  | **Semiconductors & Semiconductor Equipment - 22.0%**  | **Semiconductors & Semiconductor Equipment - 22.0%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 211634 | 54203700 |
| Broadcom, Inc. | 521528 | 192772395 |
| Credo Technology Group Holding Ltd. <sup>(A)</sup> <br>| 75889 | 14238294 |
| KLA Corp. | 41435 | 50084142 |
| NVIDIA Corp. | 1729408 | 350187826 |
|  |  | 661486357 |
| **Software - 18.9%**  | **Software - 18.9%**  | **Software - 18.9%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 40078 | 25542912 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 106801 | 36172431 |
| HubSpot, Inc. <sup>(A)</sup> <br>| 30652 | 15078332 |
| Intuit, Inc. | 54170 | 36161183 |
| Microsoft Corp. | 420918 | 217955549 |
| Oracle Corp. | 263329 | 69152829 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 150876 | 30246112 |
| Palo Alto Networks, Inc. <sup>(A)</sup> <br>| 166788 | 36733389 |
| PTC, Inc. <sup>(A)</sup> <br>| 113499 | 22534091 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 420869 | 16906308 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 46242 | 42509346 |
| Tyler Technologies, Inc. <sup>(A)</sup> <br>| 40157 | 19125173 |
|  |  | 568117655 |
| **Specialty Retail - 1.3%**  | **Specialty Retail - 1.3%**  | **Specialty Retail - 1.3%**  |
| Lowe's Cos., Inc. | 88530 | 21081649 |
| O'Reilly Automotive, Inc. <sup>(A)</sup> <br>| 184905 | 17462428 |
|  |  | 38544077 |
| **Technology Hardware, Storage & Peripherals - 8.2%**  | **Technology Hardware, Storage & Peripherals - 8.2%**  | **Technology Hardware, Storage & Peripherals - 8.2%**  |
| Apple, Inc. | 915155 | 247430457 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica US Growth**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Trading Companies & Distributors - 1.6%**  | **Trading Companies & Distributors - 1.6%**  | **Trading Companies & Distributors - 1.6%**  |
| Ferguson Enterprises, Inc. | 91333 | $22696250 |
| FTAI Aviation Ltd. | 149931 | 25923070 |
|  |  | 48619320 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $1,339,006,548)**<br>|  | 3007577178 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.0% \*** | **REPURCHASE AGREEMENT - 0.0% \*** | **REPURCHASE AGREEMENT - 0.0% \*** |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $351,950 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $359,016.<br>| $351906 | 351906 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $351,906)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $351,906)** | 351906 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,339,358,454)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,339,358,454)** | 3007929084 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (2221690) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$3005707394** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $3007577178 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3007577178 |
| Repurchase Agreement |  | &nbsp;&nbsp; 351906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 351906 |
| **Total Investments** | **$3007577178** | &nbsp;&nbsp; **$351906** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3007929084** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Rate disclosed reflects the yield at 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 3**

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**Transamerica US Growth**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,339,006,548) | $3007577178 |
| Repurchase agreement, at value (cost $351,906) | 351906 |
| Foreign currency, at value (cost $18,065) | 19047 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 78087 |
| Dividends  | 374168 |
| Interest | 15 |
| Tax reclaims | 24929 |
| Total assets | 3008425330 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Interest expense | 1676 |
| Shares of beneficial interest redeemed | 616592 |
| Investment management fees | 1574053 |
| Distribution and service fees | 254747 |
| Transfer agent fees | 134908 |
| Trustee and CCO fees | 997 |
| Audit and tax fees  | 23235 |
| Custody fees | 25862 |
| Legal fees | 31034 |
| Printing and shareholder reports fees | 18417 |
| Registration fees | 707 |
| Other accrued expenses | 35708 |
| Total liabilities | 2717936 |
| **Net assets**  | $3005707394 |
| **Net assets consist of:** |  |
| Paid-in capital | $1237933471 |
| Total distributable earnings (accumulated losses) | 1767773923 |
| **Net assets** | $3005707394 |
| **Net assets by class:** |  |
| Class A | $1150251484 |
| Class C | 20332766 |
| Class I | 486289285 |
| Class I2 | 1125215908 |
| Class R6 | 5576018 |
| Class T | 218041933 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 33563076 |
| Class C | 726861 |
| Class I | 13377934 |
| Class I2 | 30743677 |
| Class R6 | 152397 |
| Class T | 1464246 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $34.27 |
| Class C | 27.97 |
| Class I | 36.35 |
| Class I2 | 36.60 |
| Class R6 | 36.59 |
| Class T | 148.91 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $36.26 |
| Class T | 162.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A and T includes an initial sales charge (represented as a percentage of offering price) which is reduced* *on certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica US Growth**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $12231940 |
| Interest income | 427651 |
| Withholding taxes on foreign income | (173444)<br>|
| Total investment income  | 12486147 |
| **Expenses:** |  |
| Investment management fees | 16642063 |
| Distribution and service fees: |  |
| Class A | 2528442 |
| Class C | 195352 |
| Transfer agent fees: |  |
| Class A | 880443 |
| Class C | 26063 |
| Class I | 449587 |
| Class I2 | 71155 |
| Class R6 | 1752 |
| Class T | 66574 |
| Trustee and CCO fees | 113385 |
| Audit and tax fees | 52296 |
| Custody fees | 150455 |
| Legal fees | 191713 |
| Printing and shareholder reports fees | 114209 |
| Registration fees | 105557 |
| Interest | 1676 |
| Other | 129313 |
| Total expenses | 21720035 |
| **Net investment income (loss)** | (9233888)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 115171536 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 560856717 |
| Translation of assets and liabilities denominated in foreign currencies | (69754)<br>|
| Net change in unrealized appreciation (depreciation) | 560786963 |
| Net realized and change in unrealized gain (loss) | 675958499 |
| **Net increase (decrease) in net assets resulting from operations** | $666724611 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica US Growth**

------

**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) | $(9233888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(6466807)<br>|
| Net realized gain (loss) | 115171536 | &nbsp;&nbsp;&nbsp;&nbsp; 374067899 |
| Net change in unrealized appreciation (depreciation) | 560786963 | &nbsp;&nbsp;&nbsp;&nbsp; 370386324 |
| Net increase (decrease) in net assets resulting from operations | 666724611 | &nbsp;&nbsp;&nbsp;&nbsp; 737987416 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (147273223)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28642948)<br>|
| Class C | (3617135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (628226)<br>|
| Class I | (60455220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11530530)<br>|
| Class I2 | (115283742)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27832595)<br>|
| Class R6 | (4953768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (819136)<br>|
| Class T | (7123210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1502719)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (338706298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70956154)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 136855661 | &nbsp;&nbsp;&nbsp;&nbsp; 50570308 |
| Class C | 2415184 | &nbsp;&nbsp;&nbsp;&nbsp; 6401372 |
| Class I | 46566288 | &nbsp;&nbsp;&nbsp;&nbsp; 78365083 |
| Class I2 | 186713408 | &nbsp;&nbsp;&nbsp;&nbsp; 25807846 |
| Class R6 | 10389520 | &nbsp;&nbsp;&nbsp;&nbsp; 19166354 |
| Class T | 1020638 | &nbsp;&nbsp;&nbsp;&nbsp; 591767 |
|  | 383960699 | &nbsp;&nbsp;&nbsp;&nbsp; 180902730 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 144869794 | &nbsp;&nbsp;&nbsp;&nbsp; 28164195 |
| Class C | 3612399 | &nbsp;&nbsp;&nbsp;&nbsp; 624936 |
| Class I | 59077450 | &nbsp;&nbsp;&nbsp;&nbsp; 11254715 |
| Class I2 | 115283742 | &nbsp;&nbsp;&nbsp;&nbsp; 27832595 |
| Class R6 | 4953768 | &nbsp;&nbsp;&nbsp;&nbsp; 819136 |
| Class T | 6975307 | &nbsp;&nbsp;&nbsp;&nbsp; 1475191 |
|  | 334772460 | &nbsp;&nbsp;&nbsp;&nbsp; 70170768 |
| Cost of shares redeemed: |  |  |
| Class A | (174350967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102836386)<br>|
| Class C | (3790051)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2118651)<br>|
| Class I | (87674820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69697975)<br>|
| Class I2 | (116363503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (230839149)<br>|
| Class R6 | (46119666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7256343)<br>|
| Class T | (13397068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13728393)<br>|
|  | (441696075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (426476897)<br>|
| Automatic conversions: |  |  |
| Class A | 3840208 | &nbsp;&nbsp;&nbsp;&nbsp; 1568983 |
| Class C | (3840208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1568983)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 277037084 | &nbsp;&nbsp;&nbsp;&nbsp; (175403399)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1240 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 342 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
| **Net increase (decrease) in net assets** | 605055397 | &nbsp;&nbsp;&nbsp;&nbsp; 491629445 |
| **Net assets:** |  |  |
| Beginning of year | 2400651997 | &nbsp;&nbsp;&nbsp;&nbsp; 1909022552 |
| End of year | $3005707394 | &nbsp;&nbsp;&nbsp;&nbsp; $2400651997 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica US Growth**

------

**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 | 4283981 | &nbsp;&nbsp;&nbsp;&nbsp; 1751030 |
| Class C | 97912 | &nbsp;&nbsp;&nbsp;&nbsp; 262370 |
| Class I | 1445387 | &nbsp;&nbsp;&nbsp;&nbsp; 2628153 |
| Class I2 | 6061542 | &nbsp;&nbsp;&nbsp;&nbsp; 860002 |
| Class R6 | 349368 | &nbsp;&nbsp;&nbsp;&nbsp; 662899 |
| Class T | 7784 | &nbsp;&nbsp;&nbsp;&nbsp; 5309 |
|  | 12245974 | &nbsp;&nbsp;&nbsp;&nbsp; 6169763 |
| Shares reinvested: |  |  |
| Class A | 4969804 | &nbsp;&nbsp;&nbsp;&nbsp; 1094180 |
| Class C | 150831 | &nbsp;&nbsp;&nbsp;&nbsp; 28445 |
| Class I | 1914370 | &nbsp;&nbsp;&nbsp;&nbsp; 417305 |
| Class I2 | 3714038 | &nbsp;&nbsp;&nbsp;&nbsp; 1027412 |
| Class R6 | 159593 | &nbsp;&nbsp;&nbsp;&nbsp; 30249 |
| Class T | 55215 | &nbsp;&nbsp;&nbsp;&nbsp; 14872 |
|  | 10963851 | &nbsp;&nbsp;&nbsp;&nbsp; 2612463 |
| Shares redeemed: |  |  |
| Class A | (5718770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3583867)<br>|
| Class C | (157530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86936)<br>|
| Class I | (2777136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2334742)<br>|
| Class I2 | (3648510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7955804)<br>|
| Class R6 | (1430149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (242684)<br>|
| Class T | (105695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126884)<br>|
|  | (13837790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14330917)<br>|
| Automatic conversions: |  |  |
| Class A | 125603 | &nbsp;&nbsp;&nbsp;&nbsp; 55211 |
| Class C | (152223)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64772)<br>|
|  | (26620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9561)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 3660618 | &nbsp;&nbsp;&nbsp;&nbsp; (683446)<br>|
| Class C | (61010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 139107 |
| Class I | 582621 | &nbsp;&nbsp;&nbsp;&nbsp; 710716 |
| Class I2 | 6127070 | &nbsp;&nbsp;&nbsp;&nbsp; (6068390)<br>|
| Class R6 | (921188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 450464 |
| Class T | (42696)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106703)<br>|
|  | 9345415 | &nbsp;&nbsp;&nbsp;&nbsp; (5558252)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica US Growth**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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** | $31.20 | $23.08 | $20.43 | $32.73 | $25.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.16)<br>| (0.13)<br>| (0.06)<br>| (0.10)<br>| (0.12)<br>|
| Net realized and unrealized gain (loss) | 8.00 | 9.20 | 3.58 | (8.28)<br>| 9.59 |
| Total investment operations | 7.84 | 9.07 | 3.52 | (8.38)<br>| 9.47 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| **Net asset value, end of year** | $34.27 | $31.20 | $23.08 | $20.43 | $32.73 |
| **Total return** <sup>(E)</sup> <br>| 27.81<br> %<br>| 40.15 %<sup>(C)</sup><br>| 18.09<br> %<br>| (28.96 )%<sup>(D)</sup><br>| 38.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1150251 | $933028 | $705997 | $641399 | $973954 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.02<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.02<br> %<br>| 1.05 %<sup>(F)</sup><br>| 1.04 %<sup>(F)</sup><br>| 1.02<br> %<br>|
| Net investment income (loss) to average net assets | (0.53)%<br>| (0.47)%<br>| (0.28)%<br>| (0.41)%<br>| (0.42)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<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> *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** | $26.45 | $19.84 | $17.82 | $29.26 | $23.58 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.32)<br>| (0.31)<br>| (0.21)<br>| (0.26)<br>| (0.31)<br>|
| Net realized and unrealized gain (loss) | 6.61 | 7.87 | 3.10 | (7.27)<br>| 8.65 |
| Total investment operations | 6.29 | 7.56 | 2.89 | (7.53)<br>| 8.34 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| **Net asset value, end of year** | $27.97 | $26.45 | $19.84 | $17.82 | $29.26 |
| **Total return** <sup>(E)</sup> <br>| 26.80<br> %<br>| 39.05 %<sup>(C)</sup><br>| 17.17<br> %<br>| (29.52 )%<sup>(D)</sup><br>| 37.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $20333 | $20839 | $12873 | $13016 | $18427 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.80<br> %<br>| 1.81<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.80<br> %<br>| 1.81<br> %<br>| 1.86 %<sup>(F)</sup><br>| 1.84<br> %<br>| 1.80 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | (1.31)%<br>| (1.26)%<br>| (1.08)%<br>| (1.21)%<br>| (1.19)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<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 0.04%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<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 8**

------

**Transamerica US Growth**

------

**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** | $32.76 | $24.14 | $21.27 | $33.86 | $26.67 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.09)<br>| (0.07)<br>| (0.00 )<sup>(B)</sup><br>| (0.04)<br>| (0.06)<br>|
| Net realized and unrealized gain (loss) | 8.45 | 9.64 | 3.74 | (8.63)<br>| 9.91 |
| Total investment operations | 8.36 | 9.57 | 3.74 | (8.67)<br>| 9.85 |
| **Contributions from affiliate** |  |  |  | 0.05 <br><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.05)<br>|  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| Total dividends and/or distributions to shareholders | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.97)<br>| (2.66)<br>|
| **Net asset value, end of year** | $36.35 | $32.76 | $24.14 | $21.27 | $33.86 |
| **Total return** | 28.11<br> %<br>| 40.46<br> %<br>| 18.42<br> %<br>| (28.67 )%<sup>(C)</sup><br>| 39.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $486289 | $419190 | $291705 | $254969 | $388235 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.77<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | (0.29)%<br>| (0.22)%<br>| (0.01)%<br>| (0.16)%<br>| (0.18)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **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** | $32.93 | $24.24 | $21.33 | $33.89 | $26.68 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.06)<br>| (0.04)<br>| 0.02 | (0.01)<br>| (0.02)<br>|
| Net realized and unrealized gain (loss) | 8.50 | 9.68 | 3.76 | (8.63)<br>| 9.90 |
| Total investment operations | 8.44 | 9.64 | 3.78 | (8.64)<br>| 9.88 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  |  | (0.01)<br>|
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| Total dividends and/or distributions to shareholders | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.67)<br>|
| **Net asset value, end of year** | $36.60 | $32.93 | $24.24 | $21.33 | $33.89 |
| **Total return** | 28.22<br> %<br>| 40.59<br> %<br>| 18.57<br> %<br>| (28.72)%<br>| 39.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1125216 | $810592 | $743651 | $561033 | $647828 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.67<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>| 0.67<br> %<br>|
| Net investment income (loss) to average net assets | (0.20)%<br>| (0.12)%<br>| 0.08<br> %<br>| (0.05)%<br>| (0.07)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&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**

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**Transamerica US Growth**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $32.92 | $24.23 | $21.33 | $33.89 | $29.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.05)<br>| (0.04)<br>| 0.00 <br><sup>(C)</sup><br>| (0.02)<br>| (0.03)<br>|
| Net realized and unrealized gain (loss) | 8.49 | 9.68 | 3.77 | (8.62)<br>| 4.03 |
| Total investment operations | 8.44 | 9.64 | 3.77 | (8.64)<br>| 4.00 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>|  |
| **Net asset value, end of year** | $36.59 | $32.92 | $24.23 | $21.33 | $33.89 |
| **Total return** | 28.22<br> %<br>| 40.61<br> %<br>| 18.52<br> %<br>| (28.71)%<br>| 13.38 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5576 | $35347 | $15100 | $1248 | $11 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.68<br> %<br>| 0.69<br> %<br>| 0.67 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.67<br> %<br>| 0.68<br> %<br>| 0.68 %<sup>(F)</sup><br>| 0.69<br> %<br>| 0.67 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | (0.16)%<br>| (0.15)%<br>| 0.02<br> %<br>| (0.07)%<br>| (0.23 )%<sup>(E)</sup><br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class T** | **Class T** | **Class T** | **Class T** | **Class T** |
|  | **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** | $120.55 | $86.57 | $73.95 | $107.77 | $79.77 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.28)<br>| (0.17)<br>| 0.04 | (0.08)<br>| (0.11)<br>|
| Net realized and unrealized gain (loss) | 33.41 | 35.10 | 13.45 | (29.82)<br>| 30.77 |
| Total investment operations | 33.13 | 34.93 | 13.49 | (29.90)<br>| 30.66 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains | (4.77)<br>| (0.95)<br>| (0.87)<br>| (3.92)<br>| (2.66)<br>|
| **Net asset value, end of year** | $148.91 | $120.55 | $86.57 | $73.95 | $107.77 |
| **Total return** <sup>(B)</sup> <br>| 28.19<br> %<br>| 40.58<br> %<br>| 18.48<br> %<br>| (28.76)%<br>| 39.15<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $218042 | $181656 | $139697 | $125757 | $189010 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.71<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70<br> %<br>| 0.71<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.70<br> %<br>|
| Net investment income (loss) to average net assets | (0.22)%<br>| (0.16)%<br>| 0.04<br> %<br>| (0.10)%<br>| (0.11)%<br>|
| Portfolio turnover rate | 39<br> %<br>| 36<br> %<br>| 42<br> %<br>| 40<br> %<br>| 25<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return has been calculated without deduction of the initial sales charge.*

***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 US Growth**

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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 US Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6. Class T shares are not available to new investors; only existing Class T shareholders may purchase additional Class T shares.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or 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 11**

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**Transamerica US Growth**

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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. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $12,770.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica US Growth**

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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)**

**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:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica US Growth**

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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**

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. For the period December 31, 2024 to October 31, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $11300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34<br> % <br>|

---

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica US Growth**

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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)**

**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.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Small and medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the 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 15**

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**Transamerica US Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of 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** |
| $1109406599 | 36.91<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 16**

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**Transamerica US Growth**

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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)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.6800<br> % <br>|
| Over $500 million up to $800 million | 0.6700 |
| Over $800 million up to $1 billion | 0.6575 |
| Over $1 billion up to $2 billion | 0.6130 |
| Over $2 billion up to $3 billion | 0.6050 |
| Over $3 billion up to $4 billion | 0.5900 |
| Over $4 billion up to $5 billion | 0.5750 |
| Over $5 billion up to $7 billion | 0.5700 |
| Over $7 billion | 0.5500 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 1.08<br> % <br>| March 1, 2026 |
| Class C | 1.86 | March 1, 2026 |
| Class I | 0.83 | March 1, 2026 |
| Class I2 | 0.74 | March 1, 2026 |
| Class R6 | 0.73 | March 1, 2026 |
| Class T | 0.77 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.09 |  |
| Class C | 1.86 |  |
| Class I | 0.83 |  |
| Class I2 | 0.74 |  |
| Class R6 | 0.73 |  |
| Class T | 0.77 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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.

As of October 31, 2025, there are no amounts available for recapture by TAM.

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica US Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I2, Class R6 and Class T.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the 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 | $296293 | &nbsp;&nbsp;&nbsp;&nbsp; $663 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the 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** |
| $1468772 | &nbsp;&nbsp; $130080 |

---

**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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica US Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $1014924501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1069565182 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and late year loss deferral. 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 net operating losses. 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; $(215437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $215437 |

---

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>|
| $1347255854 | &nbsp;&nbsp; $1681985725 | &nbsp;&nbsp; $(21312495)<br>| &nbsp;&nbsp; $1660673230 |

---

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>|
| $3790415 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $334915883 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $70956154 | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica US Growth**

------

**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>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115884371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8782570)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1660672122 |

---

**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 20**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica US Growth

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica US Growth (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. ![](g67628img9da1b8ca3.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 21**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $3,790,415 of qualified dividend income.

For tax purposes, the Fund has made a long-term capital gain designation of $334,915,883 for the year ended October 31, 2025.

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 22**

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**Transamerica US Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica US Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica US Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica US Growth** 

------

**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 US Growth (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 Wellington Management Company LLP (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 26**

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**Transamerica US Growth** 

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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 3- and 10-year periods and in line with the median for the past 1- and 5-year periods. 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.

**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) of Class I Shares of the Fund 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 27**

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**Transamerica US Growth** 

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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 and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**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 28**

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![](g67628img5ee0a2ef4.gif)

![](g67628img0c7ec4b65.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

4886784 TA US G 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imga315ab8a6.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.](d66697dex99codeeth.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.](d66697dex99cert.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.](d66697dex99906cert.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](d66697dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d66697dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;19(a)(3) | [Section 302 N-CSR Certification of Principal Financial Officer](d66697dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d66697dex99906cert.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.

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| | | |
|:---|:---|:---|
|  Date: January 6, 2026 | By: | /s/ Marijn P. Smit |
|  |  | Marijn P. Smit |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

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**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) |

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## 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;&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;&nbsp;&nbsp;(2) the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

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| | | |
|:---|:---|:---|
| /s/ Marijn P. Smit | Date:  | 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) |  |  |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.